PORTLAND, Oregon, August 30, 2018 /PRNewswire/ --
Increase in adoption of advanced technologies such as molecular & rapid systems, rise in incidence of infectious diseases, and growing awareness of infectious diseases are expected to boost the infectious disease testing market through 2023
A new report published by Allied Market Research, titled, IVD Market by Product Type (Reagents, Instruments and Software & Services), by Technique (Immunodiagnostics, Hematology, Molecular Diagnostics, Tissue Diagnostics, Clinical Chemistry, and Other IVD Techniques), by Application (Infectious Diseases, Cancer, Cardiac Diseases, Immune System Disorders, Nephrological Diseases, Gastrointestinal Diseases, and Other Indications), and by End Users (Standalone Laboratory, Hospitals, Academic and Medical Schools, Point of Care Testing, and Others) - Global Opportunity Analysis and Industry Forecast, 2016-2023 presents an in-depth analysis of the global IVD market by assessing the market share & forecast, industry trends, drivers, restraints & opportunities, top investment pockets, key marketing strategies, and competitive landscape. According to the report, the global IVD market garnered $61.10 billion in 2016 and is expected to reach $84.65 billion by 2023, registering a CAGR of 4.6% from 2016 to 2023.
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Increase in incidence of chronic and infectious diseases, upsurge in geriatric population, growth in the number of public & private diagnostic centers and point of care centers, and heavy investment by government bodies for advancement of healthcare infrastructure drive the market growth. However, stringent government regulations for manufacturing IVD products and inadequate reimbursement policies could hamper the growth of the market. On the other hand, ongoing R&D activities related to IVD are expected to create opportunities for the stakeholders in future.
Reagents segment to dominate the market in terms of revenue
The report bifurcates the product type segment into reagents, instruments, and software & services. The reagents segment generated the highest revenue in 2016, accounting for nearly one-third share of the total market. This segment is forecast to maintain its dominance throughout the forecast period in terms of revenue. However, the instruments segment is projected to be grow at the fastest CAGR of 6.0% during the forecast period.
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Hematology to surpass immunodiagnostics by 2023
Immunodiagnostics contributed about one-third share of the total market in 2016 and is anticipated to maintain its dominant position throughout the forecast period. However, the hematology segment is projected to grow at the fastest CAGR of 5.7% during the forecast period. The other technologies discussed on the report are molecular diagnostics, tissue diagnostics, clinical chemistry, and other clinical techniques.
Infectious diseases segment to maintain its lion's share through 2023
The report classifies the global IVD market based on application into infectious diseases, cancer, cardiac diseases, immune system disorders, nephrological diseases, gastrointestinal diseases, and other indications. The infectious diseases segment held one-third share of the total market in 2016 and would continue to maintain this trend through 2023, contributing a revenue of $21.27 billion. However, the cancer segment would grow at the fastest CAGR of 6.5% by 2023.
Standalone Labs to be the prime end user of IVD through 2023
The report bifurcates the end-user segment into standalone laboratory, hospitals, academics & med schools, point-of-care, and others. The standalone segment generated a revenue of $26.05 billion in 2016 and would continue to be at the forefront through 2023. However, the point of care segment is expected to grow at the fastest CAGR throughout the forecast period.
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Asia-Pacific's revenue to supersede North America's by 2023
The report offers insights on the global IVD market into regions including North America, Europe, Asia-Pacific, and Latin America, Middle East and Africa (LAMEA). The North American region accounted for the highest market share in 2016 and would maintain its dominance through 2023, contributing a revenue of $27.82 billion. However, the Asia-Pacific IVD market is expected to grow at the highest CAGR of 5.4% by 2023.
Key Players of the industry
The leading market players in the global IVD industry include Thermo Fisher Scientific Inc., Alere Inc., Biomerieux, Danaher Corporation, F. Hoffmann-La Roche AG, Becton Dickinson and Company, Bio-Rad Laboratories, Bayer AG, Sysmex Corporation, and Johnson & Johnson among others. They have implemented various strategies such as partnerships, collaboration, mergers & acquisition, joint ventures, and others to sustain and grow in the market.
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SOURCE Allied Market Research