IVD Market Overview:
Global IVD Market accounted for $61,103 million in 2016, and is estimated to reach at $84,647 million by 2023, growing at a CAGR of 4.6% from 2017 to 2023. In vitro diagnostic is used to detect any kind of infection and diseases by taking the specimen from the human body to cure diseases or its sequelae. These IVD products can be instruments, reagents, or any system used for the diagnosis of diseases.
Increase in incidence of chronic and infectious diseases and increase in geriatric population drive the global IVD market. In addition, growth in the number of public and private diagnostic centers, and point of caring centers is expected to fuel the market during the analysis period. Furthermore, rise in investment for the advancement of healthcare sector by government is anticipated to boost the market growth. However, stringent government regulations for the manufacturing of IVD products and inadequate reimbursement policies are expected to hamper the market growth. Ongoing R&D activities related to IVD are anticipated to present new opportunities for the market.
Based on product type, the market is categorized into reagents, instruments, and software & services. The reagent segment accounted for the highest market share in 2016, and the software and services is expected to grow at the highest growth rate during the forecast period. The growth of the reagent market is attributed to the recent introduction of new novel reagents and wide availability of effective and cost-efficient reagents. On the basis of technique, the immunodiagnostics segment captured the highest market share in 2016, owing to the increase in demand for personalized medicines. On the basis of application, infectious diseases segment captured the highest market share in 2016, owing to the increase in prevalence of infectious diseases and rise in preventive healthcare awareness among the population. Based on end users, the standalone laboratory segment captured the highest market share in 2016, primarily due to non-availability of complex tests in hospitals and commercial clinics.
By geography, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the highest share of the market in 2016, followed by Europe. However, Asia-Pacific is anticipated to witness the highest growth rate during the forecast period. In addition, this region is expected to emerge as the area with maximum growth potential due to the focus of key players in the emerging economies and improvement in the healthcare infrastructure.
Increase in Incidence of Infectious Diseases
In the current business scenario, there is an increase in the incidence of chronic diseases such as tuberculosis (TB), cancer, cardiovascular diseases, and diabetes. In addition, there is a substantial rise in the number of patients suffering from infectious diseases, such as gastrointestinal, respiratory, and sexually transmitted diseases (STDs). The rise in these diseases increase the demand for diagnostic devices, which drives the IVD market. In 2011, approximately 5 million deaths occurred due to these diseases (AIDS, malaria & TB). The WHO estimated that 8.7 million cases of TB, of which, 1.4 million patients succumbed to this disease. Cancer caused 7.9 million deaths in 2011 and is expected to reach 11 million by 2030. In addition, diseases such as cardiovascular and diabetes increase the demand for in vitro diagnostics solutions.
In the past 50 years, IVD technologies were used only in clinical labs. Initially, pregnancy test was undertaken in laboratories; however, these days, one can take the tests at home by placing urine samples on test sticks. These tests are accurate, less time-consuming, and can be easily performed. Similarly, the blood glucose levels testing can be done using point of care testing devices such as glucometer. Similarly, the HIV test can also be conducted at home using a mouth swab that is inbuilt in the diagnosis device provides results in 20-40 minutes.
Previously, these tests were carried out in clinical laboratories, where blood sample of the individual was taken. As there are various advancements in the conventional technologies of IVD, there is increase in demand for IVD in the market. These advancements contribute in driving the global IVD market. Recently, Life Technology Corporation launched CE-IVD Marked QuantStudio Dx Real Time PCR instrument in Europe. Quant Studio Real Time PCR provides various diagnostic functions such as pathogen detection, SNP genotyping, gene expression analysis, mutation detection copy number analysis, and micro-RNA.
Major companies operating in this market adopted product launch as their key development strategy. Companies profiled in this market include Thermo Fisher Scientific Inc., Alere Inc., Biomerieux, Danaher Corporation, F. Hoffmann-La Roche AG, Becton Dickinson and Company, Bio-Rad Laboratories, Bayer AG, Sysmex Corporation, and Johnson & Johnson among others.
Key Benefits :
- The study provides in-depth analysis of the global IVD market along with current trends and future estimations to elucidate the imminent investment pockets.
- Quantitative analysis of the industry is provided for the period of 2016-2023 to enable the stakeholders to capitalize on the prevailing market opportunities.
- Extensive analysis by technology and application helps understand various trends and prevailing opportunities in the market.
- Comprehensive analysis of all geographical regions is provided, which determines the main opportunities in these geographies.
- The key market players are profiled and their strategies are analyzed to predict the competitive outlook of the market.
IVD Market Key Segments:
By Product Type
- Software and Services
- Enzyme-Linked Immunosorbent Assay (ELISA)
- Chemiluminescence Immunoassays (CLIAS)
- Fluorescence Immunoassays (FIAS)
- Colorimetric Immunoassays (CIS)
- Rapid Tests
- Enzyme-Linked Immunospot Assays (ELISPOT)
- Western Blot
- Enzyme-Linked Immunosorbent Assay (ELISA)
- Blood Testing
- Molecular Diagnostics
- Polymerase Chain Reaction (PCR)
- Isothermal Nucleic Acid Amplification Technology (INAAT)
- DNA Diagnostics
- Tissue Diagnostics
- Clinical Chemistry
- Basic Metabolic Panel
- Liver Panel
- Lipid Profile
- Thyroid Function Panel
- Renal Profile
- Electrolyte Panel
- Specialty Chemicals
- Other IVD Techniques
- Infectious Diseases
- Cardiac Diseases
- Immune System Disorders
- Nephrological Diseases
- Gastrointestinal Diseases
- Other Indications
By End Users
- Standalone Laboratory
- Academic and Medical Schools
- Point of Care Testing
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East