A report into the projected growth of the current IVD market by Meticulous Research® has produced lucrative forecasts for the industry. By 2024, the global IVD market is expected to reach $87.21 billion, growing at a CAGR of 5.7% from 2018.
Browse 237 market data tables and 42 figures spread through 301 pages and in-depth TOC on “IVD Market by Product (Reagent, Instruments, Software, Service), Technique [Immunoassay, Clinical Chemistry (Lipids, Renal, Thyroid), PCR], Application (Hematology, Diabetes, Nephrology, Oncology), End User (Hospital, POC)- Global Forecast to 2024”
The researchers believe that the growth will be driven by a variety of factors. These include: rising geriatric population and subsequent growth in the prevalence of chronic and infectious diseases, increasing adoption of fully automated instruments and automation in laboratories, and growing adoption of personalized medicine and point-of-care testing.
The report states that the reagents & kits currently accounts for the largest share of the total market and is expected to grow at a CAGR of 6% from 2018 to 2024. Meticulous Research® speculated as to why this area is emerging as the largest and fast-growing segment: “Due to repeat purchase, incessant product launches, number of on-going research activities, and growing prevalence of various acute as well as chronic infectious diseases.”
Immunoassay technique is a bioanalytical method in which the quantitation of the analyte depends on the reaction of an antigen and antibody. Applications of immunoassay include testing for cancer markers, diagnosing infectious diseases, cardiac analysis, therapeutic drug monitoring, and allergen tests. Immunoassay segment commanded the largest share of the global IVD market- owing to their greater adoption attributed to advantages such as inherent specificity, high throughput, high sensitivity, and low cost of the related instruments and reagents. Further, the growth in this market will be driven by technological advancements and rising demand for immunoassay-based tests attributed to aging population.
Based on applications, infectious diseases segment commanded the largest share of the global IVD market. The high share of this segment is attributed to large volume of IVD tests performed for infectious diseases, high incidence of various infectious diseases, and incessant technological advancements in the tests used for the detection of such diseases. Oncology is the fastest growing segment attributed to rising aging population, growing number of cases & deaths associated with cancer, growing field of personalized medicine in oncology, and technological advancements in oncology IVD products.
Based on end users, hospital laboratories were the largest end users of IVD products mainly due to high volume of diagnostic tests being performed in the hospitals.
The report states that North America is currently the home of most of the IVD companies. However, Asia-Pacific is named as the conducive area expected to grow most by 2024. Reasons cited for this include accelerated growth of the economies; improving healthcare infrastructure; growing accessibility to healthcare services & advanced products; increasing incidence of infectious and non-communicable diseases with aging population; growing income levels of middle-class population; and increasing number of hospitals and clinics.
The key players operating in the global IVD market are Roche Diagnostics, Danaher Corporation, Abbott Laboratories, Siemens Healthcare, Thermo Fisher Scientific Inc., Sysmex Corporation, bioMérieux S.A., Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., DiaSorin S.p.A., Qiagen N.V., and Agilent Technologies, Inc. among others.
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicated market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth. Meticulous Research® produces global reports and custom studies for North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa regions. These reports are used by our clients for marketing and strategic planning in various sectors.
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research