In Vitro Diagnostics (IVD) Market in BRIC Growing at a CAGR of 8.2% During 2017 to 2022 - ReportsnReports
PUNE, India, May 15, 2017 /PRNewswire/ --
The IVD market in BRIC is expected to reach $15.71 billion from $10.60 billion, at a CAGR of 8.2% from 2017-2022, Driving factors are growing patient awareness of personalized medicine, increasing prevalence of lifestyle and chronic diseases with The infectious diseases segment accounted for the largest share of the market
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The IVD market in BRIC is expected to reach USD 15.71 billion by 2022 from USD 10.60 billion in 2017, at a CAGR of 8.2%. The key factors driving the growth of the market are growing patient awareness of personalized medicine, increasing prevalence of lifestyle and chronic diseases, growth in the number of private diagnostic centers, and improving healthcare system in emerging countries. However, market growth is restrained by the lack of reimbursement and the slow growth of the economy in some emerging countries.
In this report, the market is segmented by product & service, technology, application, end user, and country. Based on technology, the market is broadly segmented into immunoassays/immunochemistry, clinical chemistry, molecular diagnostics, hematology, clinical microbiology, coagulation & hemostasis, and other technologies. The molecular diagnostics segment is estimated to register the highest CAGR during the forecast period of 2017 to 2022. The rising prevalence of infectious diseases, cancer, and various genetic disorders; growing demand for blood screening; and increasing application of molecular diagnostic technologies in pharmacogenetics and point-of-care testing is expected to drive the growth of the market during the forecast period.
Based on application, the market is segmented into diabetes, infectious diseases, oncology/cancer, cardiology, HIV/AIDS, autoimmune diseases, nephrology, drug testing/pharmacogenomics, and others. The infectious diseases segment accounted for the largest share of the market in 2016, owing to the rising incidence of tuberculosis (TB), hepatitis, and hospital-acquired infections.
Based on end user, in vitro diagnostics market is segmented into hospitals, laboratories, academic institutes, POC (point-of-care) testing, patient self-testing, and others. The hospitals segment accounted for the largest share of the global market in 2015. The large share of this segment can be attributed to the large number of diagnostic tests carried out in hospitals.
Geographically, China dominated the IVD market in BRIC in 2016. The large share of this country can be attributed to rising healthcare expenditure, increasing acceptance of personalized medicine, and increasing awareness towards technologically advanced products in this country. China is also expected to register the highest CAGR, due to the growth in research activities and increasing investments by leading players and government agencies in the country.
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Major players in the IVD market in BRIC and other emerging countries 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.), Ortho-Clinical Diagnostics, Inc. (U.S.), QIAGEN N.V. (Germany), and Diasorin S.P.A. (Italy).
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