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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