The global market for in vitro diagnostics was valued at around USD 62.5 billion in 2016 and is expected to reach USD 92.7 billion by 2023, growing at a CAGR of around 6.0% during the forecast period of 2017 to 2023. In vitro diagnostics are medical devices and accessories used to perform tests on samples, such as blood, urine and tissue that has been taken from the human body in order to detect infection, diagnose a medical condition, prevent disease, and monitor drug therapies. Devices can range from simple tests to sophisticated DNA technology including reagents, calibrators, control materials, kits, software, and related instruments.
IVD is an important segment in the global healthcare industry. The marketplace is witnessing rapid growth fuelled by technological advancements, better diagnostic tools, improved treatment monitoring, and increased availability of over-the-counter tests. IVDs add significant value to treatment processes and medical diagnoses, enhancing the well-being of the general public.
One of the key driving factors for this market include increasing demand for infectious disease testing because new pathogen strains develop each year such as in seasonal influenza and H1N1. Additionally, hospital acquired infections, like Methicillin-resistant Staphylococcus aureus (MRSA), necessitate increased testing. Moreover, increasing prevalence of chronic lifestyle diseases, rise in demand for point-of-care diagnostics, growth in emerging markets, and increasing investments represent significant growth opportunities for the in vitro diagnostics market.
Geographic Coverage and Analysis:
Geographically, North America is the leading contributor to the market and is expected to retain its position during the forecast period due to the presence of large number of players offering these products, and large base of patients with greater affordability. However, Asia-Pacific market is expected to grow at a faster rate during the forecast period. This is predominantly due to increased healthcare awareness, technological advancements, and growing awareness among the population about the treatment options available in the market.
The company profile section include detailed analysis of some of the key players such as Roche Diagnostics, Siemens Healthcare, Danaher Corporation, Bio-Rad Laboratories, Thermo Fisher Scientific, Inc., Johnson and Johnson, Becton, Dickinson and Company, Abbott Laboratories, Sysmex Corporation, Diasorin S.P.A., etc.
The report delivers a strategic analysis of the global market for IVDs and growth forecast for the period from 2017 – 2023. The scope of the report includes competitive analysis of various market players who are operating in the market, segmental analysis based on type. It also covers geographical analysis of the market with growth forecast for the period of 2017 – 2023. The Porter’s Five Forces analysis and value chain analysis included in the report provides an insight into market dynamics and industry competition.
Moreover, the report also includes growth strategies and entry barriers to be considered to cater to the exact business opportunities in this market. Additionally, to aid in strategic decision making, the report also includes competitive profiling of leading players, recent developments in the industry and various business strategies adopted by them. This report will help players in global IVDs market to plan and implement their strategies in different market areas such as emerging geographies, and new technologies
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