A Peek into In Vitro Diagnostic Market

In Vitro Diagnostic – A brief outline

In Vitro Diagnostics or IVD denotes to an extensive range of testing pertaining to laboratory and medical tests carried on by professional laboratory technicians and physicians to monitor the clinical status of the patients. The main purpose of IVD is to diagnose disease and to investigate the clinical status of the concerned patients by using the samples of blood, cells or other tissues obtained from the patients. Most diagnoses are still made by physical examination and assessment of the symptoms exhibited by the patient. The use of blood tests on a large scale was developed from the 1950s onwards with the introduction of IVD tests that did not require the presence of patient at the time when it was performed.

The In vitro diagnostics are performed by using different types of medical devices that are used to perform tests on samples to help detect infections, diagnose a medical condition, prevent disease and monitor drug therapies. These devices can range from simple tests to sophisticated DNA technology that includes reagents, calibrators, control material kits, software and related instruments.

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In vitro diagnostic market analysis – A global market overview

The In Vitro diagnostic global market is growing at a rapid pace due to technological advances in the medical science, availability of advanced diagnostic tools, improved treatment monitoring and increased availability of OTC (Over-the-Counter) tests. The global In Vitro Diagnostic market 2015 was worth US $60.22 billion, which is expected to reach the US $ 96.93 billion by the end of 2021 as per the in-vitro diagnostics market analysis of 2017 growing at a CAGR of 5.35% during the forecast period.

The increasing incidences of chronic and infectious diseases, aging population, and rise in point of testing are driving factors for In vitro diagnostics market growth. The IVD is playing a major role in the early diagnosis and management of diseases. The development of IVD products has been a boon for healthcare industry with a variety of factors driving the growth of in vitro diagnostics world market that include:

  • Aging Population
  • New Biomarkers
  • The rise of chronic infectious diseases
  • Thriving of the Professional Personal Point of Care or POC with hospitals, small labs and independent physicians demanding simple cost effective rapid detection tests that can be conducted at their offices
  • Increasing incidences of chronic and infectious diseases such as colorectal cancer, neurological diseases, gynecological diseases and other infections

In developed economies like United States of America, the U.S. in vitro diagnostics market is thriving with U.S. administration’s new healthcare disease screening and health insurance initiatives helping in bolstering the use of In Vitro Diagnostic devices in a big way.

Strategic analysis of the global In Vitro diagnostics market – Segment wise

The global In Vitro Diagnostic (IVD) market is segmented based on the below mentioned segments such as-

  • Applications segmented into Diabetes, Infectious/Autoimmune diseases, Cardiology, Drug Testing and others. 
  • Products segmented into Reagents, Instruments, software and services and others 
  • Techniques such as Clinical Chemistry, Immunochemistry/immunoassays, Hematology, Coagulation and Homeostasis, Microbiology, Molecular Diagnostics (MDX), Point of Care and Others 
  • End Users in the form of Hospitals, Laboratories, Academic Institutes Point of Care Testing, Patient Self-Testing, Biotechnology or Pharmaceutical Firms and other End users

The IVD global market based on geographical segmentation is divided into regions and countries such as North America, Europe, Latin America, Asia-Pacific, Middle East, and Africa with the key players in the IVD market making huge investments in these markets through significant strategies, collaborations, and acquisitions.

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The infectious diseases segments account for the largest share of the in vitro diagnostics market in 2015 due to rising incidences of infectious disorders such as Hepatitis, Tuberculosis, and hospital acquired infections. The In Vitro Diagnostics market size as per the product segment the In Vitro Diagnostic reagents market occupies the largest share. Geographically, North America accounts for 25 billion-market revenue contributing to 35% of the global IVD market. The Patient Protection and Affordable Act (PPACA) are driving the United States IVD market. Some of the key players in the global IVD market include-

  • Abbot Laboratories
  • Bayer AG
  • Johnson & Johnson
  • BioRad Laboratories
  • Biomerieux

In the coming decades, the rising demand for technologically advanced diagnostic devices and increased disposable income of consumers in developing economies provides a huge potential for In Vitro Diagnostics global market as per a reputed global in vitro diagnostics (IVD) market report.

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