In vitro diagnostics (IVD) is the technique of diagnostic test outside the human body in an artificial environment. The IVD market revenue is expected to reach $74.65 billion by 2020, from the market value of $53.32 billion in 2013, at a CAGR of 5.34% during 2014-2020. The global IVD market is segmented based on techniques, product type, usability, application, end user and geography (North America, Europe, Asia Pacific and Rest of World). Geographically, Asia Pacific is the fastest growing region and very opportune market that would generate highest revenue by 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.
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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. 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.
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.
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