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In Vitro Diagnostics Market

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In Vitro Diagnostic (IVD) market share has witnessed increase in recent past, further highlighted its key role in the healthcare industry.
In Vitro Diagnostics
Market -
GLOBAL INDUSTRY INSIGHTS, TRENDS,
OUTLOOK, AND OPPORTUNITY ANALYSIS, 20162025
© Coherent market Insights. All Rights Reserved
In Vitro Diagnostics (IVD) Market Overview :
The Global In Vitro Diagnostics (IVD) Market was valued at US$ 19,635.8 million in 2015 and is projected to expand at a CAGR
of 4.3% during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Increasing
number of applications in chronic cancer and other chronic diseases is projected to support growth of the In vitro diagnostics
(IVD) market over the forecast period.
In vitro diagnostics (IVDs) are currently an important part of the healthcare sector. IVD devices and services are used in
diagnosing, monitoring, and screening in various chronic and acute disorders. This further contributes to the availability of medical
information related to the patient. Due to specificity of treatments, IVDs is expected to minimize the stay of the patients in
hospitals and convalescences, which results in healthier population and cost effective treatment that favors economic growth in
the long run. IVD plays an important role in the global healthcare industry as it is the initial point of any treatment for getting
information regarding the ailments. The IVD market is projected to witness rapid growth fueled by advancements in various
diagnosing and medical devices technologies with developed tools in diagnostics, early detection of the disease along with rise in
availability of over-the-counter tests. Due to the application of IVDs in medical care it adds a significant value in the planned
treatment processes enhancing better health results. Furthermore, in vitro diagnostics are the sequences of tests that are able to
detect diseases symptoms through which physician can conclude the type of treatment to be given to the patient in very short
period of time depending upon the quality of medical. There are various government guidelines to regulate the type of in vitro
diagnostic tests. According to the FDA, the in vitro diagnostic devices are regulated through the Medical Device Amendments of
1976, which further divides the in vitro diagnostic products into three class such as class I, II and III that includes the products
depending upon the level of regulatory control that can assure the safety and effectiveness.
© Coherent market Insights. All Rights Reserved
Clinical chemistry product type segment in the in vitro diagnostic products market was the largest segment with significant
contribution as compared to all the segments. There are various factors that affects the growth of the products in in vitro
diagnostic market such as high unmet healthcare needs in categories of infectious disease, chronic disease and other
acute allergies furthermore, increase in prevalence of cancer along with growth in demand for lab automation is expected
to support the in vitro diagnostic market significantly in the near future. In 2015, according to the National Cancer Institute,
majority of share in the type of cancer was contributed by lung and bronchus cancer, followed by colon, rectum and other
type of cancers. Furthermore, in 2015, around 1.7 million new cases of cancer were expected to be diagnosed in the U.S.,
which further marked the source for rise in diagnostic tests globally.
Companies involved in the in vitro diagnostics devices manufacturing are highly active in expanding their product portfolio
on the back drop of rise in number of applications of the IVD in healthcare sector. This is expected to provide wide choices
to the physicians to choose for the appropriate type of test in particular symptoms, which is further expected to favor the
growth of IVD market growth in the near future. Furthermore, acquisitions in the IVD market are frequent as compared to
other sectors. Factor that encourage this trend include companies focusing on introducing new technologies, entry into
new business segment and geographical expansion. The IVD market is undergoing a trend of strategic mergers and
acquisitions, with market players focusing on enhancing their market presence. In 2015, Roche acquired Signature
Diagnostics AG – based in Potsdam, Germany – this is expected further to strengthen the company’s next generation
sequencing (NGS) diagnostic segment.
To know the latest trends and insights prevalent in the In vitro diagnostics (IVD) market, click the link below:
https://www.coherentmarketinsights.com/market-insight/in-vitro-diagnostics-ivd-market-195
© Coherent market Insights. All Rights Reserved
Key takeaways of the market:
The global In vitro diagnostics (IVD) market is expected to expand at a CAGR of 4.3% during the forecast period (2016–
2024). Rising prevalence of chronic diseases across the globe is expected to favor the market for In vitro diagnostics
over the forecast period.
The clinical chemistry product type segment in the global In vitro diagnostics (IVD) market was estimated to be the
largest in 2015 and is expected to dominate throughout the forecast period in terms of value. Increasing prevalence for
infectious disease due to poor infrastructure in emerging economies is expected to favor the growth of In vitro
diagnostics (IVD) market in the near future.
In terms of product type, the molecular diagnostics product type segment is expected to expand at a significant CAGR
of 8.2% during the forecast period, owing to rise in rise in number of research institutes and demand for novel drugs in
the market
The global In vitro diagnostics (IVD) market is characterized by strategic research and development and advancements
in the technology of in vitro diagnostic services including the rise in various applications over the forecast period.
Some of the major players are Roche Diagnostics, Siemens Healthineers, Abbott Laboratories, Sysmex Corporation,
Bio-Rad Laboratories, bioMérieux, Becton, Dickinson and Company and Danaher Corporation
Get an exclusive discount on this report: https://www.coherentmarketinsights.com/insight/request-discount/195
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