Global In Vitro Diagnostics Market will reach US$74.2 bn with growing interest in quick diagnostics and point-of-care testing

The future of the global in-vitro diagnostics (IVDs) market will be shaped by the mounting demand for rapid yet minimally invasive diagnostic techniques and a parallel increase in the number of people suffering from chronic and infectious diseases. Transparency Market Research, in its report titled, ‘In Vitro Diagnostics Market - Global Industry Analysis, Size, Share, Growth and Forecast, 2012 - 2018,’ says that the market will reach a valuation of US$74.2 bn by 2018. The market is expected to exhibit a 7.1% CAGR from 2012 to 2018, the report further states.

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In vitro diagnostic tests are employed to detect various kinds of infections, diseases, and conditions typically in a laboratory setting or at home. The U.S. Federal Food, Drug, and Cosmetic Act defines IVDs as medical devices. They are classified into three distinct classes based on the degree of regulatory control required to ensure the safety and accuracy of IVDs. These medical devices, which are available in the form of home-use kits, reagents, or other equipment, can be used individually or alongside other diagnostic tools. In order to ascertain one’s state of health, IVD devices make use of biological specimens.

The IVD market landscape has been undergoing a massive change with the mounting demand for diagnostic tests that are not invasive in nature and thus less painful for patients. The last few years have seen the demand for in vitro diagnostics rise dramatically from countries in Latin America and Asia Pacific.

According to the TMR report, North America and Europe collectively comprised the largest global markets for IVDs in 2011. The developed countries in these regions have influenced both demand and innovation in the in vitro diagnostics market in for a long time. A denser network of laboratories and consumers having heightened awareness about their health have contributed to the standing of the IVD markets in North America and Europe.

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A change is now in the making as the demand for IVDs is showing an unprecedented uptick from emerging countries in the Asia Pacific and Latin America regions. The investor-friendly policies in these regions coupled with massive unmet demand for diagnostics have provided an opportunity for companies in the in vitro diagnostics market to aggressively enter markets such as India, China, and Malaysia. The mounting pressure on maintaining tighter healthcare budgets in Europe will likely adversely impact the growth of the in vitro diagnostics market in the region.

The TMR report states that the clinical chemistry IVD segment made up the largest segment in the IVD market by product type in 2011. The demand for clinical chemistry IVDs was especially high in the United States, China, and India. That trend is firmly on course to changing with the rapid emergence and rising popularity of molecular diagnostics. The TMR report states that the ability of molecular diagnostics to swiftly and efficaciously tests for various diseases, conditions, and infections.

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TMR’s report also states that the demand for diabetes testing IVDs will soar given the alarming rise in the number of diabetics worldwide. Glucose testing strips and glucose meters, especially, will see high demand.

The global in vitro diagnostics market is categorized into the following segments:

Market by Products
U.S.
Clinical Chemistry
Immunoassay
Diabetes Testing
Blood Testing
Molecular Diagnostics
Others (Flow Cytometry, Microbiological Diagnostic Techniques)
India
Clinical Chemistry
Immunoassay
Diabetes Testing
Blood Testing
Molecular Diagnostics
Others (Flow Cytometry, Microbiological Diagnostic Techniques)
China
Clinical Chemistry
Immunoassay
Diabetes Testing
Blood Testing
Molecular Diagnostics
Others (Flow Cytometry, Microbiological Diagnostic Techniques)
Market by Geography
North America
Europe
Asia-Pacific
Rest of the World (RoW)

Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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This release was published on openPR.