openPR Logo
Press release

In Vitro Diagnostics (IVD) Market Size to Soar Past US$ 25 Billion by 2024

10-11-2017 03:53 PM CET | Health & Medicine

Press release from: Clinical Diagnostic Report By CMI

In Vitro Diagnostics (IVD) Market Size to Soar Past US$ 25 Billion

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.

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.

Request a sample copy of this report: http://bit.ly/2wO4bV1

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.

Click here to know more about this publish report: http://bit.ly/2yclhwY

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.

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

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release In Vitro Diagnostics (IVD) Market Size to Soar Past US$ 25 Billion by 2024 here

News-ID: 768517 • Views: 323

More Releases from Clinical Diagnostic Report By CMI

Sepsis Diagnostic Market-Global Industry Insights, Trends, Outlook
Sepsis is life threatening complication caused due to the infection, which can result into organ failure, tissue damage, and ultimately lead to death if left untreated. If sepsis progresses to septic shock, it cause sudden drop in blood pressure and may leads to death of patient. Sepsis occurs due the infection in any part of the body. However the most common site of infections leading to the sepsis are lungs,
Liquid Biopsy Market - Insights
Liquid biopsy involves testing of the blood to identify biomarkers or cancer cells in the form of cells or pieces of DNA which are separated from the tumor and are circulating in the blood. Liquid biopsy helps in early detection of cancer, which would aid in adopting an optimal treatment plan. It is a non-invasive technique, which makes frequent testing possible, and effectiveness of cancer treatment can also be validated
Enteric Disease Testing Market - Global Industry Insights 2025
Enteric infection is a type of intestinal disease that causes symptoms ranging from mild gastroenteritis to systemic infections and severe diarrhea. According to WHO in 2017, Infectious gastroenteritis accounts for 1 billion cases of diarrhea globally and over 2 million deaths annually. In addition to this, according to Bill and Melinda Gates Foundation, 2017, enteric and diarrheal diseases leads to death of about 500,000 children, under the age of five
Hospital Acquired Disease Testing Market to Surpass US$ 2.7 Billion by 2025 Glob …
Hospital acquired Disease Testing – Hospital or Mortuary Hospital acquired disease or nosocomial infection is a localized or systemic condition in patients occurred due to adverse reaction caused by infectious toxin agents under medical care and were absent at the time of admission. Hospitals acquired infections results in prolonged hospital stay, antimicrobial resistance, long-term disabilities, and increase mortality rate. Pathogens responsible for nosocomial infections include viruses, fungal parasites, and bacteria. Hospital acquired

All 5 Releases


More Releases for IVD

Asia IVD Market
According to a new report published by Allied Market Research, the Asia Pacific In-vitro diagnostics market was valued at $12.9 billion in 2015, and is expected to reach $19.0 billion registering a CAGR of 5.6% during 2016 to 2022. The report offers a detailed analysis of the key segments, top investment pockets, changing dynamics, market size & estimations, and competitive scenario. Download Free Sample Report @ https://www.alliedmarketresearch.com/request-sample/1256 The Asia-Pacific IVD market is
LAMEA IVD Market | Business Development Strategies
LAMEA IVD market size was valued at $7,413 million in 2016, and is projected to reach at $10,316 million by 2023, growing at a CAGR of 4.7% from 2017 to 2023. The immunodiagnostics segment accounted for more than two-ninths share of the total market in 2016. Request Sample Report at: https://www.alliedmarketresearch.com/request-sample/4137 In vitro diagnostics (IVD) are medical devices and reagents used for examination of the body samples such as blood, tissue, and
Bioinformatics in IVD Testing Market : Global Forecast Over 2024
Global Bioinformatics in IVD Testing Market: Overview Bioinformatics, a multidisciplinary research field, is a combination of biology, computer science, mathematics, and statistics for managing the proliferating biological information. The software and applications in bioinformatics is leveraged to accumulate, examine, store, and integrate biological and genetic information. Those can be used later on for gene based drug development. The computer diagnostics creates opportunities for pathologists and clinicians for culturing viruses and
Global IVD Products Market Research Report
This report studies the global IVD Products market status and forecast, categorizes the global IVD Products market size (value & volume) by manufacturers, type, application, and region. This report focuses on the top manufacturers in North America, Europe, Japan, China, and other regions (India, Southeast Asia). The major manufacturers covered in this report Abbott Laboratories Danaher Corporation Johnson and Johnson Roche Diagnostics Siemens Healthcare BD Biomerieux Bio-Rad Laboratories Ortho Clinical
American IVD Market - Latest Trends, Forecast, Opportunity and Growth Analysis
Stratview Research announces the launch of a new research report on the American IVD Market - by Products & Services (Equipment, Reagents, Services, other), by Technology (Immunology, Molecular Diagnostics, POCT, Microbiology, Hematology, others), by Therapeutic Area (Infectious Diseases, Tropical Diseases, Lifestyle Disease, Neurology, Oncology, others), by End User (Hospital, Hospital Bed Side, Home Users, Research Labs), By Domestic Versus Global Competition, and by Key Export/Import Destinations. The report covers comprehensive view
Bioinformatics in IVD Testing Market Objectives and Detailed Study 2019
WiseGuyReports.Com Publish a New Market Research Report On –“ Bioinformatics in IVD Testing Market Objectives and Detailed Study 2019”. Description:- Bioinformatics is a multidisciplinary research field that combines computer science, biology, statistics and mathematics for the management of biological information. Scope of the Report: This report studies the Bioinformatics in IVD Testing market status and outlook of Global and major regions, from angles of players, countries, product types and end industries; this