The global in vitro diagnostics (IVD) market size is expected to reach USD 97.01 billion by 2022, according to a new report by Grand View Research, Inc., rising at a CAGR of 6.8% during the forecast period. Increasing incidence of sexually transmitted and gastrointestinal diseases coupled with surging demand for large-scale screening, particularly for cancer, is stimulating the growth of the market. IVD helps in detecting whether a particular medicine or treatment would work on a patient.
Constant innovations and advancements play a pivotal role in the development of the market. IVD is being increasingly used in every stage of the patient care and nearly each healthcare setting. Though, most of these tests are remotely performed, making their presence unnoticed.
Various organizations are functioning to monitor the market. For instance, BIVDA is an association of companies with high involvement and interest and represents manufacturers and distributors functioning in the U.K.
Rapidly changing healthcare environment and growing acknowledgment of diagnostics role in patient care, along with rising awareness regarding importance of early diagnosis of chronic diseases, are likely to boost the growth of the IVD market.
Surging demand for point-of-care detection and identification of various infectious diseases such respiratory tract infections, including Legionnaires' disease, RSV, influenza, and pneumonia, coupled with pathogens causing filariasis and malaria, is providing a significant push to the market.
Reagents were the largest segment in 2016 and are expected to show the fastest growth over the forecast period owing to rising R&D activities pertaining to self-test and point-of-care products
Infectious disease dominated the market in 2016 due to increasing incidence of infectious diseases such as pneumonia, tuberculosis, and HIV.
Hospitals were one of the largest segment in 2016 owing to rising number of hospitalized patients
North America dominated the IVD market in 2016 due to rising prevalence of chronic disorders such as respiratory diseases and cancer in this region
Asia Pacific is expected to be the fastest growing region over the forecast period. Rising per capita healthcare expenditure, government initiatives, and growing clinical research activities for advanced diagnostics are likely to drive the regional market.
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Grand View Research has segmented the global in vitro diagnostics market report on the basis of technology, application, and region:
In Vitro Diagnostics Product Outlook (Revenue, USD Million, 2013 - 2022)
In Vitro Diagnostics Application Outlook (Revenue, USD Million, 2013 - 2022)
In Vitro Diagnostics Technology Outlook (Revenue, USD Million, 2013 - 2022)
In Vitro Diagnostics End-use Outlook (Revenue, USD Million, 2013 - 2022)
In Vitro Diagnostics Regional Outlook (Revenue, USD Million, 2013 - 2022)
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