U.S. IVD Market worth $20,707 Million by 2023 | Allied Market Research
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.
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Increase in prevalence of chronic and infectious diseases such as tuberculosis, diabetes, and lifestyle diseases and increase in geriatric population in the U.S. primarily drives the market. In addition, implementation of the Affordable Care Act (ACA) and increase in adoption of automated instruments in laboratories that enable accurate and fast test results have increased the IVD market growth. Furthermore, advert of point of care diagnosis and personalized medicine is anticipated to boost the market growth. However, lack of favorable reimbursement policies and stringent government regulations associated to the product approval, manufacturing, and sale of IVD are expected to hamper the market growth. Ongoing R&D activities related to IVD are anticipated to present new opportunities for the 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.
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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