According to a new report published by Allied Market Research, titled, "UK IVD Market by Product Type, Techniques, Application and End-Users: Global Opportunity Analysis and Industry Forecast, 2017-2023," UK IVD market accounted for $ 2,148 million in 2016, and is estimated to reach $3,127 million by 2023, growing at a CAGR of 5.4% during the analysis period (2017-2023).
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In-vitro diagnostics (IVD) is the technique in which medical devices and reagents are utilized to analyze biological samples such as blood, urine, stool, tissues, and other body fluids, derived from the human body to detect diseases and infections. In addition, the tests are performed in stand-alone laboratory, and hospital-based laboratory. Some of the significant technologies incorporated in in vitro diagnostics include polymerase chain reaction, microarray techniques, sequencing technology and mass spectrometry, which are used for test sample preparation.
Based on product type, the reagents segment held the highest market share in 2016, owing to the recent introduction of new reagents R&D in the filed for chemical science.
Based on technique, the immunodiagnostics segment contributed the highest market share in 2016, owing to the increase in prevalence of chronic diseases and rise in demand for minimally invasive technique.
Based on application, the infectious diseases segment contributed the highest market share in 2016, due to high rate of the incidences of infectious diseases and rise in awareness of preventive health measures.
Based on end users, the standalone laboratory segment captured the highest market share in 2016, mainly due to wide availability of complex tests and high-tech infrastructure enabling fast and accurate test results.
Key Findings of the UK IVD Market:
- The immunodiagnostics segment dominated the market in 2016, and is projected to grow at the 5.6% CAGR.
- The immunodiagnostics segment accounted for the highest share in 2016.
- The pathology segment was the major shareholder in the UK IVD based application market in 2016.
- The standalone laboratory segment accounted for the highest share in 2016.
- UK is expected to grow at the highest CAGR in the IVD market.
The major players profiled in the UK IVD market are 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.