Global In Vitro Diagnostics (IVD) Market Research Report 2014 - 2020
Global In-Vitro Diagnostics Market – Drivers, Opportunities, Trends, and Forecasts: 2017–2023
Overview:
In-vitro diagnostics is a process of diagnosing
various medical conditions using assay kits and analyzers. The in-vitro
diagnostics (IVD) market is growing at a steady rate as there is an increase in
the awareness of various diseases and various plans are initiated by the
government to reduce the diseases. Most of the IVD tests are performed in
medical and clinical laboratories but the advent of point-of-care (POC)
technology has enabled testing to be performed in the presence of the patient
and even at their home. This technology advancement is driving market growth
during the forecast period.
Factors, such as increasing lifestyle diseases,
growing adoption of POC testing, increasing demand for biomarker-based testing
and demand from the emerging countries are expected to drive the market growth
during the forecast period. The increased sales of counterfeit glucose
monitoring strips and stringent regulatory approval processes are factors
hampering the market growth.
The regulatory scenario is of concern as there
has been a wide range of instruments and assays, which range from Class I to
Class III devices. Recently there has been a change in regulations in the
European region, which has been a major issue for the market players.
The market is witnessing an emerging trend for
noninvasive prenatal testing, next-generation sequencing (NGS), liquid biopsy,
and circulating tumor cells test. The markets in India, Brazil, and China are
expected to grow at a rapid pace during the forecast period due to the high
prevalence of infectious diseases in these countries.
Market Analysis:
The global in-vitro diagnostics market is
estimated to witness a CAGR of 5.31% during the forecast period 2017–2023. The
market is analyzed based on five segments – technology, application, test
types, end-users, and regions.
Factors, such as increased sales of POC cardiac
markers and increased adoption of DNA probe-based diagnostics are growth
opportunities for the market players. The market is witnessing an emerging
trend of companion diagnostics, cardiac biomarkers, POC markers, and other
novel technologies that are helping in diagnosing the diseases at an early
stage with precision. There has been a transition from diagnosis in core
laboratories to diagnosis in front of the patient.
Regional Analysis:
The regions covered in the in-vitro diagnostics
market report are the Americas, EMEA, APAC, and Rest of the World (ROW). The
Americas is set to be the leading region for the IVD market growth followed by
Europe. Asia Pacific and ROW are set to be the emerging regions. The markets in
India, Brazil, and China are expected to grow at a rapid pace during the
forecast period as the prevalence of infectious diseases and lifestyle diseases
in these countries is high. These countries are set to be the target regions
for the market players due to the large untapped potential.
Technology Analysis:
The global IVD market is segmented by the
following technologies- immunoassay, clinical chemistry, clinical microbiology,
molecular diagnostics, hematology, and coagulation. The clinical chemistry
market is currently leading the market with a share of 32.2% due to the high prevalence
of diabetes. India has the highest rate of diabetes, making Asia Pacific the
region for future investments. The molecular diagnostics segment is expected to
have the fastest growth rate during the forecast period. Technological
advancements in various molecular diagnostics technology, such as PCR and NGS,
are driving the market. The market is also witnessing various M&A and
collaborations among the top players, which are defining the future of the
global IVD market.
Test Types Analysis:
Core laboratory holds the major share of the market but the
advantages of POC technology are expected to make it the fastest growing test
type.
Application Analysis:
Among the various diagnostic areas, infectious diseases hold the major share of
the market followed by diabetes. But the increasing prevalence of cancer is
expected to make it the fastest growing segment.
Key Players:
The leader in IVD market is F. Hoffmann-La Roche, who is currently occupying 20%
of the IVD market. Abbott, Siemens, Danaher, and ThermoFisher are the other
major players in the market. These top players occupy around 56% of the market.
The report covers the following players:
• F. Hoffmann-La Roche
• ThermoFisher Scientific
• Danaher
• Siemens Healthineers
• Abbott
• Sysmex Corporation
• Ortho Clinical Diagnostics
• Bio-Rad Laboratories
• BioMeriux
• Becton Dickenson & Company
Competitive Analysis:
The clinical chemistry segment is dominating the global IVD market, and a lot
of new players are focusing on developing technologically advanced reagents and
analyzers to gain market share. Novel technologies, such as prenatal testing,
liquid biopsy, and cardiac biomarkers, are expected to drive the market growth
in the future.
Large players, such as F. Hoffmann-La Roche, Danaher, and Abbott, are acquiring
companies with products that would complement their existing portfolio. For
instance, in November 2016, Danaher acquired Cepheid and in February 2016,
Abbott signed an agreement to acquire Alere, a leader in POC technology.
Furthermore, most of the companies are aiming to obtain a waiver of the
Clinical Laboratory Improvement Amendments of 1988 for their products to
increase their sales. Significant investments in R&D in this market is expected
to increase, and collaborations and M&A are expected to continue.
Benefits:
The report provides complete details about the usage and the adoption rate of
IVD by various end-users and regions. The key stakeholders use this information
to know about the major trends, drivers, investments, vertical player’s
initiatives, and government initiatives towards increasing disease awareness,
along with the details of commercial devices available in the market. Moreover,
the report provides details about the major challenges that are going to impact
the market growth. Additionally, the report gives complete details about
business opportunities to key stakeholders to expand their business and
increase revenue in the specific vertical and to analyze before investing or
expanding business in this market.
Key Stakeholders
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