SAN FRANCISCO, Feb. 25, 2020 /PRNewswire/ -- The global in vitro diagnostics (IVD) market is expected to reach USD 85.8 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to exhibit a 4.4% CAGR over the forecast period. Development of simplified diagnostic tests is expected to drive the growth.
Key suggestions from the report:
- Molecular diagnostics segment is expected to witness the fastest growth over the forecast period, owing to the high usage of the technology for disease diagnosis
- Infectious disease application segment dominated the market in 2019 due to rising prevalence of tuberculosis, hepatitis, and other infectious diseases
- North America dominated the in vitro diagnostics market in 2019, owing to presence of key players and a rise in launch of new products in major countries like U.S. and Canada
- Asia Pacific is expected to exhibit the fastest CAGR over the forecast period owing to number of products are being launched in hospitals to provide accurate diagnosis
- Major IVD market players are Qiagen; Danaher; Becton, Dickinson and Company; Siemens Healthineers; F. Hoffmann-La Roche Ltd.; Hologic, Inc. (Gen-Probe); bioMerieux SA; Abbott Laboratories; Cepheid; and Sysmex Corporation
Read 159 page research report with ToC on "In Vitro Diagnostics Market Size, Share & Trends Analysis Report By Product, By Technology (Molecular Diagnostics, Clinical Chemistry), By Application, By End Use, And Segment Forecast, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/in-vitro-diagnostics-ivd-market
Key players are developing new products and undertaking strategic initiatives, such as collaborations, mergers and acquisitions to gain greater market share and to expand their product portfolio. For instance, in February 2018, a product named PAXgene Blood ccfDNA tube was made available by BD for non-invasive prenatal testing and cancer diagnosis and application in the European Economic Area (EEA) and Switzerland. PAXgene Blood ccfDNA tube was developed by Qiagen-PreAnalytiX GmbH and BD in a joint venture.
Rising geriatric population and favorable government regulations to spur the approval process of medical devices are the factors expected to drive the market over the forecast period. For instance, in August 2018, approval process for IVD was eased in an amended provision in the Fourth Schedule of Medical Devices Rule by the central government of India.
Furthermore, increasing demand for early diagnosis to strategize complete treatment plans for patients by the physicians is projected to fuel the demand for user-friendly in vitro diagnostic products. For instance, in July 2017, bioMerieux for VITEK MS received the U.S. Food and Drug Administration (FDA) approval. It is a mass spectrometry system that rapidly identifies pathogens, such as Nocardia mycobacteria, and molds.
Reagents held the largest market share in 2019, owing to development of analytical laboratory automation coupled with high usage rate of reagents. For instance, in July 2018, Surmodics, Inc. launched MatrixGuard Diluent that blocks matrix or assay signal and maintains intended signals.
Increasing prevalence cancer, cardiovascular disorders, diabetes, and other diseases is expected to accelerate the demand for in vitro diagnostics in the forthcoming years. According to Cancer Research UK, in 2018, about 17 million new cancer cases were reported across the world. It has estimated that the incidence rate of the disease will witness a 62% rise from 2018 to 2040. Liver, stomach, breast, lung, and colorectal are the most common types of cancer.
Grand View Research has segmented the in vitro diagnostics market on the basis of product, technology, application, end use, and region:
In Vitro Diagnostics (IVD) Product Outlook (Revenue, USD Million, 2016 - 2027)
In Vitro Diagnostics (IVD) Technology Outlook (Revenue, USD Million, 2016 - 2027)
- Clinical chemistry
- Molecular Diagnostics
In Vitro Diagnostics (IVD) Application Outlook (Revenue, USD Million, 2016 - 2027)
- Infectious Disease
- Autoimmune Diseases
- Drug Testing
In Vitro Diagnostics (IVD) End-use Outlook (Revenue, USD Million, 2016 - 2027)
- Home Care
In Vitro Diagnostics (IVD) Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- South Korea
- Latin America
- South Africa
- United Arab Emirates
- Saudi Arabia
Find more research reports on Clinical Diagnostics Industry, by Grand View Research:
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- Cardiac Biomarkers Market – The cardiac biomarkers market was estimated to reach USD 4.7 billion in 2015. Cardiac biomarkers refer to the substances released in the bloodstream due to heart-related damage or stress, mainly caused by insufficient blood flow.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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