In Vitro Diagnostics Market to Witness Swift Growth

The global in vitro diagnostics (IVD) market is expected to expand rapidly owing to an aging population, chronic lifestyle related diseases, and increased usage of personalized medicine and point-of-care (POC) testing. These are the latest findings of Grand View Research (San Francisco, CA, USA), a market research and consulting company.

Applications of IVD include oncology, cancer, nephrology, cardiology, drug testing, autoimmune diseases, diabetes and infectious diseases, with tests being used by a wide range of customers, including academic institutes, hospitals, and laboratories. Home testing is another application resulting from innovations and advancement in various IVD technologies, further enhancing the increasing role of POC disease diagnostics. This, along with the need for identification of malaria and filiarsis pathogens, are some of the key drivers of IVD market.

Increased consumer awareness of serious health issues such as diabetes, cancer, and sexually transmitted diseases are also rapidly altering the healthcare environment, creating a need for point-of-care (POC) recognition and detection of communicable diseases such as respiratory infections, respiratory syncytial virus (RSV), influenza, and pneumonia. Of particular interest is the tissue IVD market, which is expected to rise owing to the increasing incidents of lung and bronchus cancer, melanoma, and prostate breast cancer diagnosis.

Product-wise, the in IVD market is segmented into instruments, services, data management systems, reagents, and kits that are intended to diagnose, cure, prevent, or treat a particular disease. Different techniques are involved, including molecular diagnostics, blood tests, clinical chemistry, microbiological diagnostic techniques, and flow cytometry. The most commonly used technologies include electrolyte and metabolic panels; lipid and renal profiles; hematology, coagulation, and hemostasis microarrays; and radioimmunoassay and specialty chemicals, among others.

In 2014, North America was the largest regional segment, with about 43% market share owing to established distribution channels, extraordinary diagnostics in cancer screening, and prevalent disorders like respiratory diseases and genetic testing. The IVD market in Europe follows the lead and is expected to rise on account of rising cases of cancer, tuberculosis and pneumonia. However, Asia Pacific and China will follow the IVD market trend owing to the rising population and increasing disposable incomes.

Prominent players dominating the global IVD market are Johnson & Johnson (JNJ; New Brunswick, NJ, USA), Siemens Healthcare, BD (Franklin Lakes, NJ, USA), Roche Diagnostics, Abbott Laboratories (Abbot Park, IL, USA), and Beckman Coulter.

Related Links:
Grand View Research
Johnson & Johnson
BD
Abbott Laboratories