In Vitro Diagnostics Quality Control Market Size Is Estimated To Exceed $1.13 Billion By 2024: Grand View Research, Inc.

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According to new report published by Grand View Research, the global IVD quality control market is expected to reach over USD 1.13 billion by 2024. Growing awareness regarding importance of timely diagnosis of various chronic diseases such as cancer can augment market growth.

According to a report by Grand View Research, Inc., global in-vitro diagnostic (IVD) quality control market is projected to value USD 1.13 billion by 2024. Growing requirement for point-of-care (POC) identification and detection of various infectious diseases is anticipated to propel demand for IVD quality control. Rise in numbers of accredited laboratories and accurate devices for diagnosing patients in better manner.

Rising cases of gastrointestinal and sexually transmitted diseases (STDs) are expected to fuel growth of market in the forthcoming years. Growing awareness regarding importance of timely diagnosis of various chronic diseases such as cancer can augment market growth. Increasing number of diabetic patients using IVDs on regular basis to monitor their glucose levels is likely to stimulate market growth. Consistent innovations and advancements in IVD technologies offering several novel diagnostic applications can influence growth of the market during the forecast period (2013 to 2024).

The in-vitro diagnostic (IVD) quality control market can be segregated on the basis of product type, application, end-use, and region.

Based on product type, the market can be classified into data management, quality controls, and quality assurance services. In 2016, the quality controls segment dominated the market and accounted for 43% market share. Quality control includes procedures related to detection of problems, monitoring work processes, and making corrections before delivery of products or services. Concentrated reagents & buffers and calibrators are controls used in monitoring accuracy and precision of instruments.

Full Research Report On (IVD) Quality Control Market Analysis:

U.S. IVD quality control market, by application, 2013 – 2024 (USD Million)

Based on application, the market can be segmented into hematology, coagulation, molecular diagnostics, microbiology, immunochemistry, clinical chemistry, and others. In 2016, immunochemistry segment dominated the market on account of high demand for diagnosis of various infectious diseases related to the immune system. Major applications of immunochemistry comprise detection of infectious microorganisms such as fungus, bacteria, and viruses by discerning the presence of coat antigens and toxins. Rising cases of chronic and communicable diseases can augment demand for various immunochemistry methods.

On the contrary, the molecular diagnostic segment is expected to witness maximum growth during the forecast period. Introduction of advanced technologies such as next generation sequencing and polymerase chain reaction (PCR) offering speed, accuracy, and sensitivity over traditional diagnostic systems can spur growth of market.   

Based on end-use, the market can be divided into laboratory, home-care, hospitals, and others. In 2016, hospitals dominated the market and accounted for 46.5% of market share. Increasing dependency of healthcare professionals on clinical diagnostics to decide on alternative treatments and rise in patient numbers can stimulate market growth. Hospitals are likely to have separate department for diagnostic services. Reagents and instruments are expected to be used majorly for diagnosing various disorders in hospitals.

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Global IVD quality control market share, by region, 2016 (%)

On the contrary, home care is anticipated to witness rapid growth during the forecast period. Home care products can include POC instruments, self-testing kits, and IVD devices. Convenience offered to patients by such devices is expected to stimulate product demand in the forthcoming years.

Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East & Africa (MEA). In 2016, North America dominated the market and accounted for revenue share of 48% owing to presence of several accredited laboratories in the region. In addition, existence of strong regulatory systems monitoring quality control such as the Food and Drug Administration (FDA) and Global Harmonization Task Force (GHTF) can fuel market growth.

On the contrary, Asia Pacific is expected to witness significant growth during the forecast period owing to the growing number of companies involved in manufacturing of IVDs. In addition, growing awareness regarding accurate and early diagnosis can fuel demand for IVDs in this region.

In Europe, the market is estimated to grow well in the forthcoming years owing to growing concerns regarding patient’s safety. In addition, high prevalence of third party agencies to monitor quality of IVD devices can boost current safety standards in the region.   

Some of the leading companies offering in-vitro diagnostic quality control are Siemens Healthcare GmbH, Roche Diagnostics, Abbott Laboratories, Bio-Techne, and Quidel Corporation. Most companies are expected to develop innovative and customized products to maintain their market value. In addition, mergers and acquisitions for expanding product portfolio and development of new products are used in gaining market share. 

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About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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