In vitro diagnostics (IVD) field has evolved with technological advancements in the diagnostic techniques and awareness about healthcare in the emerging market. IVD has a wide range of applications in the diagnosis of various diseases such as infectious diseases, diabetes, oncology/cancer, cardiology diseases, autoimmune diseases, nephrology, and HIV/AIDS.
In Vitro Diagnostics (IVD) Market was valued at $64,479 million in 2017, and is projected to reach $93,614 million by 2025, growing at a CAGR of 4.8% from 2018 to 2025. North America is anticipated to be the highest revenue contributor throughout the forecast period.
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North America is expected to be the leading regional market for IVD through 2025 due to its well-penetrated healthcare system and higher healthcare awareness among the patients, including Obamas Affordable Care Act (ACA), change in technology, and rebounding American Economy. However, Asia-Pacific is expected to grow at the highest CAGR of 5.9% from 2018 to 2025 due to significant increase in the number of well-equipped hospitals with advanced healthcare systems to cater the needs of the large patient population.
The Major Key Players Are:
Abbott Laboratories, Becton, Dickinson and Company, bioMrieux SA, Bio-Rad Laboratories, Inc., Danaher Corporation (Beckman Coulter, Inc.), F. Hoffmann-La Roche Ltd., Johnson & Johnson, QIAGEN N.V., Sysmex Corporation, and Thermo Fisher Scientific, Inc.
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Increase in awareness about healthcare, rise in incidence of chronic and infectious disease, and cost-effective diagnostic solutions fuel the market growth. Similarly, increase in use of automated instruments & point-of-care diagnostic solutions, rise in government expenditure on healthcare in all the regions (North America, Europe, Asia-Pacific, and LAMEA), and accurate and faster test results are expected to boost the growth of the global IVD market. On the contrary, stringent regulations, policies, and unclear reimbursement rules are anticipated to restrain the market growth.
Based on application, the infectious diseases segment contributed the highest market share in 2017 due to increase in prevalence of infectious diseases and rise in awareness of preventive health measures.
Based on product type, the reagents segment accounted the highest market share in 2017 due to the large number of reagents introduced in the market for the diagnosis of medical conditions using IVD process. Based on techniques, the immunodiagnostics segment contributed the highest market share in 2017 due to the increase in usage of immunodiagnostics as these tests are the oldest and highly used techniques for the diagnosis infectious diseases, oncology detection, HIV/AIDS virus detection, and others.
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Key Findings of the In Vitro Diagnostics Market:
- North America occupied nearly one-thirds share of the global IVD market in 2017.
- The instruments segment is anticipated to grow with the highest CAGR throughout the forecast period.
- The immunodiagnostics segment accounted for around one-third share of the global IVD market in 2017.
- Asia-Pacific is anticipated to grow at the highest rate during the analysis period, followed by LAMEA.
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