In vitro diagnostics (IVDs) are medical devices and accessories used to perform tests on blood, urine and tissue samples from the human body to detect infection, diagnose a medical condition, prevent disease, and monitor drug therapies. A recent report from Markets and Markets says that the global in vitro diagnostics market is expected to reach $75.1 billion by 2020, growing at a CAGR of 5.8% from 2015 to 2020.
Major factors that drive the growth of this market are
- The rising incidences of chronic lifestyle diseases across the globe
- Growing aging population
- Increasing usage of point-of-care testing and personalized medicine
However, the report states that inadequate budget and limited reimbursement are restraining the growth of this market.
Other highlights of the report
- The reagents segment accounted for the largest share (80%) of the IVD market in the past year, and is expected to grow at a CAGR of 6.4% during the forecast period.
- On the basis of technology, the IVD market is categorized inot clinical chemistry, immunochemistry/immunoassay, hematology, coagulation and hemostasis, microbiology, molecular diagnostics, and other clinical instruments. The immunoassay/immunochemistry segment accounted for the largest share (~28%) of the IVD market in 2014. This growth of this segment is attributed to its increased use over other traditional tests owing to its high specificity.
- On the basis of applications, the IVD market is categorized into diabetes, infectious diseases, oncology, cardiology, HIV/AIDS, autoimmune diseases, drug testing, nephrology, and other applications. Though the infectious diseases segment accounted for the largest share of 24.4% of the IVD market in 2014, oncology is expected to be the fastest-growing segment during the forecast period owing to increasing prevalence and incidence of cancer across the world.
- North America accounted for the largest share of ~43% of the IVD market last year, followed by Europe, Asia-Pacific, and the RoW.
Some of the key players in the IVD 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).