New Study: U.S. IVD Market Value Expected to Grow $20,707 Mn by 2023 - Allied Market Research

"Reagents ranked first in market share in 2016 and are expected to remain at the forefront during the forecast period."

A new report "U.S. IVD Market by Product Type, Technique, Application and End-Users: Opportunity Analysis and Industry Forecast, 2017-2023", published by Allied Market Research. The U.S. IVD market was valued at $15,746 million in 2016, and is Expected 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.

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

Increased elderly population, increased disposable income, and higher healthcare spending in the US drive market growth. However, IVD is expected to curb market growth during the forecast period. Continued R & D and awareness of preventive medical measures associated with IVD provides significant growth potential for the IVD market.

Based on product type, the reagents segment held the highest market share in 2016, owing to the recent government approval of new novel reagents in the market and wide availability of cost effective and efficient reagents.

Based on technique, the immunodiagnostics segment contributed the highest market share in 2016, owing to the increase in prevalence of chronic and infectious diseases such as diabetes, cancer, & others and rise in awareness of personalized medicine among the population.

Based on application, the infectious diseases segment contributed the highest market share in 2016, owing to the increase in rise in awareness of preventive health measures and increase in adoption of home 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.

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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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