Global In-Vitro Diagnostic (IVD) Market Size, Share, Development, Growth and Demand Forecast to 2024

The global in-vitro diagnostic (IVD) market is growing significantly due to innovative condition specific markers for advance genomic and proteomic services in the industry. Massive unexplored market in in-vitro diagnostic industry of developing economies are creating ample opportunities for the in-vitro diagnostic market to grow at a considerable rate in the coming years. The advanced research and development facilities in molecular diagnosis, new product developments and increasing investments by the companies are further accelerating the demand of in-vitro diagnostic in the industry. In addition, innovative launch of various techniques, having application in multiple therapeutic areas, are supporting the growth of in-vitro diagnostic market in the coming years.

In-vitro diagnostic are the tests performed outside the human body in an artificial environment. Demand for in-vitro diagnosis is increasing due to increasing prevalence of chronic diseases. According to Centre for Disease Control and Prevention, in 2012, approximately 117 million people had some of the chronic diseases in the U.S. In order to diagnose various conditions, such as infectious disease, sexually transmitted diseases, oncology, chronic diseases, and genetic testing, the number of diagnostic tests are increasing.

The in-vitro diagnostic market is categorized on the basis of technology, products and services, application and end users. On the basis of products and services of in-vitro diagnostic, the market is categorized as reagents and kits, instruments, data management software/hardware and services. On the basis of technology, the market is categorized as clinical chemistry, immunochemistry, microbiology, coagulation and hemostasis, hematology, molecular diagnostics, and others. Moreover, applications of in-vitro diagnosis are further categorized as diabetes, autoimmune disease, cardiology, infectious disease, oncology, nephrology, drug testing, HIV, and others.

The various end users of in-vitro diagnosis include laboratories, hospitals, patient self-testing, academic institutes, point-of-care testing, and others. Infectious disease segment lead the in-vitro diagnostics market under the application category. The oncology segment is the fastest growing application category, due to increasing prevalence of cancer worldwide. The reagent segment leads the in-vitro diagnostics market under product and services category, due to increasing demand for highly sensitive and accurate diagnostic tests.

Some of the factors driving the growth of the global in-vitro diagnostic market are rise in geriatric population, increasing prevalence of chronic lifestyle associated diseases, increasing prevalence of infectious diseases, growing awareness of personalized medicine and increasing adoption of point-of-care testing. However, strict regulatory framework, and inadequate reimbursement are some of the factors restraining the growth of the in-vitro diagnostic market to an extent.

Geographically, North America is the leading the global in-vitro diagnostic market, due to rise in aging population, favourable reimbursement policies, and increasing sedentary lifestyle. Moreover, Asia-Pacific is the fastest growing region in the in-vitro diagnostic market. The major reasons for the fastest growth in the region are increasing healthcare expenditure, increasing investment by leading players and the government, increasing government initiatives, and large patient population in the region. Moreover, the in-vitro diagnostic market is growing due to increasing awareness of healthcare in the emerging countries, such as India and China, of Asia-Pacific region.

Some of the companies operating in the in-vitro diagnostic market are Roche Diagnostics, Abbott Laboratories, Ortho Clinical Diagnostics, Inc., Biomerieux, Thermo Fisher Scientific, Inc., Siemens Healthcare, Johnson & Johnson, Becton Dickinson and Company, Danaher Corporation, Sysmex Corporation, and Bio-Rad Laboratories, Inc.

 

Report Coverage

• Provides comprehensive understanding of the market with the help of informed market outlook, opportunities, challenges, trends, size and growth, competitive analysis, major competitors and Porter analysis
• Identifies the key drivers of growth and challenges of the key industry players. Also, assesses the future impact of the propellants and restraints on the market
• Uncovers potential demands in the market
• Porter analysis identifies competitive forces within the market
• Provides information on the historical and current market size and the future potential of the market
• Provides sizes of key regional markets using yardsticks of processes, segments, products, end user and technology, etc (as applicable)
• Highlights the competitive scenario of the market, major competitors, market share, benchmarking, investments and merger acquisitions
• Provides profiles of major competitors of the market including details of their operations, product and services, recent developments and key financial metrics. Profiles provide better understanding of competition as well as the demands of the market.