In Vitro Diagnostics (IVD) Market to Reach $93.61 Billion by 2025: Allied Market Research
PORTLAND, Oregon, Feb. 18, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "In Vitro Diagnostics (IVD) Market by Product Type (Reagents, Instruments, and Software & Services), Technique (Immunodiagnostics, Hematology, Molecular Diagnostics, Tissue Diagnostics, Clinical Chemistry, and Other IVD Techniques), Application (Infectious Diseases, Cancer, Cardiac Diseases, Immune System Disorders, Nephrological Diseases, Gastrointestinal Diseases, and Other Indications), and End User (Standalone Laboratory, Hospitals, Academic & Medical Schools, Point of Care Testing, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2025." According to the research, the global in vitro diagnostics market generated $67.58 billion in 2018, and is expected to reach at $93.61 billion by 2025, growing at a CAGR of 4.8% from 2018 to 2025.
Surge in incidence of infectious diseases, application of minimally invasive technologies, and prominence of personalized medicinal approach drive the global in vitro diagnostics market. However, stringent regulations and lack of standardized reimbursement policies restrain the market growth. On the other hand, convergence of innovative technologies and opportunities for outsourcing create new opportunities in the industry.
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Based on technique, the immunodiagnostics segment held the highest market share in 2018, nearly one-third of the global IVD market, and this segment is expected to maintain its lead position during the forecast period. This is due to rise in prevalence of infectious diseases such as hepatitis C, HIV/AIDS, and others worldwide. However, the hematology segment is expected to register at the highest CAGR of 6.4% from 2018 to 2025, owing to high prevalence of blood related disorders including anemia, leukemia, polycythemia, hemophilia, and others along with launch of advanced high throughput screening hematology analyzers.
Based on application, the infectious diseases segment contributed to the largest share in 2018, contributing to more than one-fourth of the total share of the global IVD market. This is due to surge in demand of IVD screening for infectious disease. However, the cancer segment is estimated to grow at the highest CAGR of 7.0% from 2018 to 2025, owing to increase in incidence of various cancers across the globe, awareness related with early cancer diagnosis, and technological advancements.
Based on region, North America held more than one-third of the global IVD market and is expected to maintain its leadership status throughout the forecast period. This is due to rise in infectious and chronic diseases incidence along with efforts taken toward spreading awareness related to early diagnosis of cancer. However, Asia-Pacific is estimated to maintain its highest CAGR of 5.9% during the forecast period, owing to rise in healthcare expenditure and technological advancements regarding screening of cancer.
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Key market players discussed in the report include Abbott Laboratories, bioMérieux SA, Becton, Dickinson and Company, Danaher Corporation (Beckman Coulter, Inc.), Bio-Rad Laboratories, Inc., Johnson & Johnson, F. Hoffmann-La Roche Ltd., Sysmex Corporation, QIAGEN N.V., and Thermo Fisher Scientific, Inc.
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