In-vitro Diagnostics (IVD) Market Industry Growth, Analysis By Leading Key Players: Roche Diagnostics, Siemens Healthineers, Abbott Laboratories, Sysmex Corporation

Among application, infectious diseases segment accounted for the highest revenue in the in-vitro diagnostics (IVD) market. The segment is expected to grow by 1.5X at a CAGR of 4.4% between 2016 and 2024. The prevalence of infectious diseases has increased considerably over the past few years. In 2016, morbidity cases in tuberculosis, salmonella and meningococcal disease was as high as 90,000 in the U.S. These factors have led to increasing demand for IVD from diagnostic centers, thereby driving growth of the market.

As per the Centers for Disease Control and Prevention (CDC), over 3.9 million patients visited hospital outpatient department for infectious and parasitic diseases. The demand for IVD is expected to increase, as it is largely used for the detection of autoimmune disorders and infectious diseases.

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North America is highest contributing region for In vitro diagnostics (IVD) market, with a projected market share of 46.7% by 2024, expanding at the fastest CAGR of 5.4% between 2016 and 2024. Changing healthcare landscape, favorable regulatory policies such as Medicaid and Medicare along with significant healthcare spending (16.7%) is expected to boost the market for IVD in the region. Though the market outlook seems lucrative in North America, reimbursement pressure, increased usage of companion diagnostic and significant growth potential of next generation sequencing (NGS) are key challenges for the industry players in the North America.

Companion diagnostics market is proliferating at faster market pace compared to IVD. As such, product innovation in the segment is the key focus area for market players. North America has also seen some of the major mergers and acquisitions in the recent past, to tap into market opportunities. For instance, Roche acquired Ventana Medical in 2008. In 2011, Novartis acquired Genoptix to capture a greater chunk of market in the U.S.

Market players are focused towards research and development to expand their business reach in the market. Moreover, industry players are focused towards generating revenue from respective key product segment. For instance, while Roche and Siemens are active players in clinical chemistry IVD product segment, Allere and Abbott holds key market share in point of care IVD solutions.

Furthermore, the In vitro diagnostics (IVD) market is expected to witness mergers and acquisition in near future, wherein leading players are expected to acquire regional companies based in emerging economies. Similar trends have been noticed in recent past where leading players acquired/partnered with regional players. For instance, Roche acquired majority stake in Foundation medicine with US$ 1.2 Bn in 2015.

Several factors driving growth of the in vitro diagnostic market include high unmet healthcare needs in categories of infectious disease, chronic disease, and other acute allergies. Furthermore, high prevalence of cancer along with high demand for lab automation is expected to support growth of the in vitro diagnostic market in the near future. In 2015, according to the National Cancer Institute, majority of share in the type of cancer was contributed by lung and bronchus cancer, followed by colon, rectum and other type of cancers. Furthermore, in 2015, around 1.7 million new cases of cancer were diagnosed in the U.S., which is propelling demand for adoption of diagnostic tests worldwide.

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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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