Canada In-vitro Diagnostics Market 2019 Worldwide Overview By Becton Dickinson and Company, BioMerieux, Bio-Rad Laboratories , Danaher Corporation, and Thermo Fisher Scientific

The Canadian in-vitro diagnostics market is expected to register a CAGR of 5.2% over the forecast period. A few factors that are responsible for the growth of this market include the increasing use of Point-of-Care (POC) diagnostics, advanced technologies, and increasing awareness and acceptance of personalized medicine and companion diagnostics.

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IVDs are extremely valuable for disease prevention, detection, and management. They have the ability to influence almost two-thirds of clinical decision making while accounting for just 2% of healthcare spending. The emerging technological innovations in healthcare, such as bio-sensors, lab-on-a-chip, wearable devices, and POC diagnostics, are increasingly becoming an important part of the healthcare landscape. POC diagnostics are no longer limited to simple tests and can now be used for diagnosing serious conditions. For example, the POC test for Prostate-specific Antigen (PSA) is used for the diagnosis of prostate cancer in men. Similarly, several POC diagnostic products have been developed to be used on a patient’s bedside in hospitals, to get instant results without the need of sending the samples to the lab. Owing to the ease of use and ability to provide instant results, combined with ease of procurement, the use of POC diagnostics in Canada is increasing rapidly, and this, in turn, is promoting the growth of the IVD market in the country.

Competitive Landscape
The Canadian in-vitro diagnostics market is moderately competitive and consists of several major players. In terms of market share, a few of the major players currently dominate the market. In addition, the rising need for diagnostics due to the rising prevalence of diseases and the advances in IVD is helping the few other smaller players in entering the market. Some of the major players of the market are Becton Dickinson and Company, BioMerieux, Bio-Rad Laboratories Inc., Danaher Corporation, and Thermo Fisher Scientific, among others.

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Scope of the Report
In-vitro diagnostics involves medical devices and consumables that are utilized to perform in vitro tests on various biological samples. They are used for the diagnosis of various medical conditions, such as chronic diseases.

Key Market Trends
Infectious Disease is Expected to Hold the Highest Revenue Share in the Application Segment
The infectious disease segment holds the major revenue share in the IVD application due to the presence of a high number of infectious disease cases. As per the World Health Organization, nearly 17 million deaths are caused each year by infectious diseases. They account for nearly 30% of the annual mortality rate, worldwide. And for certain infectious diseases like influenza, the point-of-care is well established across the developed markets, such as Canada. For infectious diseases identification, molecular diagnostics, including microarray analysis, mass spectrometry, and nucleic acid amplification is the fastest-growing segment. A large number of companies are investing for opportunistic growth in essential IVD list (EDL) by WHO, including syphilis and human papillomavirus infections. Several large companies have welcomed the EDL list of 2018 by the WHO, such as Qiagen and Thermo Fisher Scientific. These companies have technology advanced testing products for a range of infectious diseases. All these factors are helping to grow positively over the forecast period.

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