The global in vitro diagnostics market size is expected to reach USD 100.8 billion by 2026 registering a CAGR of 4.75%, according to a new report by Grand View Research, Inc. Favorable government regulations supporting approval process of medical devices and rising geriatric population are among the key factors driving the market. For instance, in August 2018, the central government of India amended provisions in the Fourth Schedule of Medical Devices Rule to ease the approval process for IVD devices. In July 2017, bioMerieux received an FDA approval for VITEK MS, its mass spectrometry system for rapid identification of pathogens, such as mycobacteria, molds, and Nocardia species.
In addition, various initiatives by private and public organizations are projected to fuel market growth. For instance, In July 2018, NAMSA-a Medical Research Organization-launched its “Uniquely IVD” development services to expedite the commercialization of IVD devices for global manufacturers. NAMSA is collaborating with global regulatory bodies to investigate the international regulatory framework and delivers highly reliable IVD development outputs related to clinical research initiatives, quality, and regulatory systems.
Furthermore, rising need for onsite and early diagnosis and treatment plans is anticipated to accelerate the demand for highly accessible IVD products. Rising prevalence of diseases, such as Cardiovascular Disorders (CVDs), cancer, and diabetes, are also expected to increase the demand for IVD. According to Cancer Research U.K., in 2018, about 17 million cancer cases were reported. Key companies, such as Becton, Dickinson and Company; Hologic, Inc. (Gen-Probe); bioMerieux SA; and F. Hoffmann-La Roche Ltd.; are focusing on product development, collaborations, and M&A to increase their market share and product portfolio.
For instance, in February 2018, BD announced the availability of PAXgene Blood ccfDNA tube (CE-IVD marked) used for cancer and non-invasive prenatal testing application in Switzerland and the European Economic Area. This product was developed by a joint venture of BD and Qiagen-PreAnalytiX GmbH. In addition, in September 2018, Cepheid received CE-IVD clearance for Xpert HCV VL Fingerstick used to detect and quantify HCV RNA levels from fingerstick blood sample.
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Further key findings from the study suggest:
Reagent product segment held the largest market share of 64.9% in 2018 owing to the high usage of reagents in IVD testing
Molecular diagnostics is expected to witness the fastest growth over the forecast period owing to its high usage in detecting various diseases
Infectious disease application segment led the global IVD market in 2018 and is projected to maintain the dominance during the forecast period
Asia Pacific region is expected to exhibit the fastest growth from 2019 to 2026 on account of rapidly improving healthcare infrastructure and presence of large target population base
Grand View Research has segmented the global In Vitro Diagnostics (IVD) market on the basis of product, technology, application, end use, and region:
IVD Product Outlook (Revenue, USD Million, 2014 - 2026)
IVD Technology Outlook (Revenue, USD Million, 2014 - 2026)
IVD Application Outlook (Revenue, USD Million, 2014 - 2026)
IVD End Use Outlook (Revenue, USD Million, 2014 - 2026)
IVD Regional Outlook (Revenue, USD Million, 2014 - 2026)
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