The in-vitro diagnostics market to grow at a CAGR of 5.31% during the forecast period 2017–2023 to aggregate $80.53 billion by 2023
Factors, such as increasing lifestyle diseases, the growing adoption of point-of-care (POC) testing, increasing demand for biomarker-based testing and high growth of the IVD market in emerging countries, are expected to drive the in-vitro diagnostics market during the forecast period.
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Global In-Vitro Diagnostics Market – Drivers, Opportunities, Trends, and Forecasts: 2017–2023” (June 2017).
According to Infoholic Research, increasing lifestyle diseases, growing adoption of point-of-care testing, increasing demand for biomarker-based testing and high growth of the in-vitro diagnostics (IVD) market in emerging countries are aiding the growth of the market. Growing significance of companion diagnostics, increased number of M&A, increased sales of POC cardiac marker and increased adoption of DNA probe-based diagnostics will boost growth for the IVD market in the coming years. Despite various technological advancements, a significant opportunity still exists in the global IVD market due to increasing chronic diseases and their awareness among the people. The initiatives taken by various countries’ government to eradicate infectious diseases and to reduce mortality rate are also expected to drive the market growth.
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According to Infoholic Research, the global IVD market is expected to grow at a CAGR of 5.31% during the forecast period 2017–2023, to reach an aggregate of $80.53 billion by 2023.
The global IVD market is analyzed based on the following segments, namely technologies, test types, applications, end-users, and regions. The regions covered in the report are the Americas, Europe, Asia Pacific, and Rest of the World (ROW). In the North American region, the US and Canada are set to be the leading countries. Europe is set to be the second leading region holding a market share of 24% as of 2016. In Asia Pacific, Japan is the leading country and globally ranks second after the US. India and China are the most attractive countries for the players as they hold huge business opportunities. ROW is set to be an emerging market within the next 5–6 years.
The various technologies covered in the report are immunoassay, clinical chemistry, clinical microbiology, molecular diagnostics, hematology, and coagulation. The clinical chemistry segment is currently leading the market due to high prevalence of diabetes. India has the highest number of diabetes patients making Asia Pacific the preferred region for future investments. The molecular diagnostics segment is expected to show the fastest growth rate during the forecast period. Advancements in various molecular diagnostics technologies, such as PCR and next-generation sequencing are driving the market. Currently, the clinical chemistry segment is holding 32.2% share of the total market and is expected have a positive Y-o-Y growth rate.
Core laboratories hold the major share of the market but the advantages of POC technology are expected to make it the fastest growing testing type. Among the various diagnostic areas, the infectious diseases hold the major share of the market followed by diabetes. However, the increasing incidence of cancer is expected to make it the fastest growing segment.
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“The increasing preference for personalized medicines and development of companion diagnostic products is helping in the early diagnosis of cancer. Apart from this, novel technologies, such as liquid biopsy and prenatal DNA testing, are expected to drive oncology applications in the IVD market.” – Rikitha K Murthy, Research Analyst (Research – Healthcare) at Infoholic Research
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- Complete details about the analysis of top 15 players
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