San Francisco, 16 Oct 2018: The global in vitro diagnostics (IVD) market size is expected to reach USD 98.99 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 6.6% over the forecast period. Increasing geriatric population, which is prone to many diseases and in need of regular diagnostic tests, is one of the major drivers for this market. Furthermore, rising prevalence cardiovascular disorders, cancer, diabetes, and other chronic diseases coupled with increasing demand for onsite diagnostics is expected to further propel the in vitro diagnostics (IVD) market.
According to the American Cancer Society (ACS), about 1.7 million new cancer cases are estimated to be reported in 2018 and around 609,640 individuals are likely to die due to cancer in 2018. Most common types of cancer are breast, colorectal, lung, stomach, and liver. Moreover, the number of cancer cases is expected to increase by around 70% over the next two decades. Unhealthy dietary habits, sedentary lifestyle, high tobacco and alcohol consumption, and obesity are the factors expected to contribute to prevalence of cancer.
Growing use of Fluorescence In Situ Hybridization (FISH) and Enzyme Linked Immunosorbent Assay (ELISA) technologies is also anticipated to boost market growth during the forecast period. Continuous research and development activities to introduce enhanced technologies are expected to propel the market. For instance, in November 2017, illumina, Inc., announced the introduction of NextSeq 550Dx instrument, which is expected to deliver high-throughput Next-Generation Sequencing (NGS) to clinical laboratories. The introduction of Xpert assay for tuberculosis testing by Cepheid on its GeneXpert platform is another example of an advancement. Such advancements are anticipated to drive the global IVD market.
Some of the key players in the in vitro diagnostics market are bioMerieux SA; F. Hoffmann-La Roche Ltd.; Becton, Dickinson and Company; Hologic, Inc. (Gen-Probe); Siemens Healthineers, and others. These players are engaged in adopting initiatives such as new product development, collaborations, mergers and acquisition to increase their market share and product portfolio. For instance, in September 2018, Ortho Clinical Diagnostics introduced VITROS Anti-T. cruzi assay with CE mark approval in Mexico. In addition, in June 2017, Ortho Clinical Diagnostics launched VITROS NephroCheck test, a risk assessment tool for predicting Acute Kidney Injury, with CE Mark clearance from European Commission.
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Further key findings from the study suggest:
- Reagent segment held the largest market share of 64.6% in 2017 owing to the presence of wide range of products
- Molecular diagnostics segment is expected to witness the fastest growth over the forecast period owing to the high usage in detecting various diseases
- Infectious disease emerged dominant with the market share of USD 14.6 billion in 2017
- Asia Pacific is expected to exhibit the fastest growth over the forecast period owing to high unmet clinical needs
- Some of the major players operating in the global in vitro diagnostics (IVD) market include Siemens Healthineers; Becton, Dickinson and Company; bioMerieux SA; Hologic, Inc. (Gen-Probe); and Sysmex Corporation.
Access press release of this research report by Grand View Research: www.grandviewresearch.com/press-release/global-in-vitro-diagnostics-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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