In Vitro Diagnostics/IVD Market to Grow at 5.2% CAGR to 2023

PUNE, India, April 2, 2018 /PRNewswire/ --

ReportsnReports.com adds In Vitro Diagnostics/IVD Market is forecast to reach $87.93 billion by 2023 from $68.12 billion in 2018 at a CAGR of 5.2% during (2018-2023) driven by increasing burden of chronic diseases, rising prevalence of infectious diseases, rising demand for early disease diagnosis using specialized tests, growing awareness on personalized medicine, increasing adoption of fully-automated instruments and automation in laboratories, and increasing adoption of point-of-care testing.

Browse 283 Market Data Tables and 63 Figures spread through 405 Pages and in-depth TOC on "In Vitro Diagnostics/IVD Market by Product (Instruments, Reagents), Technology (Immunoassay, Clinical Chemistry, Molecular Diagnostics, Hematology, Urinalysis), Application (Diabetes, Oncology, Cardiology, Nephrology) - Forecast to 2023" http://www.reportsnreports.com/reports/266706-in-vitro-diagnostic-ivd-market-instruments-reagents-data-management-systems-technique-immunoassay-clinical-chemistry-molecular-diagnostics-haematology-applications-diabetes-infectious-diseases-cancer-cardiology-systems-end-users-forecast.html .

The prominent players in the global in vitro diagnostics market include Roche Diagnostics (Switzerland), Siemens Healthineers (Germany), Danaher Corporation (US), Abbott Laboratories (US), Thermo Fisher Scientific (US), Johnson & Johnson (US), Becton, Dickinson and Company (US), Bio-Rad Laboratories (US), Sysmex Corporation (Japan), bioMérieux (France), DiaSorin (Italy), Ortho Clinical Diagnostics (US), Agilent Technologies (US), and QIAGEN (Germany).

The oncology segment in in vitro diagnostics market is projected to be the fastest growing during the forecast period. In 2018, on the basis of application, the oncology segment is expected to register the highest growth rate during the forecast period, owing to the increasing prevalence of cancer and the introduction of a number of diagnostic tests such as Oncomine Dx Target Test and Oncomine Solid Tumor kits (Thermo Fisher Scientific) for NSCLC and PTEN/ERG FISH and UroVysion FISH tests for the detection of bladder cancer and treatment assessment of prostate cancer.

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The reagents & kits segment is expected to dominate the in vitro diagnostics market during the forecast period. In 2018, on the basis of product & service, the reagents & kits segment is expected to account for the largest share of the market. The large share of this segment is primarily attributed to the increased accessibility and demand for reagents and the rising number of IVD tests conducted.

The Asia-Pacific is expected to register the highest In Vitro Diagnostics/IVD Market growth rate during the forecast period. In this report, the IVD market is divided into five major regions - North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2018, North America is expected to account for the largest share of the market followed by Europe. However, Asia-Pacific is expected to register the highest CAGR during the forecast period owing to the huge demand for better healthcare services; increasing incidence of chronic and infectious diseases; rapid development in the healthcare infrastructure of developing countries such as India, China, and South Korea; growing healthcare research investments in this region; and increasing per capita income of the middle-class population in the region.

Based on technology, the immunochemistry/immunoassays segment is expected to dominate the IVD market in 2018. Moreover, the development of condition-specific markers and tests, growing significance of companion diagnostics, and emerging economies are expected to offer significant growth opportunities for market players during the forecast period. However, the unfavorable reimbursement scenario, changing regulatory landscape, and operational barriers faced in conducting diagnostic tests are all expected to challenge market growth to a certain extent in the coming years.

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This report studies the in vitro diagnostics market based on product & service, technology, application, end user, and region. The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting the market growth. It analyzes opportunities and challenges in the market for stakeholders and provides in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies. Furthermore, the report analyzes micro markets with respect to their individual growth trends, prospects, and contributions to the total market. The report forecasts the revenue of the market segments with respect to four main regions.

Breakdown of supply-side primary interviews: by company type, designation, and region:

• By Company Type: Tier 1 - 22%, Tier 2 - 53% and Tier 3 - 25%
• By Designation: C-level - 45%, Director level - 30%, Others - 25%
• By Region: North America - 55%, Europe - 25%, APAC - 10%, Latin America - 5%, and Middle East & Africa - 5%

Another research titled IVD Market in BRIC Forecast to 2022 says, the IVD market in BRIC is expected to reach $15.71 billion by 2022 from $10.60 billion in 2017, at a CAGR of 8.2%. The molecular diagnostics segment is estimated to register the highest CAGR during the forecast period of 2017 to 2022. China dominated the IVD market in BRIC in 2016. Companies such as 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), Diasorin S.P.A. (Italy) have been profiled in this 278 pages research report available at http://www.reportsnreports.com/purchase.aspx?name=992559 .

Explore more reports on Medical Devices Market at http://www.reportsnreports.com/market-research/medical-devices/ .

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