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In-Vitro Diagnostic (IVD) Market Overview
The in-vitro diagnostic (IVD) market is expected to witness robust growth in the coming years, on account of the rising incidence of infectious diseases, requirement for early disease diagnosis, rapid automation of testing laboratories, usage of point-of-care testing, and popularity of personalized medicine.
Instruments, reagents and kits, services, and data management software/hardware are the various products and services available in the industry. In the historical period, the largest size in the industry was accounted for by reagents and kits. Immunochemistry, clinical chemistry, coagulation and hemostasis, microbiology, molecular diagnostics, hematology, and several other technologies are leveraged for such medical evaluation. Historically, immunochemistry has held the largest in-vitro diagnostic market share, on account of its faster and more-accurate results, which increase its preference over other techniques for medical testing.
Medical testing finds application in autoimmune diseases, diabetes, infectious diseases, cardiology, nephrology, oncology, human immunodeficiency virus (HIV), and drug testing. Among these, infectious diseases dominated the industry in the past, as a result of the rise in the prevalence of such health issues across the world. In the near future, the highest in-vitro diagnostic market CAGR would be witnessed by oncology, as an increasing number of people are being diagnosed with and dying of cancer. In 2018, malignant tumors claimed 9.6 million lives, according to the World Health Organization (WHO).
Hospitals, laboratories, academic institutes, patient self-testing, and point-of-care testing are the most significant end users in the industry, among which hospitals currently lead the in-vitro diagnostic market. This is attributed to the availability of advanced medical equipment and skilled practitioners at such settings. In the coming years, point-of-care would witness the fastest industry progress, owing to the rapid popularity of the concept among the populace, as pregnancy kits, biosensors, glucose meters, and other such instruments offer faster and accurate results.
Across the world, North America is the largest in-vitro diagnostic market, as a result of the its growing geriatric population, rising number of people with a sedentary lifestyle, a favorable reimbursement scenario. In the coming years, Asia-Pacific (APAC) is predicted to observe the fastest advance in the industry, due to the escalating healthcare spending, rising investments by the government and leading players, large pool of patients, and increasing government initiatives. Additionally, the awareness about general health and wellbeing, various diseases, and the kinds of tests available for diagnosis is increasing in nations such as India and China.
In-Vitro Diagnostic (IVD) Market Dynamics
A key driver for the growth of the in-vitro diagnostic market is the increase in the number of accredited laboratories. For instance, in Mexico, they numbered 68 in 2014, and by 2015, there were 81 such medical test centers in the country. Numerous European countries as well as India have witnessed several developments in the past few years. With an increasing number of laboratories being certified as per the various standards of the International Organization for Standardization and other healthcare watchdogs, the number of diagnostic tests is rapidly rising.
Another reason behind the prosperity of the in-vitro diagnostic market is the growing incidence of infectious and chronic diseases. As per the Centers for Disease Control and Prevention, 15.5 million people in the U.S. were diagnosed with infectious diseases, and 3.7 million were admitted to emergency rooms for the same reason, in 2017. Further, chronic diseases, such as cancer, diabetes, cardiovascular diseases, and chronic obstructive pulmonary disease, are also rising in prevalence, thereby raising the requirement for evaluative medical testing.
In-Vitro Diagnostic (IVD) Market Competitive Landscape
In recent years, the key players in the in-vitro diagnostic market have taken several measures, including mergers and acquisitions, product launches, technological advancements, geographical expansions, and collaborations and partnerships, to gain a better industry share. For instance, in July 2018, Phadia 200, a testing kit for autoimmune and allergic conditions, was launched by Thermo Fisher Scientific. Similarly, in March 2017, Cepheid unveiled its Xpert MTB/RIF Ultra automated molecular test for tuberculosis.
The major companies operating in the in-vitro diagnostic market include Abbott Laboratories, Roche Diagnostics, Biomerieux, Ortho Clinical Diagnostics Inc., Siemens Healthcare, Thermo Fisher Scientific Inc., Becton, Dickinson and Company, Johnson & Johnson, Sysmex Corporation, Danaher Corporation, and Bio-Rad Laboratories Inc.