The Global In Vitro Diagnostics (IVD) Market was valued at US$ 19,635.8 million in 2015 and is projected to expand at a CAGR of 4.3% during the forecast period (2016-2024), as highlighted in a new report published by Coherent Market Insights. Increasing number of applications in chronic cancer and other chronic diseases is projected to support growth of the In vitro diagnostics (IVD) market over the forecast period.
In vitro diagnostics (IVDs) are currently an important part of the healthcare sector. IVD devices and services are used in diagnosing, monitoring, and screening in various chronic and acute disorders. This further contributes to the availability of medical information related to the patient. Due to specificity of treatments, IVDs is expected to minimize the stay of the patients in hospitals and convalescences, which results in healthier population and cost effective treatment that favors economic growth in the long run. IVD plays an important role in the global healthcare industry as it is the initial point of any treatment for getting information regarding the ailments. The IVD market is projected to witness rapid growth fueled by advancements in various diagnosing and medical devices technologies with developed tools in diagnostics, early detection of the disease along with rise in availability of over-the-counter tests. Due to the application of IVDs in medical care it adds a significant value in the planned treatment processes enhancing better health results. Furthermore, in vitro diagnostics are the sequences of tests that are able to detect diseases symptoms through which physician can conclude the type of treatment to be given to the patient in very short period of time depending upon the quality of medical. There are various government guidelines to regulate the type of in vitro diagnostic tests. According to the FDA, the in vitro diagnostic devices are regulated through the Medical Device Amendments of 1976, which further divides the in vitro diagnostic products into three class such as class I, II and III that includes the products depending upon the level of regulatory control that can assure the safety and effectiveness.
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Clinical chemistry product type segment in the in vitro diagnostic products market was the largest segment with significant contribution as compared to all the segments. There are various factors that affects the growth of the products in in vitro diagnostic market such as high unmet healthcare needs in categories of infectious disease, chronic disease and other acute allergies furthermore, increase in prevalence of cancer along with growth in demand for lab automation is expected to support the in vitro diagnostic market significantly in the near future. In 2015, according to the National Cancer Institute, majority of share in the type of cancer was contributed by lung and bronchus cancer, followed by colon, rectum and other type of cancers. Furthermore, in 2015, around 1.7 million new cases of cancer were expected to be diagnosed in the U.S., which further marked the source for rise in diagnostic tests globally.
Companies involved in the in vitro diagnostics devices manufacturing are highly active in expanding their product portfolio on the back drop of rise in number of applications of the IVD in healthcare sector. This is expected to provide wide choices to the physicians to choose for the appropriate type of test in particular symptoms, which is further expected to favor the growth of IVD market growth in the near future. Furthermore, acquisitions in the IVD market are frequent as compared to other sectors. Factor that encourage this trend include companies focusing on introducing new technologies, entry into new business segment and geographical expansion. The IVD market is undergoing a trend of strategic mergers and acquisitions, with market players focusing on enhancing their market presence. In 2015, Roche acquired Signature Diagnostics AG – based in Potsdam, Germany – this is expected further to strengthen the company’s next generation sequencing (NGS) diagnostic segment.
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Key Takeaways of the Market:
• The global In vitro diagnostics (IVD) market is expected to expand at a CAGR of 4.3% during the forecast period (2016-2024). Rising prevalence of chronic diseases across the globe is expected to favor the market for In vitro diagnostics over the forecast period.
• The clinical chemistry product type segment in the global In vitro diagnostics (IVD) market was estimated to be the largest in 2015 and is expected to dominate throughout the forecast period in terms of value. Increasing prevalence for infectious disease due to poor infrastructure in emerging economies is expected to favor the growth of In vitro diagnostics (IVD) market in the near future.
• In terms of product type, the molecular diagnostics product type segment is expected to expand at a significant CAGR of 8.2% during the forecast period, owing to rise in rise in number of research institutes and demand for novel drugs in the market
• The global In vitro diagnostics (IVD) market is characterized by strategic research and development and advancements in the technology of in vitro diagnostic services including the rise in various applications over the forecast period.
The Players mentioned in our report
Roche Diagnostics, Siemens Healthineers, Abbott Laboratories, Sysmex Corporation, Bio-Rad Laboratories, bioMérieux, Becton, Dickinson and Company and Danaher Corporation.