The global IVD market value is forecasted to reach US$92.54 billion in 2023, growing at a CAGR of 6.6%, for the period spanning from 2018 to 2023. The factors such as increasing diabetic patient count, surging chronic ailments incidence, rising healthcare expenditure, growing geriatric population, accelerating economic growth and improving consumer confidence are expected to drive the market growth. However, growth of the industry would be challenged by stringent regulations and intense competition. A few notable trends include development of syndromic panel, rising companion diagnostic tests preference by physicians, escalating research and development expenditures, applications of human microbiome in IVD, liquid biopsy for cancer testing and high IVD per capita expenditure in Europe.
The modern IVD industry comprises of three types of products namely; reagents, analytical instruments and accessory products that are required to perform an array of diagnostic laboratory tests and thereby helping the individual to monitor different types of diseases.
The fastest growing regional market is North America, owing to rise in incidence & prevalence of chronic diseases, technological advancements in testing techniques and the increase in healthcare expenditure by population. The U.S. represents one of the largest market for IVD and is already well-penetrated at developed market levels.
Scope of the report:
• The report provides a comprehensive analysis of the global IVD market, segmented on the basis of product types i.e. reagents, instrumentations & software services and technologies i.e. immunodiagnostics, POCT, microbiology, SMBG, molecular diagnostics & clinical chemistry.
• The major regional markets (North America, Asia-Pacific and Europe) have been analysed along with country coverage of the U.S., China, Japan, Australia, India, Germany, Italy and France.
• The market dynamics such as growth drivers, market trends and challenges are analysed in-depth.
• The competitive landscape of the market, along with the company profiles of leading players i.e. Roche Holding AG, Abbott Laboratories, Danaher Corporation, Siemens AG, Thermo Fisher Scientific Inc. and Sysmex Corporation are also presented in detail.
Key Target Audience:
• IVD Reagent/Instrument Manufacturers
• Raw Material/Component Suppliers
• End Users
• Consulting Firms
• Investment Banks
• Government Bodies & Regulating Authorities