According to a report by Grand View Research, Inc., global in vitro diagnostics (IVD) market is anticipated to value USD 97.01 billion by 2022. Growing requirement for self-care and point-of-care devices for treatment of target diseases is anticipated to propel demand for in vitro diagnostics. IVD devices are likely to support healthcare professionals in detection of various diseases that can possibly turn into severe social and economic burden later.
Rising cases of several chronic disorders are likely to surge demand for in vitro diagnostics over next few years. Growing adoption of sedentary and unhealthy lifestyle, decreased rate of physical activities, and smoking habits are likely to increase cases of chronic diseases. This, in turn can fuel growth of market. Increasing number of geriatric population coupled with aging prone to development of neurological and cardiovascular disorders can augment market growth. Rapidly changing healthcare environment and growing awareness regarding early detection of chronic disorders can fuel growth of market. Continual advancements in IVD devices in terms of portability, cost-effectiveness, and accuracy can influence growth of market during the forecast period (2013 to 2022).
Full Research Report On In Vitro Diagnostics (IVD) Market Analysis:
The in vitro diagnostics market can be segregated on the basis of product, application, technology, end-use, and diagnostics. Based on product, the market can be categorized into reagents, software, and instruments. In 2016, reagents segment dominated the market in terms of revenue attributed to high product demand globally. Increasing number of R&D activities related to reagents can fuel growth of segment. In addition, rising demand for self-test and point-of-care products can support this segment maintain its position in the market during the forecast period. Such instruments can be used for detection and analysis of blood samples for infection causing microorganisms.
Based on application, the market can be classified into infectious disease, diabetes, cancer, cardiology, nephrology, autoimmune diseases, drug testing, and others. In 2016, infectious disease segment dominated the market and accounted for largest market share. Rising cases of infectious diseases such as tuberculosis, HIV, and pneumonia. Cancer is expected to be the fastest growing application segment. According to national cancer institute, 1, 735,350 new cases of cancer are predicted to be diagnosed in the United States (U.S.) alone in 2018.
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Based on technology, the market can be segmented into immunology, hematology, clinical chemistry, molecular diagnostics, coagulation, microbiology, and others. In 2016, clinical chemistry held leading market share attributed to high demand for reagents for urinalysis and test strips can augment growth of segment.
Similarly, molecular diagnostics is expected to grow fast attributed to growing adoption of automation in clinical testing. This, in turn can influence growth of market over the forecast period.
Based on end-use, the market can be segmented into homecare, laboratory, hospital, and others. In 2016, hospitals segment dominated the market and accounted for largest market share. Increasing number of hospitals globally and offering easy access to patients can fuel growth.
On the contrary, homecare segment is likely to grow fast during the forecast period owing to continual advancements in homecare settings and rising geriatric population.
Regional segmentation includes Europe, North America, Asia Pacific, and rest of the world (RoW). In 2016, North America dominated the market and accounted for largest market share. Growing prevalence of chronic disorders such as cancer and respiratory diseases can stimulate growth of market in the region.
Similarly, Europe contributed as second largest market in 2016 and is expected to register significant growth owing to rising incidence rate of cancer, tuberculosis, and pneumonia in future.
In Asia Pacific, the market is expected to grow fast during the forecast period attributed to increasing per capita healthcare expenditure. In addition, growing initiatives from local governments coupled with rising clinical research activities for advanced diagnostics are predicted to supplement growth of market during the forecast period.
Some of the leading companies offering in vitro diagnostics are Becton Dickinson; Beckman Coulter Inc.; Siemens Healthcare; Johnson and Johnson; Abbott Laboratories. Most companies are likely to get involved in extensive R&D activities to develop new and advanced products to increase their market share.
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