In-vitro Diagnostics (IVD) Market by Commercial Sector, Analysis and Outlook to 2024 Appraised By Global Players Roche Diagnostics, Siemens Healthineers, Abbott Laboratories, Sysmex Corporation, Bio-Rad Laboratories, bioMérieux, Becton

In vitro diagnostics are diagnostic devices and equipment that extract vital information about an individual or patient after a sequence of tests. Introduction of novel diagnostics test applications on the backdrop of advancements and innovations in the IVD technologies by various organizations has resulted in rampant growth of the in vitro diagnostics (IVD) market, which is expected to sustain in the near future. Diagnoses and tests are precursors to any treatment, which makes in vitro diagnostic market highly lucrative. However, majority of the tests are remotely performed making their presence and use unnoticed. Furthermore, increasing elderly population base and rising demand for diagnostic testing is projected to spur growth of the in vitro diagnostics (IVD) market over the forecast period (2016–2024). Also, growing prevalence of diabetes has increased the demand for in vitro diagnostic tests in the recent past, which is further expected to add on to the sales revenue of the in vitro diagnostic market. In 2014, as per National Diabetes Statistics Report 2014, around 9.3% of the population in the U.S. suffered from diabetes and around 28.0% were undiagnosed.

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Market Dynamics

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.

Infectious diseases segment accounted for the highest revenue in the in-vitro diagnostics market

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.

North America is expected to dominate the market revenue throughout the forecast period

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.

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Global Key Players:

Key companies covered as a part of this study Roche Diagnostics, Siemens Healthineers, Abbott Laboratories, Sysmex Corporation, Bio-Rad Laboratories, bioMérieux, Becton, Dickinson and Company and Danaher Corporation

Detailed Segmentation:

Global In Vitro Diagnostics (IVD) Market, By Product Type:
Clinical Chemistry
Immunoassay
Diabetes Testing
Blood Testing
Molecular Diagnostics
Others

Global In Vitro Diagnostics (IVD) Market, By Application:
Infectious Diseases
Diabetes
Oncology
Cardiology
Nephrology
Autoimmune Disorders
Others

Global In Vitro Diagnostics (IVD) Market, By End User:
Hospitals
Laboratories
Homecare Diagnostics
Research Institutes
Others

Global In Vitro Diagnostics (IVD) Market, By Geography:
North America
Europe
Asia Pacific
Latin America
Middle East
Africa

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