In Vitro Diagnostics (IVD) Market Segmentation Size & Growth Prospects Till 2020

In Vitro Diagnostics (IVD) Market Segmentation Size & Growth Prospects Till 2020 “The global in vitro diagnostics (IVD) market size was estimated at USD 60.17 billion in 2016. The rise in prevalence of gastrointestinal disorders and sexually transmitted diseases, coupled with increase in requirement for largescale population screening will grow the market in the forecast years.�

The global In Vitro Diagnostics (IVD) Market size was estimated at USD 60.17 billion in 2016. The rise in prevalence of gastrointestinal disorders and sexually transmitted diseases, coupled with increase in requirement for large-scale population screening will grow the market in the forecast years. For instance, new generation cancer diagnostics are in demand for identifying if a particular medicine or treatment would be effective on the patients. Innovations and advancements in these technologies will help to grow the market, further leading to introduction of new test applications.

The rise in the base population with increase in command for diagnostic testing will help to boost the IVD market. Also, rising incidence of diabetes is expected to increase the demand of proper diagnostics for patients who use these devices regularly to examine their blood glucose level. According to the National Diabetes Statistics Report 2014, approximately 9.3% of total of the U.S. population or 29.1 million people of the total have diabetes and around 27.8% of the U.S population or 8.1 million people are undiagnosed and are suffering from diabetes Various organizations are working to observe the industry. For example, BIVDA, an union of companies with high involvement and interest which represents manufacturers and distributors implementing in the UK is actively involved in commercialization of novel diagnostics. Rising importance of the diagnosis in patient care and swiftly altering healthcare environment, along with the increase in awareness about the diseases, will help to promote the IVD market in the coming years. Increasing demand for the detection of different diseases which includes upper and lower respiratory tract infections such as RSV, influenza, Legionaries disease, pneumonia and malaria will help to drive the growth.

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Product Insights Professional diagnostic were found to be the largest segment with revenues of USD 41.34 billion in 2016. The increasing base of target population with unmet medical needs which includes infectious diseases and the potential of this segment to offer reliable and rapid diagnostics will lead segment growth.

Browse Full Research Report @ https://www.millioninsights.com/industry-reports/in-vitro-diagnostics-ivd-market Tissue diagnostics is expected to grow at a CAGR of 10.2% from 2014 to 2020 due to increasing prevalence rates of cancer thus raising the demand for lab automation. In accordance to the National Cancer Institute, in 2015, the most common cancers are likely to be of bronchus and lung, rectum and colon, breast, melanoma of the skin, and prostate. Furthermore, approximately 1,658,370 new cancer cases are probable to be diagnosed in the U.S. in coming year, which is anticipated to help increase the requirement for tissue diagnostics segment.

Regional Insight North America was the major region and is expected to grow owing to incidence of chronic disorders which includes respiratory diseases and cancer in this region. Europe was estimated at over USD 23.92 billion in 2016 and is predicted to rise due to growing prevalence rate of cancer, tuberculosis and pneumonia in the coming years.

Asia Pacific is followed by Europe, which accounted for over 21.0% of market share in 2016. Growing clinical research, government initiatives in order to enhance the diagnostics with the increasing per capita healthcare expenditure will help to promote the growth over the forecast period.

The IVD majorly adds to the health and wellbeing of the European economy. Over 40,000 IVD products are available in the market which caters to the needs of specialists and patients for a wide array of conditions.

Competitive Insights Johnson and Johnson, Siemens Healthcare, Becton Dickinson, Roche Diagnostics, Abbott Laboratories, and Beckman Coulter Inc. are the key players of the market. These players provide different solutions such as various required services, reagents, and instruments. The companies are occupied in wide R&D activities to gain sustainability and commercialize new products in this segment which is expected to increase the market rivalry.

In April 2015, Abbott and Sekisui declared a conformity to offer around the globe coagulation testing solutions. As per the conformity, the elite distributor is Abbott of CP3000 coagulation instrument (Sekisui), in Europe, the U.S., and regions that approve CE mark.

In December 2014, the product line was expanded by Roche for testing of human tissue and organ for nextgeneration blood screening assays. Cobas MPX and cobas WNX assays were introduced for usage in human organ and tissue testing, hence growing the range of permitted uses for the cobas 6800/8800 assays and systems

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