Surge in incidence of infectious diseases, application of minimally invasive technologies, and prominence of personalized medicinal approach drive the global in vitro diagnostics market. However, stringent regulations and lack of standardized reimbursement policies restrain the market growth. On the other hand, convergence of innovative technologies and opportunities for outsourcing create new opportunities in the industry.
According to the report published by Allied Market Research, the U.S. IVD Market accounted for $15,746 million in 2016, and is estimated to reach at $20,707 million by 2023, growing at a CAGR of 3.9% from 2017 to 2023. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Onkar Sumant, a Manager, Healthcare at Allied Market Research, stated, Reagents occupied the highest share of the market in 2016 and is expected to maintain the lead during the forecast period owing to wide range of availability of cost effective and efficient reagents and recent approval of new reagents for IVD.
In vitro diagnostics (IVD) are laboratory-based analysis performed in in vitro conditions to determine general state of health and presence of diseases, and to assess disease progression and treatment. Infections, cancer, cardiovascular immunological, nephrological, and gastroenterological diseases are diagnosed in an in vitro environment. Evolution of information technology plays an important role in the development of automated techniques.
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Based on technique, the immunodiagnostics segment contributed the highest market share in 2016, owing to the increase in prevalence of chronic and infectious diseases such as diabetes, cancer, & others and rise in awareness of personalized medicine among the population.
Based on application, the infectious diseases segment contributed the highest market share in 2016, owing to the increase in rise in awareness of preventive health measures and increase in adoption of home test kits.
Based on end users, the standalone laboratory segment captured the highest market share in 2016, mainly due to wide availability of skilled professional and complex tests & high-tech infrastructure enabling fast and reliable test results.
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Key market players discussed in the report include Abbott Laboratories, bioMérieux SA, Becton, Dickinson and Company, Danaher Corporation (Beckman Coulter, Inc.), Bio-Rad Laboratories, Inc., Johnson & Johnson, F. Hoffmann-La Roche Ltd., Sysmex Corporation, QIAGEN N.V., and Thermo Fisher Scientific, Inc.
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