American IVD Market likely to witness an impressive Healthy CAGR by 2025, as estimated by Stratview Research
Not only the report offers the market size but also details about the market segmentation with its share. Stratview Research also extends its research to offer a forecast of the market during the period of 2018 – 2025, to provide the clients with base knowledge of the market and make strategies to have beneficial results ahead.
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In North America, some of the most common routine tests that are conducted in laboratories include cholesterol level tests, HIV tests, pap tests, pregnancy tests, tests to detect infectious diseases and substance abuse tests. Clinical lab testing is also used to monitor other diseases and drug treatments. Specialty testing, which are often more expensive than routine tests, cover tests in genetics, immunology, oncology, endocrinology, and other segments. The clinical laboratory market is highly competitive with hundreds of providers. North America has a presence of some of the major global players in the world that are headquartered in USA.
Convenient Centers are the new IVD Walk-in Clinics in North America especially the United States. As per the growing trend in 2017-2018, IVD service providers, such as Quest Diagnostics (Quest) and Laboratory Corporation of America (LabCorp) and few other laboratories have been actively promoting patient service centers in grocery stores and retail pharmacies. In 2017, Quest had announced plans to open patient services centers with several retailers, particularly in the states of Texas and Florida. Similarly, LabCorp disclosed an agreement with the Walgreens Boots Alliance.
The US is one of the leaders in the market, which is moving towards value-based model, there are few clinical laboratories in the southwestern United States which are looking at how to prevent early term delivery. The San Francisco Bay Area is home to well-established IVD device leaders responsible for spearheading industry advancements including Bio-Rad, Roche and Thermo Fisher and many other promising startups breaking into the market.
Compared to North, Central and South American IVD market enjoys a little over 3% of the global IVD market share. Although the market is small, with limited resources and infrastructure, but it offers opportunities in the form of high disease presence (which requires testing), medical tourism (Peru, Brazil, Argentina get high traffic from USA every year). The report from Stratview research also looks at the smaller market in South America such as Peru while including the bigger markets such as Mexico, Argentina and Brazil.
In South America, markets vary depending on the demand from the population, for e.g. In the Brazilian IVD market, 77% of the population rely on the public healthcare system, which makes it challenging for the government to expand its services and reduce the exam time. While in Central America, if we consider markets such as Mexico, the scenario is different and we observe them as early adopters of technology. Public laboratories are subsidized by the government and usually acquire molecular diagnostics (MolDx) equipment through reagent rentals rather than outright purchases. This is variable in the private laboratories, but purchasing methods are more dependent on the workload, the type of instrument and the decision makers (typically including the laboratory director and governing board in private laboratories and purchasing departments in public laboratories).
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Highlights of the Report:
North America is the biggest IVD market globally, and is also the biggest consumption market. The San Francisco Bay Area may be often considered as a natural home to well established IVD device leaders responsible for spearheading industry advancements including Bio-Rad, Roche and Thermo Fisher and many other promising startups breaking into the market. Currently it has approximately 30% share of the global market and would exceed the share by 2020, growing at a CAGR of 3.57% from 2019 till 2025.
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Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The American IVD Market analysis report discusses the following heads in great detail:
• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors
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