Global In Vitro Diagnostics (IVD) Market Size To Soar Past US$ 25 Billion By 2024, Says Report

Though the market competition has heightened with advancement in molecular diagnostics, the market is expected to create lucrative market opportunity for industry players during the forecast period (2016–2024). Growth in the industry will be supported by favorable demographic population, rise in diagnostic centers, and increased healthcare spending along with emerging technologies. Also, the In vitro diagnostics (IVD) market outlook will change with lab automation. As of 2017, the In vitro diagnostics (IVD) market is estimated to account for 33% of global medical devices and diagnostics market and is expected to capture 35% of the market by 2024.

The global In vitro diagnostics (IVD) market revenue was estimated to be valued at US$ 20,459.3 million in 2016 and is expected to expand at a CAGR of 4.3% during the period 2016 – 2024.

Request for an exclusive sample of this report: https://www.coherentmarketinsights.com/insight/request-sample/195

Diagnostic tools account for considerable share of global healthcare revenue. Its reach ranges from hospitals and clinics to that in research centers. As such, In Vitro Diagnostic (IVD) market share has witnessed increase in recent past, further highlighted its key role in the healthcare industry. IVD has led to cut down in hospital staying costs along with faster diagnosis results. According to the U.S. FDA, in-vitro diagnostic products are those reagents, instruments, and systems intended for use in diagnosis of disease or other conditions, including determination of the state of health, in order to cure, mitigate, treat, or prevent disease or its sequelae. Such products are intended for use in the collection, preparation, and examination of specimens taken from the human body.

Over the last decade, the In vitro diagnostics (IVD) market has witnessed substantial growth. However, the growth trajectory witnessed declining motion between 2008 and 2012. The effect was prolonged to 2014 in Europe. Economic downturn in Europe coupled with low healthcare expenditure are factors responsible for marginal demand in IVD. However, as the healthcare growth trajectory is on growth path post-2015, especially in Asia Pacific, the In vitro diagnostics (IVD) market is expected to re-bounce to higher growth trajectory. Also, growing point of care solution is expected to boost the molecular diagnostics, in turn driving growth of the market worldwide.

Infectious diseases has emerged as the highest revenue contributor among application segment

Infectious diseases has emerged as the highest revenue generating application for In vitro diagnostics (IVD) market industry players. The segment is expected to grow by 1.5X at a CAGR of 4.4% between 2016 and 2024. Infectious diseases prevalence has increased considerably in past. Morbidity cases in tuberculosis, salmonella and meningococcal disease was as high as 90,000 in U.S. in 2016. As a result, the demand for IVD from diagnostic centers has increased substantially. As per the Centers for Disease Control and Prevention (CDC), over 3.9 million patients visited hospital outpatient department for infectious and parasitic diseases. Demand for IVD is expected to register fastest growth in 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.

Browse report summery with TOC: https://www.coherentmarketinsights.com/ongoing-insight/toc/195

Market players need to invest in R&D and follow inorganic growth to generate high ROI in longer run

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.

Request For Customization: https://www.coherentmarketinsights.com/insight/request-customization/195

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

Contact Us:

Mr. Shah
Coherent Market Insights
1001 4th Ave, #3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com
Website: https://www.coherentmarketinsights.com

This release was published on openPR.