In vitro Diagnostics Market | BRICS In vitro Diagnostics Market is mainly driven by increased awareness of diseases and personalized medicines; Market for In vitro Diagnostics is boosted by Large aging population
In Vitro Diagnostics Market: Overview
In vitro diagnostics (IVD) is a suite of diagnostic tests performed using analytical instruments and reagents, on samples such as blood, stools, urine, tissues, and other body fluids. These samples are derived from patients or healthy individuals, to detect diseases or infections.
Some of the significant technologies incorporated in in vitro diagnostics are polymerase chain reaction (PCR), immunoassays, and sequencing technologies. In vitro diagnostics play significant role in risk assessment, and disease monitoring.
In Vitro Diagnostics Market: Segmentation
The market can be segmented across different categories such as product types, applications, end users and geography. Based on product types, the market is segmented into, instruments, data management systems and reagents & kits.
Based on application, the market is further segmented into, diabetes, infectious diseases, oncology, cardiology, nephrology, HIV, and other applications. Laboratories, standalone clinics, hospitals and patients form the major end-users of the market.
The in vitro diagnostic market comprises several tests such as thyroid function tests, renal function tests, lipid profiling, liver function tests, basic metabolism tests, immunoassays, Enzyme Linked Immunosorbent Assay (ELISA), radio Immunoassay (RIA), florescent Immunoassay (FIA), hematology, full blood count (RBC, WBC, and platelets), bone marrow testing, blood coagulation tests, biopsy, microbiology, and other IVD techniques.
In Vitro Diagnostics Market: Regional Insight
On basis of geography, the market has been segmented into five countries – Brazil, Russia, India, China, and South Africa. The BRICS IVD market is expected to have a healthy growth rate owing to the booming healthcare industry, thus driving the in vitro diagnostics market.
China is expected to have the major share and is likely to remain the largest regional segment of BRICS countries, followed by Brazil, Russia, India, and South Africa.
Rampant economic growth observed in BRICS countries and emerging markets enabling patient base to afford diagnostic services has resulted in steady increase in healthcare expenditure. This is likely to remain an important driver for the BRICS IVD market in coming years.
Increased awareness of diseases and personalized medicines, and rising health conscious urban population, combined with growing incidences of infections and diseases, has led to rise in demand for in vitro diagnostics in BRICS countries. Large aging population and prevalence of chronic diseases, combined with government support for healthcare market will drive the in vitro diagnostics market in China.
Brazil Chamber of Laboratory Diagnostics (BCLD) study demonstrated that out of the total in vitro diagnostics market, laboratories comprised 88%, followed by blood banks at 11%, whereas Point of Care (POC) testing centers comprised only 1%. Increasing healthcare budgets along with rising number of private hospitals, and income levels backed by huge untapped population base offer interesting growth opportunities for IVD market in Brazil.
However lack of proper reimbursement policies and a stringent regulatory framework may hamper the market growth. IVD market in South Africa has reached a stable phase with growth concentrated around infectious diseases diagnostics.
However price sensitivity, lack of reimbursement policies and labor shortages continue to prove a hindrance to the growth of IVD market in South Africa.
In Vitro Diagnostics Market: Key Players
The in vitro diagnostics market is competitive in nature and hence possesses higher threat to new entrants. Some major players of in vitro diagnostics market comprises Roche diagnostics, Siemens Healthcare, Danaher, Abbott Laboratories, Inc., Johnson & Johnson, and Bio Rad laboratories, Inc.
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