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In-Vitro Diagnostics (IVD) Market Companies Research Report, By Product & Services (Reagents & Kits, Instruments, Data management software), By Applications (Infectious Diseases,Non-infectious diseases), By End User– Global Forecast Till 2023
In vitro diagnostics (IVD) are medical devices used for conducting medical testing of samples taken out of the human or animal body such as blood, urine and tissue. In vitro diagnostics (IVD) are used to detect infection, monitor drug concentration so as to diagnose and prevent diseases. According to Market Research Future (MRFR), the global In Vitro Diagnostics (IVD) Companies Industry was valued at USD 69,200MN in2017. In its recently published analysis, MRFR also asserts that the market would register a double digit CAGR by the end of assessment period of 2023.
Extensive demand for IVD owing to growing demand, ease of use and growing healthcare diagnostic use is a key driving force behind the market.IVD comprises a large and important segment of the healthcare sector and is experiencing rapid spurts of growth owing to technological advancements, greater satisfaction owing to better detection and accuracy, growing demand for treatment monitoring, and explosive availability of over the counter IVD kits.
However, the restrictive legal framework in nations like Germany favouring the generic, IUD products and the shift to sensor-based products is constraining the market growth. The market is also experiencing price pressure owing to availability of cheap products from China and Vietnam. The growing stringency of regulations such as the In Vitro Diagnostics Directive (IVDD) 98/79/EC which mandates a CE Mark warranting quality and safety standards is also restraining the market.
New product development is the key strategy employed by companies so as to capitalise on the market demand. The centralized public procurement in many countries is reducing market competition and increasing uncertainty in the industry.
Players leading the global IVD market include Danaher Corporation, Thermo Fisher Scientific, Grifols S.A, Ortho Clinical Diagnostics, Abbott Laboratories, Qiagen N.V., Sysmex Corporation, BioMérieux S.A, DiaSorin S.p.A, F. Hoffmann-La Roche AG, Siemens AG, Bio-Rad Laboratories Inc., Becton Dickinson and Company, among others.
Global In-Vitro Diagnostics (IVD) Market – Segments
The report is segmented into three dynamics to widen the scope of understanding,
By Product & Services : Reagents & Kits, Instruments, Data Management Software among others.
By Technology : Immunoassay/Immunochemistry, Clinical Chemistry, Molecular Diagnostics, Microbiology, Hematology among others.
By Application : Infectious Diseases, Non-Infectious Diseases among others.
By End-use : Hospitals, Laboratories, Academic Institutes among others.
By Regions : North America, Europe, Asia Pacific, and the Rest-of-the-World.
Global In-Vitro Diagnostics (IVD) Market – Regional Analysis
North America dominates the global IVD market owing to factors such as excellent reimbursement, large healthcare expenditure and compulsory screening regulations.
The IVD market in Europe is growing owing to large medical device industry and growing healthcare expenditure. The European market growth experienced growth in the microbiology and infectious immunology segment of the IVD market. The U.K. accounted for the fastest CAGR growth owing to the large demand for glucose test strip. However, the European market is exhibiting low CAGR growth owing to saturation of the market and the falling price of IUD products. Thus, the low revenue growth is not reflective of the growth in test performed and market volume has increased significantly. Germany followed by Italy, France, Spain and the U.K. accounted for the largest markets in Europe.
The Asia Pacific IVD market is expected to emerge as the largest market owing to large population. China, Japan and India are expected to dominate the Asia Pacific market owing to growing economy and manufacturing activities. The burgeoning medical devices sector, is providing further impetus to the region’s market growth.
Global In-Vitro Diagnostics (IVD) Market – Competitive Landscape
The IVD market is largely fragmented and competitive due to the presence of many big and small players. Vendors are also facing extreme pricing pressures especially in the low-end market. The companies at the high-end IUD market are pursuing collaboration and partnerships with other players to innovate new products.
Manufacturers of IVD are employing a variety of distributions channels. The development of online healthcare ecommerce market is another channel being increasingly used for expanding reach with minimum costs. Outsourcing to low cost manufacturer in China and other developing nations is another strategy being pursued by players.
Michael Owens serves as the marketing advisor of Head45 in Cardiff Bay. He is a specialist in customer experience and an expert brand strategist who is keen to take on challenges that will help the business expand. Michael puts his creative energy into penning posts that are both interesting and useful for the most popular blogging sites.