In Vitro Diagnostics/IVD Market By Product (Reagent, Instruments, Software, Service), Technique [Immunoassay, Clinical Chemistry (Lipids, Renal, Thyroid), PCR], Application (Hematology, Diabetes, Nephrology, Oncology), End User (Hospital, POC) – Global Forecast To 2024
In Vitro Diagnostics/IVD Market by Product (Reagent, Instruments, Software, Service), Technique [Immunoassay, Clinical Chemistry (Lipids, Renal, Thyroid), PCR], Application (Hematology, Diabetes, Nephrology, Oncology), End User (Hospital, POC) – Global Forecast to 2024
The global IVD market is expected to grow at a CAGR of 5.7% from 2018 to reach $87.21 billion by 2024. The key factors such as rising geriatric population and subsequent growth in the prevalence of chronic and infectious diseases, increasing adoption of fully automated instruments by the testing laboratories, and growing interest in companion diagnostics are driving the IVD market. However, unfavorable reimbursement and challenging regulatory scenario in Europe are the major hurdles ahead of the IVD market. On the other hand, development of condition-specific markers and tests and growing demand for IVD products in emerging countries provides significant opportunities for the various stakeholders in this market.
On the basis of product, reagents and kits commanded the largest share of the global IVD market. Also, reagents and kits are expected to witness a rapid growth during the forecast period mainly due to incessant product launches, number of on-going research activities, and growing prevalence of various acute as well as chronic infectious diseases.
On the basis of techniques, molecular diagnostic tests are slated to grow the fastest from 2018 to 2024. According to research from the Wellcome Trust (U.K.) and the U.K. government, ~700,000 people die each year globally from infections that are drug-resistant. If the pace continues, this number is projected to grow to 10 million by 2050. This alarming threat of drug-resistant infections has markedly raised the importance of molecular diagnostics.
Hospital laboratories commanded the largest share of the global IVD market with the rising prevalence of infectious and non-communicable diseases in developing and developed countries, high incidence of hospital-acquired infections (HAIs), significant patient population treated in hospitals, and rising aging population.
An in-depth analysis of the geographic scenario of the industry provides detailed qualitative and quantitative insights about the five major geographies (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa) along with the coverage of major countries in each region. North America commanded the largest share of the global IVD market, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. The large share of this region is mainly attributed to the remarkably advanced healthcare industry with higher healthcare spending; technological advancements in diagnostic tests; growing investments in personalized medicine; increasing prevalence of chronic diseases; and presence of leading players in the region.
Key players operating in the global IVD market are Roche Diagnostics, Danaher Corporation, Abbott Laboratories, Siemens Healthcare, Thermo Fisher Scientific Inc., Sysmex Corporation, bioMérieux S.A., Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., DiaSorin S.p.A., Qiagen N.V., and Agilent Technologies, Inc., among others.
Scope of the Report:
Market by Product
Reagents & Kits
Software & Services
Market by Technique
Enzyme-Linked Immunosorbent Assay (ELISA)
Enzyme-Linked Immunospot Assays
Thyroid Function Panel
Polymerase Chain Reaction
Isothermal Nucleic Acid Amplification Technology
DNA Sequencing & Next-Generation Sequencing
Coagulation and Hemostasis
Other IVD Technologies
Market by Application
Market by End User
Independent Reference Laboratories
Academic and Research Institutes
Market by Geography
Rest of Europe (RoE)
Rest of APAC (RoAPAC)
Middle East & Africa
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