IVD Market Witness Growth Based On Increased Demand In Advancements And Innovations In The IVD technologies Till 2020:Grand View Research,Inc.
Global in vitro diagnostics market is expected to
propagate at a significant rate owing to the surging incidences of rising aging
population, chronic lifestyle related diseases, and increased usage of
personalized medicine and point-of-care testing. In vitro diagnostics is
anticipated to grow due to the developments, innovation, and advancements in
various IVD technologies. Rising health concerns and the ability of the
consumers to take these IVD tests at home and in hospital have increased their
awareness among the consumers, leading to market growth. Serious health issues
including diabetes, cancer, and sexually transmitted diseases are expected to
be identified using IVD tests and surge the growth of the market in the long
run.
Increased awareness among the consumers about various
diseases, quickly altering healthcare environment, and enhanced role of
diagnostics in patient care has provided a boost to the in vitro diagnostic
market. Surging need for detecting communicable diseases, point-of-care
recognition, and identification of various diseases like respiratory
infections, RSV, influenza, and pneumonia along with identification of
pathogens causing filariasis and malaria are some of the key drivers of IVD
market.
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Product-wise the in vitro diagnostic market is segmented
into instruments, services, data management systems, reagents, and kits that
are intended to diagnose and determine the state of health to mitigate, cure,
prevent, or treat a particular disease. The Food and Drug Administration (FDA)
classifies the IVD products according to regulatory control into Class I, II
and III. Different techniques of carrying out IVD tests are molecular
diagnostics, blood testing, diabetes testing, clinical chemistry,
microbiological diagnostic techniques and flow cytometry. The tissue diagnostic
market is expected to rise owing to the increasing incidents of lung and
bronchus cancer, melanoma, and prostate breast cancer diagnosis. In 2013,
Professional IVD products were the largest segment accounting for revenue of
USD 36,117.3 million in 2013.
Electrolyte panel, basic metabolic panel, lipid profile,
liver panel, renal profile, rapid tests, western blot, hematology, coagulation,
hemostasis, microarray, hybridization, radioimmunoassay and specialty chemicals
are the most commonly used technologies in the market. Applications of in vitro
diagnostics include oncology, cancer, nephrology, cardiology, drug testing,
autoimmune diseases,
diabetes and infectious diseases. The IVD tests are being
used by a wide range of customers including academic institutes, in
point-of-care testing, patient self-testing, hospitals, and laboratories.
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Region-wise the global IVD market is segmented into various
regions including North America, Europe, Asia Pacific, Latin America, Middle
East and Africa. In 2014, North America was the largest regional segment with
about 43% market share owing to established distribution channels,
extraordinary diagnostics in cancer screening, and prevalent disorders like
respiratory diseases and genetic testing. IVD market in Europe follows the lead
and is expected to rise on account of rising cases of cancer, tuberculosis and
pneumonia. However, Asia Pacific and China will follow the IVD market trend
owing to the rising population and increasing disposable incomes.
Prominent players dominating the global IVD market are
Johnson and Johnson, Siemens Healthcare, Becton Dickinson, Roche Diagnostics,
Abbott Laboratories, and Beckman Coulter Inc. Few other competitors are
Ortho-Clinical Diagnostics, Inc., Danaher Corporation, Thermo Fisher Scientific,
Sysmex Corporation, Bio-Rad Laboratories, Inc., and bioMérieux.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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Grand View Research, Inc
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