In-vitro Diagnostics (IVD) Market Boosting Along With Top Key Vendors Roche Diagnostics, Siemens Healthineers, Abbott Laboratories, Sysmex Corporation, Bio-Rad Laboratories

Rapid strides made in technology and inclination of healthcare providers towards expanding their product portfolio is fueling growth of this highly lucrative market, especially in emerging economies, which are largely untapped. Furthermore, rise in prevalence of infectious disease globally, especially in Asia Pacific would inadvertently support market growth in the near future. Major organizations in the in vitro diagnostic market are actively focusing on introducing novel technologies in the testing and diagnostic segments of molecular biology. Such initiatives are projected to bring about a rapid shift in the dynamics of in vitro diagnostics (IVD) market, with Asia Pacific taking on the mantle from North America to emerge as the largest market for in vitro diagnostics, owing to latest technologies and uninterrupted investment in the health care sector is expected further to support the growth in in vitro diagnostic market in the near future.

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In vitro diagnostics (IVDs) are currently an important part of the healthcare sector. IVD devices and services are used in diagnosing, monitoring, and screening in various chronic and acute disorders. This further contributes to the availability of medical information related to the patient. Due to specificity of treatments, IVDs is expected to minimize the stay of the patients in hospitals and convalescences, which results in healthier population and cost effective treatment that favors economic growth in the long run. IVD plays an important role in the global healthcare industry as it is the initial point of any treatment for getting information regarding the ailments.

The IVD market is projected to witness rapid growth fueled by advancements in various diagnosing and medical devices technologies with developed tools in diagnostics, early detection of the disease along with rise in availability of over-the-counter tests. Due to the application of IVDs in medical care it adds a significant value in the planned treatment processes enhancing better health results. Furthermore, in vitro diagnostics are the sequences of tests that are able to detect diseases symptoms through which physician can conclude the type of treatment to be given to the patient in very short period of time depending upon the quality of medical.

There are various government guidelines to regulate the type of in vitro diagnostic tests. According to the FDA, the in vitro diagnostic devices are regulated through the Medical Device Amendments of 1976, which further divides the in vitro diagnostic products into three class such as class I, II and III that includes the products depending upon the level of regulatory control that can assure the safety and effectiveness.

Market players are focused on expanding their product portfolio with wide applications of the IVD in healthcare sector, which is expected to offer various choices to the physicians for the appropriate type of test in particular symptoms, which is further expected to favor growth of IVD market in near future. Key players in the IVD market are focused on inorganic growth strategies such as mergers and acquisitions to maintain leading position in the market. For instance, in 2015, Roche acquired Signature Diagnostics AG – based in Potsdam, Germany, which is expected further to strengthen the company’s next generation sequencing (NGS) diagnostic segment.

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Some of the major players are Roche Diagnostics, Siemens Healthineers, Abbott Laboratories, Sysmex Corporation, Bio-Rad Laboratories, bioMérieux, Becton, Dickinson and Company and Danaher Corporation

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