In vitro diagnostics (IVD) is the technique in which medical devices and reagents are used to examine specimens such as blood, urine, stool, tissues and other body fluids, which are derived from the human body to detect diseases, conditions and infections. The tests can be performed in stand-alone laboratory, hospital based laboratory and point of care. Some of the significant technologies incorporated in vitro diagnostics include polymerase chain reaction (PCR), microarray techniques, sequencing technology and mass spectrometry, which are used for test sample preparation. Incessant innovations in IVD product design and technology have encouraged doctors and researchers to shift their focus from traditional diagnostic methods to personalized medicines.
The world in vitro diagnostics market is estimated to garner $81.3 billion by 2022, registering a CAGR of 4.9% over the forecast period. Growing need of IVD testing arises due to increasing incidences of chronic and infectious diseases and growing geriatric population prone to immunological disorders. Moreover, increased application of personalised medicines and widespread knowledge of rare diseases are boosting the growth of IVD market. In addition, increasing incidences of colorectal cancer, neurological disorders, gynaecological diseases and others would boost the adoption of IVD devices and reagents. On the contrary, stringent government regulations and unfavourable reimbursement policies would limit the growth of the market. The rising demand for technologically advanced diagnostic devices and increased disposable income of consumers provides huge growth potential for IVD market.
The report segments the market across different categories such as product type, techniques, application, end users and geography. Based on product types, the market is segmented into reagents, instruments, and services & software. Based on techniques, the market is segmented into immunodiagnostics, blood testing, molecular diagnostics, tissue diagnostics, clinical chemistry and other clinical techniques. Similarly, based on indication, the market is further segmented into, infectious diseases, cancer, cardiac diseases, immune system disorders, nephrological diseases, gastrointestinal disorders and other indications. Based on end users, the market is categorised into standalone laboratory, hospitals academics & medical schools and others. The geographical breakdown and detailed analysis of each of the aforesaid segments are included for North America, Europe, Asia-Pacific and LAMEA.
Companies are adopting acquisition and partnership as key development strategies in this market Roche diagnostics, Abbott, Danaher Corporation are few of the dominant players in the IVD market. Other companies include Johnson and Johnson, Sysmex Corporation, Becton Dickinson, bioMrieux, Thermo Fisher Scientific, Inc., Ortho-Clinical Diagnostics, Siemens AGand Alere Inc. The comprehensive competitive analysis and profiles of major market players mentioned above are profiled in the report.
KEY BENEFITS FOR STAKEHOLDERS:
IVD MARKET KEY SEGMENTS:
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