IVD Market to Reach $81B by 2022
In Vitro Diagnostic Market is Expected to Reach $81.3 Billion, Globally, by 2022 – Allied Market Research
Aug 31, 2016
PORTLAND, Oregon, August 31, 2016 /PRNewswire/
According to a new report published by Allied Market Research, titled, “World In Vitro Diagnostics (IVD) Market”, the world in vitro diagnostics (IVD) market is estimated to grow at a CAGR of 4.9% during 2016-2022. The reagent segment accounted for around three-fifths of the market share in 2015 and is expected to maintain the dominance during the forecast period. North America and Europe collectively accounted for about two-thirds of the market share in 2015.
Growing adoption of advanced diagnostic techniques such as digital pathology, which uses digital instruments for diagnosis, portable point-of-care testing devices for HIV & pregnancy, use of non-invasive procedures over conventional techniques, increasing incidences of cancer, cardiac, urological, and infectious diseases and rising count of technological breakthroughs such as automated instruments and instruments with high throughput are major factors boosting the market growth. Increasing disposable income and progressing healthcare spending capacity would further boost the market growth during the forecast period. However, a lack of structured regulatory frameworks & reimbursement policies can hinder the market growth.
The immunodiagnostic and clinical chemistry technique segments jointly accounted for more than half of market share in 2015 and are expected to maintain this trend throughout the forecast period. High demands for immunochemistry-based tests amongst physicians, rise in chronic diseases, low-cost tests in the market, and widespread healthcare awareness are the driving factors for the growth of immunodiagnostic and clinical chemistry technique market. Blood testing is projected to be the fastest growing segment, owing to its frequent application and inherent convenience of using blood samples.
In 2015, the stand-alone laboratories and hospital end user segments together held a dominant share, of around 74% of the IVD market. This is attributed to the frequent and primary use of instruments & reagents for diagnosis of infectious and immunological diseases. Besides this, the immune system diseases and infectious diseases indication segments collectively accounted for around half of the market share in 2015, owing to increasing incidences of infectious and sexually transmitted diseases such as HIV, hepatitis, and malaria.
Sample of the In vitro Diagnostic Market Report can be accessed on the website at https://www.alliedmarketresearch.com/in-vitro-diagnostics-ivd-2022-market
The IVD instruments market is projected to witness the highest CAGR of 6.3% during the forecast period.
The infectious diseases indication segment is expected to maintain its foothold in the IVD market.
Cancer is projected to be the fastest growing indication segment during the forecast period.
In 2015, the infectious diseases and immune system disorders indication segment collectively accounted for about half of the IVD indication market.
ELISA was the largest revenue generating segment in Immunodiagnostics market and is expected to maintain its dominance throughout the forecast period.
Asia-Pacific is forecasted to be one of the fastest growing markets, growing at a CAGR of 5.6% from 2016 to 2022.
In 2015, North America and Europe collectively accounted for around two-thirds of the world IVD market revenue.
North America is anticipated to remain the highest revenue-generating region during the forecast period, owing to widespread adoption of diagnostic techniques among physicians and patients. However, the Asia-Pacific region is expected to grow rapidly during the forecast period, owing to increasing healthcare expenditure, improving hospital infrastructure, and increasing adoption of technologically advanced diagnostic techniques.
The key companies profiled in this report include F. Hoffmann-La Roche AG, Abbott Laboratories, Danaher Corporation, Johnson and Johnson, Sysmex Corporation, Becton Dickinson and Company, bioMrieux, Thermo Fisher Scientific, Inc., Ortho-Clinical Diagnostics, Siemens AG, and Alere Inc.
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