DUBLIN--(BUSINESS WIRE)--The "In Vitro Diagnostics/IVD Market By Product, Technique, Application, End User - Global Forecast To 2024" report has been added to ResearchAndMarkets.com's offering.
The global IVD market is expected to grow at a CAGR of 5.7% from 2018 to reach $87.21 billion by 2024.
The key factors such as rising geriatric population and subsequent growth in the prevalence of chronic and infectious diseases, increasing adoption of fully automated instruments by the testing laboratories, and growing interest in companion diagnostics are driving the IVD market.
However, unfavorable reimbursement and challenging regulatory scenario in Europe are the major hurdles ahead of the IVD market. On the other hand, development of condition-specific markers and tests and growing demand for IVD products in emerging countries provides significant opportunities for the various stakeholders in this market.
On the basis of product, reagents and kits commanded the largest share of the global IVD market. Also, reagents and kits are expected to witness a rapid growth during the forecast period mainly due to incessant product launches, number of on-going research activities, and growing prevalence of various acute as well as chronic infectious diseases.
On the basis of techniques, molecular diagnostic tests are slated to grow the fastest from 2018 to 2024. According to research from the Wellcome Trust (U.K.) and the U.K. government, ~700,000 people die each year globally from infections that are drug-resistant. If the pace continues, this number is projected to grow to 10 million by 2050. This alarming threat of drug-resistant infections has markedly raised the importance of molecular diagnostics.
Hospital laboratories commanded the largest share of the global IVD market with the rising prevalence of infectious and non-communicable diseases in developing and developed countries, high incidence of hospital-acquired infections (HAIs), significant patient population treated in hospitals, and rising aging population.
Market Dynamics
Drivers
- Rising Geriatric Population Coupled with the Growing Prevalence of Chronic & Infectious Diseases
- Rising Adoption of Fully Automated Instruments and Automation in Laboratories
- Growing Adoption of Personalized Medicine
- Increasing Adoption of Point-of-Care (PoC) Testing
Restraints
- Unfavorable Reimbursement Scenario
Opportunities
- Development of Condition-Specific Markers & Tests
- Growth Opportunities in Emerging Countries
Challenges
- Changing Regulatory Landscape
- Product-Design & Cost Related Challenges in the Uptake of New Technologies in Developing Countries
- Dearth of Qualified Laboratory Technologists
Scope
Market by Product
- Reagents & Kits
- Instruments
- Software & Services
Market by Technique
-
Immunoassay
- Enzyme-Linked Immunosorbent Assay (ELISA)
- Chemiluminescence Immunoassays
- Fluorescence Immunoassays
- Colorimetric Immunoassays
- Radioimmunoassay
- Rapid Tests
- Western Blotting
- Enzyme-Linked Immunospot Assays
-
Clinical Chemistry
- Metabolic Panel
- Electrolyte Panel
- Liver Panel
- Lipid Profile
- Renal Profile
- Thyroid Function Panel
-
Molecular Diagnostics
- Polymerase Chain Reaction
- Isothermal Nucleic Acid Amplification Technology
- Microarray
- Hybridization
- DNA Sequencing & Next-Generation Sequencing
- Microbiology
- Hematology
- Coagulation & Hemostasis
- Urinalysis
- Other IVD Technologies
Market by Application
- Infectious Diseases
- Diabetes
- Cancer/Oncology
- Endocrinology
- Cardiology
- Nephrology
- Others
Market by End-user
- Hospitals Laboratories
- Independent Reference Laboratories
- Point-of-Care Testing
- Patient Self-Testing
- Academic & Research Institutes
- Acute Wound
Market by Geography
-
North America
- U.S.
- Canada
- Europe
-
Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
-
Asia-Pacific (APAC)
- Japan
- China
- India
- Australia
- South Korea
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
Companies Featured
- Abbott Laboratories
- Agilent Technologies Inc.
- Becton, Dickinson and Company
- Bio-Rad Laboratories Inc.
- Danaher Corporation
- DiaSorin S.p.A.
- Qiagen N.V.
- Roche Diagnostics
- Siemens Healthcare
- Sysmex Corporation
- Thermo Fisher Scientific Inc.
- bioMerieux S.A.
For more information about this report visit https://www.researchandmarkets.com/research/tr82hf/worldwide?w=4
