Canada In-Vitro Diagnostics Market Competitive Landscape | Booming CAGR at 9.64% with Top Venders ABBOTT DIAGNOSTICS, BAYER DIABETES CARE/PANASONIC HEALTHCARE, BECTON DICKINSON AND COMPANY, BIOMERIEUX, BIORAD LABORATORIES etc. – Ultimate Outlook Till 20

Canada In-Vitro Diagnostics Market Overview
The Canada in vitro diagnostics market in emerging economies was estimated at USD 3,391.10 million in 2017. The market is expected to reach USD 5,890.54 million by 2023, at a CAGR of 9.64% during the forecast period, 2018-2023. Currently, North America dominates the global market, with the market yet to reach saturation. The Canada is the leading market both globally and in North America.

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Rapid Adoption of Advanced Diagnostics
The rapid adoption of the numerous number of innovative IVD methods such as digital PCR, mass spectrophotometry, chromosome analysis, tissue microarrays, next gen sequencing and cell signaling pathway testing are currently driving the growth of the market. In the next-generation sequencing based IVDs, several sequencing-based diagnostic tests and test services have been recently launched, including Althea Diagnostics’ BRAF mutations test, Sequenta’s LymphoSIGHT, and Enzo’s MultiGEN multiplex DNA sequencing.
The increasing incidences of the chronic and infectious diseases, rise in the geriatric population are also the some of the factors which drives the IVD market in Canada region. Furthermore, the increase in the investments for the advancement of healthcare sector by the government is also anticipated to boost the growth of the market.

Key Developments in the Market
• September, 2016: Thermo Fisher Scientific completes the acquisition of FEI Company
• August, 2016: Thermo Fisher Scientific partners with Hamilton Bonaduz AG to accelerate automation platforms access for forensic customers.
• September, 2016: Roche announced the launch of its DISCOVERY 5-Plex procedure and reagents for immunohistochemistry (IHC) research applications. It is the first pre-optimized, fully automated multiplex procedure available on the VENTANA DISCOVERY ULTRA2 instrument.

Key players:
ABBOTT DIAGNOSTICS, BAYER DIABETES CARE/PANASONIC HEALTHCARE, BECTON DICKINSON AND COMPANY, BIOMERIEUX, BIORAD LABORATORIES Inc., DANAHER CORPORATION, HOLOGIC and ROCHE DIAGNOSTICS.

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Opportunities arising from increasing investment in the sector
The common trend that is being observed here is that the leading players are acquiring the smaller technological companies to produce the companion diagnostic tests; while the pharmaceutical companies, attracted by the opportunities in the IVD market, both are investing and collaborating with diagnostic devices companies to extend their drugs market after major patent expirations. Roche Diagnostics and Abbott Laboratories are an example of the major companies in the market, which focus on achieving the synergy between their diagnostic solutions and pharmaceutical solutions.
Some of the factors are the lack of proper reimbursements policies and stringent regulatory framework which are also limiting the growth of the market.

Canada becomes the leading market
Canada is the gradually becoming the market leader for both globally and North America. Canada is the next biggest market in the North America region for the in-vitro diagnostics. This is due to the advances on the technology forefront and the higher GDP of the nation. This growth is developing the need to analyze, review and forecast the growth of the In-Vitro Diagnostics market.

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This release was published on openPR.