The Global In Vitro Diagnostics (IVD) Market was valued at US$ 19,635.8 million in 2015 and is projected to expand at a CAGR of 4.3% during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Increasing number of applications in chronic cancer and other chronic diseases is projected to support growth of the In vitro diagnostics (IVD) market over the forecast period.
In vitro diagnostics (IVDs) are currently an important part of the healthcare sector. IVD devices and services are used in diagnosing, monitoring, and screening in various chronic and acute disorders. This further contributes to the availability of medical information related to the patient. Due to specificity of treatments, IVDs is expected to minimize the stay of the patients in hospitals and convalescences, which results in healthier population and cost effective treatment that favors economic growth in the long run. IVD plays an important role in the global healthcare industry as it is the initial point of any treatment for getting information regarding the ailments. The IVD market is projected to witness rapid growth fueled by advancements in various diagnosing and medical devices technologies with developed tools in diagnostics, early detection of the disease along with rise in availability of over-the-counter tests. Due to the application of IVDs in medical care it adds a significant value in the planned treatment processes enhancing better health results. Furthermore, in vitro diagnostics are the sequences of tests that are able to detect diseases symptoms through which physician can conclude the type of treatment to be given to the patient in very short period of time depending upon the quality of medical. There are various government guidelines to regulate the type of in vitro diagnostic tests. According to the FDA, the in vitro diagnostic devices are regulated through the Medical Device Amendments of 1976, which further divides the in vitro diagnostic products into three class such as class I, II and III that includes the products depending upon the level of regulatory control that can assure the safety and effectiveness.
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Several factors driving growth of the in vitro diagnostic market include high unmet healthcare needs in categories of infectious disease, chronic disease, and other acute allergies. Furthermore, high prevalence of cancer along with high demand for lab automation is expected to support growth of the in vitro diagnostic market in the near future. In 2015, according to the National Cancer Institute, majority of share in the type of cancer was contributed by lung and bronchus cancer, followed by colon, rectum and other type of cancers. Furthermore, in 2015, around 1.7 million new cases of cancer were diagnosed in the U.S., which is propelling demand for adoption of diagnostic tests worldwide.
Market players are focused on expanding their product portfolio with wide applications of the IVD in healthcare sector, which is expected to offer various choices to the physicians for the appropriate type of test in particular symptoms, which is further expected to favor growth of IVD market in near future. Key players in the IVD market are focused on inorganic growth strategies such as mergers and acquisitions to maintain leading position in the market. For instance, in 2015, Roche acquired Signature Diagnostics AG – based in Potsdam, Germany, which is expected further to strengthen the company’s next generation sequencing (NGS) diagnostic segment.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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