According to new research report by Allied Market Research titled “In Vitro Diagnostics Market (Techniques, Product Type, Usability, Applications, End-Users, Geography) – Industry Analysis, Trends, Share, Opportunities and Forecast, 2013 – 2020,” the global In Vitro Diagnostics market has a potential to reach $74.65 billion by 2020 with North America being the largest regional market. North America is forecast to reach $30.1 billion by 2020 growing at a CAGR of 4.02% during 2014-2020. Asia-Pacific is forecast to be the fastest growing market and is expected to grow at a CAGR of 7.49% during the forecast period (from 2014 to 2020).
The IVD market is evolving in the emerging markets due to widespread healthcare awareness and increased spending capabilities of people on healthcare. In addition, high demand of technologically advanced equipment for the early and precise diagnosis of various diseases is further strengthening the market growth in such regions. Increase in number of incidences of the diseases, minimally invasive and point of care techniques for diagnosis are some of the other factors fueling the growth of global IVD market. The technological advancements and new developments in the diagnostic industry are creating number of opportunities in the global market, while stringent regulatory policies by government and the reimbursement issues are limiting the growth of the market.
The various segments studied in the report include techniques, product, usability, applications, end-user, and geography. Point of care technique of diagnosis is identified as the most popular technique amongst the physicians, clinicians and doctors. It accounted for about 31.0% of the overall IVD market in 2013, and is expected to grow at a CAGR of 3.5% during the forecast period. Major factor contributing for this growth is convenience provided by POC diagnostic devices over conventional diagnostics devices.
Instruments, reagents, data management software, and services are studied as the major segments of the global IVD product market of which instruments segment is expected to be the largest revenue-generating segment through 2020. Global IVD market, by usability of diagnostic devices, is classified as disposable and reusable devices. Due to the cost effectiveness and reusability of the devices for multi patient testing, re-usable devices segment holds the lead position; however, disposable devices segment is catching up rapidly at much faster rates.
The global market for In Vitro Diagnostics, by application, is segmented into infectious disease, diabetes, cancer, cardiology, autoimmune diseases, nephrology, drug testing, and HIV/AIDS of which diagnosis of infectious disease is the most attractive application market followed by HIV/AIDS. Increase in the number of incidences of such diseases is primary driver for faster adoption of IVD techniques in these applications.
Hospitals, laboratories, academics, point of care testing are the major end use segments analyzed in the report and laboratory segment is identified to be the largest end-use segment. Point of care technique provides convenience in diagnosis of disease at home thus it is projected to emerge out as the fastest growing market during the forecast period.
The top global market players and their growth strategies are also discussed in this study. Product launch, acquisitions, approvals for various products are some major strategies adopted by the market players to maintain their positions in the competitive environment. The report showcases top players such as Abbot Laboratories, Roche Diagnostics, Siemens, Johnson & Johnson, Alere Inc, Arkray Inc, Bayer AG, Becton Dickinson & Company, Biomerieux, Dahaner Corporation and Sysmex Corp.