In Vitro Diagnostics Market Set To Reach worth $75.1 Billion by 2020

The report “In Vitro Diagnostics (IVD) Market by Product (instruments, Reagents, Software, Service) by Technology (Immunoassay, Clinical Chemistry, Molecular Diagnostics, Hematology) by Application (Diabetes, Cancer, Cardiology, Autoimmune Diseases) - Forecast to 2020”, the Global In Vitro Diagnostics Market is Poised to Reach $75.1 Billion by 2020.

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IVD tools are one of the key technologies used in the diagnosis and monitoring of a number of diseases. The role of IVD technologies in medical practices has evolved over the years with the advent of innovative solutions and widening application areas. The growing adoption of personalized medicine approaches in the medical community and growing demand for easy-to-use patient self-testing kits have led to the development of a number of innovative IVD tests in the past few years. This coupled with the rising incidences of chronic diseases and increasing awareness of IVD technologies available in the market are some of the key factors driving the growth of the global IVD market.

Point-of-care testing and patient self-testing accounted for nearly 11% and 9% shares, respectively, of the global IVD market in 2014. They also represent the fastest-growing end-user segments of the IVD market. Ease of use and faster diagnosis are some of the key factors driving the adoption of point-of-care testing and patient self-testing products across the globe. This trend is largely evident in the U.S. and in developed markets in the European region.

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In line with the growing demand, a number of players in the IVD market are also focusing on launching new products for point-of-care testing and patient self-testing applications. Development of molecular diagnostic products using microfluidic technologies for these applications is one of the key trends in the industry. These products offer high sensitivity and faster results. The molecular diagnostics segment accounted for ~11% share of the IVD market in 2014, and is expected to grow at the highest CAGR of 8% to 10% during the forecast period.

In 2014, North America commanded the largest share—42.5%—of the IVD market, followed by Europe. Although, North America will continue to be the largest market for IVD technologies, the IVD market in the Asia-Pacific (APAC) region is expected to witness the highest growth during the forecast period. This growth is mainly driven by the growing per capita healthcare expenditure, improving healthcare infrastructure, and increasing investments by global players in the IVD market. Moreover, availability of technologically advanced products from global players and growing awareness for IVD technologies in the medical communities of the high-growth markets (such as India and China) are expected to contribute to the growth of the IVD market in the APAC region in the coming years.

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With the high growth opportunity in the APAC region, a number of global players such as Roche Diagnostics, Thermo Fisher Scientific, Inc., QIAGEN N.V., and ARKRAY, Inc. have started expanding their presence in this region. These companies are focusing on establishing their manufacturing facilities and R&D centers in India and China in order to capitalize on the high-growth opportunities of the APAC region.

Some of the key players in this market are Roche Diagnostics Limited (Switzerland), Abbott Laboratories, Inc. (U.S.), Becton, Dickson and Company (U.S.), Johnson and Johnson (U.S.), Danaher Corporation (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Siemens Healthcare (Germany), Bio-Rad Laboratories, Inc. (U.S.), Sysmex Corporation (Japan), and bioMérieux (France). The leading players in this market have built a strong market position over the years, by focusing on introducing innovative solutions in the market from time to time, and expanding their geographic presence in emerging markets in order to widen revenue streams. These still remain the key strategies adopted by leading players in this market, in order to achieve sustainable revenue growth in this competitive market.

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Molecular Diagnostics Market by Application (Infectious Disease, Oncology, Genetics, Microbiology), Technology (PCR, INAAT, DNA Sequencing), End User (Hospital, Laboratories), Product (Instruments, Reagent, Service, Software) - Global Forecasts to 2018.

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