In Vitro Diagnostic Market value set to reach $20,707 Million by 2023

According to a new report published by Allied Market Research, titled, U.S. IVD Market by Product Type, Technique, Application and End-Users: Opportunity Analysis and Industry Forecast, 2017-2023, the U.S. IVD market was valued at $15,746 million in 2016, and is projected to reach at $20,707 million by 2023, growing at a CAGR of 3.9% from 2017 to 2023. The reagent segment accounted for more than three-fifths share of the total market in 2016.

In Vitro Diagnosis (IVD) is a laboratory-based analysis performed under in vitro conditions to identify the presence of common health conditions and diseases and to assess disease progression and treatment. Infection, cancer, cardiovascular immunology, kidney and gastrointestinal disease are diagnosed in vitro. The evolution of information technology plays an important role in the development of automated technology.

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Increased elderly population, increased disposable income, and higher healthcare spending in the US drive market growth. However, adverse reimbursement policies and strict government regulations on the safety and efficacy of IVD are expected to curb market growth during the forecast period. The growing awareness of IVD-related ongoing R & D and preventive medical care offers tremendous growth potential in the IVD market.

Depending on the product type, the reagent sector had the largest market share in 2016 due to the government's recent approval of new novel reagents in the market and the wide availability of cost-effective and efficient reagents.

The technology-based immunodiagnostics sector had the highest market share in 2016 due to increased prevalence of chronic and contagious diseases such as diabetes, cancer, and increased awareness of personalized medicine among the population.

Depending on the application, the epidemic sector took up the largest market share in 2016 due to increased awareness of preventive health measures and increased adoption of household test kits.

Based on end users, the standalone laboratory segment captured the highest market share in 2016, mainly due to wide availability of skilled professional and complex tests & high-tech infrastructure enabling fast and reliable test results.

Key Findings of the U.S. IVD Market:
• The reagent segment dominated the market in 2016, and is projected to grow at the 2.9% CAGR.
• The immunodiagnostics segment accounted for the highest share in 2016.
• The infectious diseases segment was the major shareholder in the market in 2016.
• The standalone laboratory segment accounted for the highest share in 2016.

The major players profiled in the U.S. 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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