IVD Market is Expected to Reach $84,647 Million, Globally, by 2023

Global IVD Market was valued at $61,103 million in 2016, and is projected to reach at $84,647 million by 2023, growing at a CAGR of 4.6% from 2017 to 2023. The reagents segment accounted for more than three-fifths share of the total market in 2016.

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In vitro diagnostics field has evolved with technological advancements in the diagnostic techniques and awareness about healthcare in the emerging market. IVD has a wide range of applications in the diagnosis of various diseases such as infectious diseases, diabetes, oncology/cancer, cardiology diseases, autoimmune diseases, nephrology, and HIV/AIDS. Increase in awareness about healthcare, rise in incidence of chronic and infectious disease, and cost-effective diagnostic solutions fuel the market growth. Similarly, the increase in use of automated instruments & point-of-care diagnostic solutions, rise in government expenditure on healthcare in all the regions (North America, Europe, Asia-Pacific, and LAMEA), and accurate and faster test results supplements the IVD market. Stringent regulations, policies, and unclear reimbursement rules limit the growth.

North America accounted for two-fifths share in 2016, and is expected to dominate the market throughout the forecast period. This is attributed to increase in incidence of chronic diseases due to rise in geriatric population, well-established healthcare systems, and increase in awareness among the population toward timely diagnosis, and treatment of diseases. In addition, higher adoption rate for technologically advanced devices is anticipated to provide new growth opportunities for the key players in the market. However, Asia-Pacific is projected to grow at the highest growth rate during the analysis period, owing to rise in healthcare expenditure, increase in per capita income, growth in demand for healthcare services from large pool of patient population, and improvement in healthcare infrastructure.

Key Findings of thE IVD Market:
1. The reagents segment dominated the market in 2016, and is projected to grow at the 3.7% CAGR.
2. The immunodiagnostics segment accounted for the highest share of in 2016.
3. The infectious diseases segment was the major shareholder in the Asia-Pacific IVD based application market in 2016.
4. The standalone laboratory segment accounted for the highest share of in 2016.
5. North America was the major shareholder of global IVD market in 2016.

The major players profiled in the global IVD market are Thermo Fisher Scientific Inc., Alere Inc., Biomerieux, Danaher Corporation, F. Hoffmann-La Roche AG, Becton Dickinson and Company, Bio-Rad Laboratories, Bayer AG, Sysmex Corporation, and Johnson & Johnson among others.

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