DUBLIN--(BUSINESS WIRE)--The "North America In Vitro Diagnostics Market Forecast up to 2025" report has been added to ResearchAndMarkets.com's offering.
North America In Vitro Diagnostics market will grow at a CAGR of 5.17% during the forecast period 2019-2025.
The market has witnessed steady growth in the past few years, and the advancements in technology with the introduction of innovative products have increased the adoption of in vitro diagnostics products in the market. The market is fueled by the increasing incidence of lifestyle and chronic diseases, rising adoption of point-of-care testing (POCT), the upsurge in the biomarker-based tests, and growing significance of companion diagnostics.
The market continues to grow, and in vitro diagnostics is one of the most widely used techniques for screening, diagnosis, treatment, and monitoring purposes. The field is getting revolutionized with the advancement in technology. Vendors are focusing on new product launches, approvals, and targeting toward end-users perspective. The market generates revenue from the key players operating in this field, and few of them include Abbott Laboratories, F. Hoffmann-La Roche, Thermo Fisher Scientific, Danaher Corporation, and Sysmex Corporation.
According to the authors analysis, the US accounted for the largest share of the North America in vitro diagnostics market in 2018 and others segment is expected to grow a high CAGR during the forecast period. According to the estimation of the National Cancer Institute, in the US, around 1.6 million new cases of cancer were diagnosed, and 595,690 people have died due to cancer in 2016.
In 2016, Canada had an estimated 202,400 new cases of cancer and nearly 78,000 deaths according to the Canadian Cancer Society. Lifestyle-related diseases such as diabetes and heart diseases are becoming a major threat to the population across the world with 425 million people suffering from diabetes.
Cardiovascular disease (CVD) accounts for approximately 800,000 deaths in the US and on an average, one person dies from CVD every 40 seconds in the US. Favorable reimbursement policies, the presence of dominant market vendors in the country, increased awareness among patients, availability of government funds, and increasing adoption of molecular diagnostics make the US a dominant shareholder in the market.
The US occupied a significant market share in 2018, and the others segment is expected to grow at a high CAGR during the forecast period. The increased technological advancement and higher GDP of the nation make others, that includes Canada and Mexico, the fastest growing segment during the forecast period.
The in vitro diagnostics market has massive growth opportunities in the North American region. The advancements of technology will increase competition among vendors. The diagnostics and biotechnology continuously focus on the market due to an increase in lifestyle and chronic diseases. This has resulted in approvals and collaborations related to in-vitro diagnosis in recent years.
For instance, Roche launched VENTANA pan-TRK (EPR17341) Assay to detect tropomyosin receptor kinase (TRK) to diagnose multiple solid tumor types at the end of 2018. FDA has approved F1CDx test to identify genetic alterations in tumors in December 2017.
The genomic test can identify cancer-related alterations in 324 genes in any type of solid tumor. FDA approved Ortho Clinical Diagnostics VITROS Immunodiagnostic Products HIV Combo Reagent Pack and Calibrator for use on the VITROS 5600 Integrated System in 2018. This 4th generation test can detect both HIV-1 and HIV-2 antibodies as well as the p24 antigen, which provides a shorter diagnostic window compared to 3rd generation assays.
In late 2018, Precision for Medicine acquired ApoCell, a next-generation lab specializing in the identification and analysis of biomarkers. In addition, other leading players are focusing on hugely investing in R&D activities to develop new products to attain the maximum share in the market.
Key Vendors:
- Abbott Laboratories
- F. Hoffmann-La Roche (Roche)
- Thermo Fisher Scientific Inc.
- Danaher Corporation
- Sysmex Corporation
- bioMerieux S.A.
- Becton Dickinson and Company
- Bio-Rad Laboratories
- Qiagen N.V.
- Siemens Healthineers
- Ortho Clinical Diagnostics (Carlyle Group)
Key Topics Covered:
1 Industry Outlook
2 Report Outline
3 Market Snapshot
3.1 Market Definition
3.2 Advantages of IVD
3.3 Importance of IVD
3.4 Segmented Addressable Market
3.5 Trends in the North America In Vitro Diagnostics Market
3.6 Related Market
3.6.1 Medical Imaging
4 Market Outlook
4.1 Market Segmentation
4.2 PEST Analysis
4.3 Porter 5(Five) Forces
5 Market Characteristics
5.1 DRO - Market Dynamics
5.1.1 Drivers
5.1.1.1 Increasing incidence of lifestyle and chronic diseases
5.1.1.2 High adoption of POC testing
5.1.1.3 Growing demand for biomarker-based tests
5.1.2 Opportunities
5.1.2.1 Growing significance of companion diagnostics
5.1.2.2 Increasing number of strategic deals
5.1.3 Restraints
5.1.3.1 Stringent regulatory approval process
5.1.3.2 High cost of the test and unclear reimbursement policies
5.2 DRO - Impact Analysis
5.3 Key Stakeholders
6 Technology Types: Market Size and Analysis
6.1 Overview
6.2 Clinical Chemistry
6.3 Molecular Diagnostics
6.4 Immunoassay
6.5 Clinical Microbiology
6.6 Coagulation
6.7 Hematology
6.8 Others
7 Applications: Market Size and Analysis
7.1 Overview
7.2 Oncology
7.3 Infectious Disease
7.4 Diabetes
7.5 Cardiology
7.6 Nephrology
7.7 Autoimmune Disease
7.8 Others
8 End-users: Market Size and Analysis
8.1 Overview
8.2 Hospitals
8.3 Laboratories
8.4 Home Care
8.5 Academic and Research Institutes
8.6 Others
9 Country: Market Size and Analysis
9.1 Overview
9.2 US
9.3 Others
10 Competitive Landscape
10.1 Overview
11 Vendors Profile
11.1 F. Hoffmann-La Roche Ltd.
11.2 Thermo Fisher Scientific Inc.
11.3 Abbott Laboratories
11.4 Danaher Corporation
11.5 Sysmex Corporation
12 Companies to Watch For
12.1 bioMerieux S.A.
12.2 Beckton Dickinson and Company
12.3 Bio-Rad Laboratories
12.4 Qiagen N.V.
12.5 Siemens Healthineers
12.6 Ortho Clinical Diagnostics (Carlyle Group)
For more information about this report visit https://www.researchandmarkets.com/research/fp8l9x/north_america?w=4
