PUNE, India, May 8, 2017 /PRNewswire/ --
According to a new market research report "BRIC IVD Market by Product & Service (Instruments, Reagents, Software), Technology (Immunoassay, Hematology, Microbiology), Application (Diabetes, Cardiology, Infectious Diseases), Country (Brazil, Russia, India, China) - Forecast to 2022" published by MarketsandMarkets™, The market is expected to reach USD 15.71 Billion by 2022 from USD 10.60 Billion in 2017, at a CAGR of 8.2%.
Browse 138 market data Tables and 69 Figures spread through 278 Pages and in-depth TOC on "BRIC IVD Market"
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The rising incidence of chronic diseases, growth in the number of private diagnostic centers, and rising consolidation of laboratories are the key factors driving the BRIC in Vitro Diagnostics Market growth. However, inadequate reimbursement and the slow growth of the economy are the factors restraining the growth of this market.
In this report, the market is segmented by product & service, technology, application, end user, and country. Based on product & service, the market is segmented into reagents & kits, instruments, services, and data management software. The reagents & kits segment accounted for the largest share of the market in 2016. This is primarily attributed to the increased accessibility and demand for reagents, the rising number of IVD tests conducted, and the increased variety of reagents available. The reagents & kits segment is also expected to register the highest growth in the market mainly due to the analytical techniques employed and the continuous launch of new, faster, & reliable IVD products.
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On the basis of application, the market is segmented into diabetes, infectious diseases, oncology/cancer, cardiology, HIV/AIDS, autoimmune diseases, nephrology, drug testing/pharmacogenomics, and other applications. In 2016, the infectious diseases segment accounted for the largest share of the BRIC IVD Market and other emerging countries. The large share of this segment is attributed to the rise in the incidence of various infectious disorders such as tuberculosis (TB), hepatitis, and hospital-acquired infections. The oncology/cancer segment is expected to register the highest CAGR during the forecast period due to the growing incidence of cancer that stimulates the demand for early detection of the disease.
In 2016, China accounted for the largest share in the market, followed by Brazil. Rising government initiatives and improving healthcare infrastructure, and increasing geriatric population are driving the market growth in China. Brazil accounted for second-largest share in the BRIC IVD Market and other emerging countries. The growth in Brazilian IVD market is attributed to the increasing incidence of chronic diseases, rising healthcare expenditure, and rising investments by leading IVD manufacturers in the country.
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The BRIC IVD Market and other emerging countries are highly competitive in nature, with the top five companies accounting for the major market share in 2016. Some key players in this market are Roche Diagnostics (Switzerland), Abbott Laboratories Inc. (U.S.), Siemens Healthineers (Germany), Danaher Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), Sysmex Corporation (Japan), Bio-Rad Laboratories, Inc. (U.S.), bioMérieux (France), Becton, Dickinson and Company (U.S.), Johnson & Johnson (U.S.), QIAGEN N.V. (Germany), Ortho-Clinical Diagnostics, Inc. (U.S.), and Diasorin S.P.A. (Italy). These leading players have primarily focused on product launches, acquisitions, agreements, collaboration, partnerships, and expansions for growth in the BRIC In Vitro Diagnostics Market.
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