Global IVD market – Drivers, Opportunities, Trends, & Forecasts 2017 – 2023
In Vitro Diagnostics (IVD) tests are defined as processes in which diagnoses are performed in organized surroundings (outside a living organism) with the help of medical devices. Many of the IVD tests are performed in medical and clinical laboratories by health professionals. Other IVD tests such as blood glucose test strips are targeted at homecare and remote patients and can be performed in the home. There are numerous IVD tests which are performed such as blood tests for glucose, drug tests, tests for liver enzymes, and electrolyte (calcium, sodium, and potassium) level tests.
The Global IVD market is witnessing continuous developments and innovations. The Americas generates the highest revenue in the Global IVD market and it is followed by the EMEA region. There is a vast opportunity for the market to grow significantly in certain countries in the APAC region such as Japan, India, and China. China and India are the first and second largest population bases in the world, respectively, and have the highest number of chronic disease patients, thereby leading to a substantial demand for healthcare facilities and IVD products. Moreover, the market in developing countries is expected to grow faster than in other geographies, which may lead to an increase in the sales of new IVD products. The Global IVD market is expected to grow at a CAGR of 5.5 percent during the period 2016–2022. Few of the prominent players in the Global IVD market are Roche, Siemens Healthcare, Becton Dickinson and Company, bioMerieux, Agilent Technologies Inc., Novartis AG, Affymetrix Inc., Bayer AG, and Johnson & Johnson Pvt Ltd.
The study of the Global IVD market provides the market size information and market trends along with the factors and parameters impacting it in both short and long term. The study also covers the competitive scenario of the market with respect to the raw material availability, major players with their branding strategies and differentiating factors among others. Moreover, the market study covers the pricing analysis of the IVD tests and kits pertaining to each segment. The study ensures a 360° view, bringing out the complete key insights of the industry. These insights help the business decision makers to make better business plans and informed decisions for the future business. In addition, the study helps the venture capitalist in understanding the companies better and take informed decisions.
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