IVD Market By Product Type (Reagents, Instruments And Software & Services), By Technique (Immunodiagnostics, Blood Testing, Molecular Diagnostics, Tissue Diagnostics, Clinical Chemistry, And Other IVD Techniques), By Application (Infectious Diseases, Cancer, Cardiac Diseases, Immune System Disorders, Nephrological Diseases, Gastrointestinal Diseases, And Other Indications), And By End Users (Standalone Laboratory, Hospitals, Academic And Medical Schools, Point Of Care Testing, And Others)
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In vitro diagnostics (IVD) is the technique in which medical devices and reagents are used to examine specimens such as blood, urine, stool, tissues, and other body fluids, which are derived from the human body to detect diseases, conditions, and infections. These tests can be performed in stand-alone laboratories, and hospitals- Some of the significant technologies incorporated in vitro diagnostics include polymerase chain reaction (PCR), microarray techniques, sequencing technology, and mass spectrometry, which are used for test sample preparation.
Incessant innovations in IVD product design and technology have encouraged doctors and researchers to shift their focus from traditional diagnostic methods to personalized medicines.
There is a growth in need of IVD testing due to increase in incidences of chronic and infectious diseases and rise in geriatric population prone to immunological disorders.
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Moreover, increased application of personalized medicines and widespread knowledge of rare diseases boost the growth of the IVD market. In addition, increase in incidences of colorectal cancer, neurological disorders, and gynecological diseases boost the adoption of IVD devices and reagents.
On the contrary, stringent government regulations and unfavorable reimbursement policies limit the growth of the market. The global IVD market is accounted for $61,103 million in 2016, and is estimated to reach at $84,647 million by 2023, growing at a CAGR of 4.6% from 2017-2023.
The market is segmented on the basis of product type, techniques, application, end-user, and geography. By product type, the market is categorized into reagents, instruments, and software & services.
On the basis of techniques, it is categorized into immunodiagnostics, blood testing, molecular diagnostics, tissue diagnostics, clinical chemistry, and other IVD techniques. By application, the market is classified into infectious diseases, cancer, cardiac diseases, immune system disorders, nephrological diseases, gastrointestinal diseases, and other indications.
Based on end-user, it is divided into hospitals, academic and medical schools, point of care testing, and others. By geography, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the global IVD market, with current trends and future estimations to elucidate the investment pockets.
- Comprehensive analysis of factors that drive and restrict the growth of the market is provided.
- The report provides a quantitative analysis to help the stakeholders to capitalize on prevailing market opportunities.
- Extensive analysis of different segments facilitates to understand various products of the market.
- Key players are profiled and their strategies are analyzed thoroughly, which predict the competitive outlook of the market.
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