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Global In vitro Diagnostics Market Expected to Grow at a CAGR of 7.1% from 2012 to 2018

Press Release   •   Jan 19, 2017 06:13 EST

Increase in the global population accompanied with an increase in the cases of chronic infections and diseases such as sexually transmitted diseases (STDs), diabetes, and cancer have led to the growth of the global IVD market. Rising healthcare expenditure across the globe has further boosted the growth of the global IVD market.

The non-invasive and minimally invasive diagnostic tools offered by the global IVD market are preferred by patients and the doctors alike. This fits with the general trend in the medical industry towards minimally invasive procedures, which are more convenient for both parties. However, reimbursement challenges could restrain the growth of the global IVD market. Also, uncertain and ambiguous environmental regulations will threaten the growth of the global IVD market.

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Molecular diagnostics have opened new channels for the global IVD market. In the coming years, epigenomics-based diagnostics are forecast to be the emerging segment in the global IVD market. Key players in the in vitro diagnostics market are working on introducing epigenomics-based diagnostic products to stay ahead in the competition.

The global in vitro diagnostics market has been segmented on the basis of products and geography. In terms of geography, this market can be divided into Asia Pacific, Europe, North America, and Rest of the World. The products in the global in vitro diagnostics market are clinical chemistry IVDs, immunoassay IVDs, blood testing IVDs, molecular diagnostics, diabetes testing IVDs, and other IVDs.

The increasing demand for IVDs from regions such as Asia Pacific and Latin America is rapidly changing the landscape of the in vitro diagnostics market across the globe. Back in 2011, Europe and North America held a large share in the in vitro diagnostics market due to the presence of organized clinical research facilities and growing healthcare awareness. However, the tables have turned, as developing economies are now in the limelight and are attracting important market players with their pool of unmet opportunities.

The main drivers for the in vitro diagnostics market in Europe are the growing incidence of illnesses such as tuberculosis, sexually transmitted infections, and pneumonia, cardiovascular diseases (CVDs), diabetes mellitus, and cancer, and growing interest in quick diagnostics and point-of-care testing.

The report suggests that clinical chemistry IVDs dominated the market in China, India, and the U.S in 2011. However, analysts predict that the molecular diagnostics segment will outpace the growth of other segments, as it helps in identifying diseases at a very early stage. In addition to this, the growing number of diabetics will also drive the global diabetes testing IVDs market, which includes blood glucose meters and glucose testing strips. As the diagnostic companies are working with pharmaceutical organizations for improving diagnostic procedures, the market will witness a huge array of convenient testing options in the near future.

The report on the global in vitro diagnostics market also profiles some of the key players in the market to provide a clear picture of the competitive landscape. The important companies in the global in vitro diagnostics market are Abbott Laboratories Inc., Bayer AG, Alere Inc., Becton Dickinson and Company, Siemens Healthcare (a division of Siemens AG), Beckman Coulter Inc., Biomerieux SA, Danaher Corporation, Gen-Probe Incorporated, Life Technologies Corporation, Johnson and Johnson, Thermo Fisher Scientific Corporation, and F. Hoffmann-La Roche Ltd. The section on company profiles includes an overview, financial status, research and development plans, marketing strategies, and investment plans for the coming few years.

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