A new report published by Allied Market Research says that the global in vitro diagnostics (IVD) market is on an upward trajectory and is expected to grow to $74.7 billion by 2020. According to the report, the market was valued at $53.3 billion last year and is forecast to grow at a CAGR of 5.34% during 2014-2020.
The IVD market comprises laboratory equipment and test products for infectious disease, diabetes, cancer, cardiology, autoimmune diseases, nephrology, drug testing, and HIV/AIDS. Currently, infectious diseases generate the most revenue followed by HIV/AIDS testing and the trend is expected to continue through 2020. Given the availability of point-of-care testing devices, the at-home diagnostics market is expected to show the fastest growth in terms of end use.
The Allied Market Research report points out that North America accounts for the chunk of the market and is expected to grow at a CAGR of 4.02% and reach a value of $30.1 billion by 2020. Asia is the fastest growing region with a CAGR of 7.49% for the seven year period from 2014 to 2020.
The main factors responsible for driving the growth of the IVD market are increasing public awareness about healthcare, cost-effective diagnostic solutions, and accurate and faster test results.
Increasing public awareness about healthcare: Public awareness about communicable diseases and sanitation, health promotion and preventative action has increased the demand for in vitro diagnostic testing. People are becoming more knowledgeable about the importance of pandemic control, tobacco control, the harmful use of alcohol, nutrition, obesity and physical inactivity, and multi-drug resistant tuberculosis. In the United States, with new healthcare requirements, patients may choose to receive more medical check-ups and routine diagnostic tests than they did before they had coverage.
Cost-effective diagnostic solutions: The availability of high quality, cutting edge technology and cost-effective diagnostic tests is helping healthcare providers meet patient needs safely, effectively and efficiently at reduced costs. Manufacturers are developing innovative and affordable laboratory equipment and diagnostic solutions, including reagents, to detect a wide range of diseases. Integration with practice management software programs has improved diagnostic processes while saving time and reducing operational costs.
Accurate and faster test results: The development of rapid diagnostics products for point of care testing (POCT), biochemistry, urine chemistry, hematology, and immunoassays with ELISA and CLIA based technology is proceeding at a fast pace. The new technologies are designed to provide accurate results in quick time, and are improving workflow and streamlining lab processes.
According to the Allied Market Research report, the top players in the global IVD market are Abbott Laboratories, Roche Diagnostics, Siemens, Johnson & Johnson, Alere, Arkray, Bayer AG, Becton Dickinson & Company, Biomerieux, Danaher and Sysmex.