Global In-Vitro diagnostics market has been estimated at USD 59.45 billion in 2015 and is expected to reach 78.07 billion at a Compound Annual Growth Rate (CAGR) of 5.6%. In-Vitro diagnostics can be described as tests that can help in detecting diseases, conditions or infections.
Some of these tests are performed in laboratory or healthcare settings while other tests are for consumers to use at home.
In-Vitro diagnostics test a sample of tissue or body fluids for microbial cultures or blood glucose.They are also used for testing changes in the liver function, imbalance in calcium levels in the body and electrolytes in the blood such as sodium, urea, potassium and Creatinine.
The end users of In Vitro diagnostics market are generally Laboratories, Hospitals, Academic institutions, Point-of-care testing centers. There are around 40,000 IVD products available in the market assisting patients and specialists on a wide range of conditions
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Global In-Vitro Diagnostics market is expected to witness faster growth owing to advancements and innovations in the IVD technologies. Rising geriatric population base, growing prevalence of diabetes are the key factors driving the growth of the market.
Increasing recognition of the diabetic’s role in the patient care and rapidly evolving healthcare environment due to growing awareness about various diseases are expected to drive the In-Vitro market in the forecast period. However stringent regulatory policies and unclear reimbursement policies are restraining the growth of the market.
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Global market for In-Vitro Diagnostics is segmented by product, by technology and by application. On the basis of product the market is again sub segmented into instruments, reagents and kits, Data management system/software and services.
On the basis of technology the in-vitro diagnostics market is sub segmented into Clinical Chemistry, Hematology, immunoassays, Coagulation and Hemostasis, molecular diagnostics, microbiology and other IVD technologies. On the basis of application the market for In-Vitro diagnostics is segmented into Diabetes, Infectious Diseases, Oncology/Cancer, Cardiology, Nephrology, Autoimmune Diseases, Drug testing and HIV
On the basis of geography global market for In-Vitro diagnostics is segmented into North America, Asia-Pacific, Europe, Latin America and Middle-East & Africa. North America Is the largest market for In-Vitro diagnostics accounting for a share of around 37% owing to growing prevalence of chronic diseases such as cancer and respiratory diseases in the region while Asia-Pacific is estimated to be the fastest growing segment with a CAGR of 6.4%.
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Abbott Laboratories, Johnson and Johnson, Siemens Healthcare, Becton Dickinson, Roche Diagnostics, and Beckman Coulter Inc. are the major players dominating the global IVD market.
Other companies which account for a significant share in the IVD market are Biomérieux, Ortho Clinical Diagnostics, Inc., Bio-Rad Laboratories, Inc., Danaher Corporation, Sysmex Corporation and Thermo Fisher Scientific, Inc.
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