In vitro diagnostics (IVD) is a type of medical test to help detect and diagnose diseases or infections and determine a course of treatment, under a controlled environment such as a laboratory. The global IVD market is expected to grow owing to increase in demand for non-invasive medical procedures and high prevalence of chronic and infectious diseases such as tuberculosis (TB), cardiovascular diseases, cancer and diabetes. The speed of results generated also play a significant role in selecting a diagnostic tool/technique. Rapid diagnostic tests such as cartridge based molecular technology helps deliver TB diagnosis results in less than two hours and thereby help in early detection, better control and limit the prevalence of a disease in a region or country.
Rise in number of patients who succumb to infectious diseases such as sexually transmitted diseases (STD), respiratory and gastrointestinal diseases, etc. has made early diagnosis and regular monitoring for these patients essential, to help identify, treat and control their spread. Thus, rise in the percentage of such patients is expected to serve as one of the drivers to the market. Besides, IVD plays a significant role in diagnosis of other infectious disease such as HIV which has a high global prevalence, and thus is expected to drive the market. In addition, increase in number of patients affected by non-communicable diseases including cardiovascular disease and diabetes is also expected to have a positive impact on IVD market growth.
Key products include tissue diagnostics, professional diagnostics, molecular diagnostics, and diabetes monitoring. Growth in professional diagnostics segment including immunoassays, coagulation test, clinical chemistry etc. is spurred by factors such as the ability to get speedy and reliable diagnostic results and unmet medical needs. Increased number of people suffering from diabetes is expected to serve as a market opportunity for diabetes diagnostic tests. In light of lab automation and increased rate of cancer patients, demand for tissue diagnostics is expected to continue increasing over the forecast period.
North America dominates the market and the ubiquity of chronic disorders in this region has accentuated the need for more accurate and cost effective diagnostic techniques. North America is closely followed by Europe in terms of market share and revenue, with UK, Germany, Spain, France and Italy being the major IVD markets. The health care system in most of the European regions, especially Western Europe takes assistance of government funds. However, as a result of budgetary pressure, there has been a cut in healthcare per capita expenditure. In spite of this, the IVD market in this region is expected to grow on account of rise of disease such as cancer. Furthermore, prevalence of chronic disorders and aging population are two significant reasons that will impact demand of IVD products and technology in Europe.
The market comprises various small and large industry players that provide IVD solutions. A few major market players include Siemens Healthcare, Johnson and Johnson, Roche Diagnostics, Abbott Laboratories, Beckman Coulter Inc., etc.
Grand View Research has recently published a detailed report titled "In Vitro Diagnostics (IVD) Market Size, Share & Trends Analysis Report By Product, By Technology (Immunoassay, Molecular Diagnostics), By Application (Infectious Disease, Oncology/Cancer), By End Use, And Segment Forecasts, 2019 - 2026". This market research report provides complete estimate and forecast for major market segments on the basis of products, applications and regions. The report also contains detailed industry trends, market dynamics, drivers, restraints and key opportunities. In-depth market analysis such as Porter’s five force model, PESTEL, opportunity prioritization and comprehensive competitive landscape including detailed profiles of top companies are included in the report.
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