New York - October 28, 2016 - Globally a large number of In Vitro diagnostics tests have been performed to diagnose and monitor a disease or a medical condition. The global IVD test products market is estimated to reach USD 86.6 billion by 2022 from USD 62.3 billion in 2016, at a CAGR of 5.6% from 2017 to 2022. The growth in this market is mainly driven by factors such as increasing incidence & prevalence of chronic diseases across the globe, rising geriatric population, increasing adoption of personalized medicine and technological advancements. However uncertainty in reimbursement scenario and high cost of IVD instruments are restraining the market growth.
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The Global IVD market studied in this research is mainly categorized by Product Type, Technology, Application, End-users and Geography. The IVD market by product type is mainly segmented into Reagents & Kits, Instruments, Data Management Software and Services. The Reagents & Kits segment accounted for more than three-fourth of the global IVD market in 2015 and this dominance is estimated to continue during the forecast period of 2016 to 2022, owing to the increasing demand for reagents & kits with rising number of IVD tests conducted across the globe. In addition increasing awareness about the significance of IVD tests results in the treatment & monitoring of various chronic diseases will increase the demand for IVD tests and thereby will drive the market for IVD Reagents & Kits.
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The IVD market report studied across the four geographies namely Americas, Europe, Asia-Pacific, and Middle East & Africa. Americas leads the market with its well-developed healthcare infrastructure, huge healthcare spending, stringent regulatory policies, and presence of key players in the region. However Asia-Pacific region is forecasted to grow at a fastest CAGR of 8.1% during the forecast period, owing to increasing demand for better healthcare services from the large patient population in the region, improving healthcare infrastructure in the region, rising government investments, and rising awareness about the healthcare. In addition, there is a rising focus of key players on Asia-pacific region to capture high growth opportunities in the region by expanding their footprint and launching new products which are further expected to boost the market growth in Asia-pacific region.
The Global IVD Market is fragmented with top 7-8 players accounting for more than 75% of the market in 2015. The key players operating in this market includes Abbott Laboratories, Roche Diagnostics, Siemens Healthcare, Danaher Corporation, Ortho Clinical diagnostics, Sysmex Corporation, GE Healthcare, Johnson and Johnson, Becton Dickinson (BD), bioMerieux, and Alere Inc. The key players in this market have adopted new product launches as their main adopted strategy to increase their market share in this highly competitive market. Molecular Diagnostics was the preferred segment of IVD market which has seen many new product launches in recent years.
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