In Vitro Diagnostics Market | IVD Market : Meticulous Research® Reveals Why This Market Is Growing At A CAGR Of 5.7% To Reach $87.21 billion By 2024
A report into the projected growth of the current IVD market by Meticulous Research® has produced lucrative forecasts for the industry. By 2024, the global IVD market is expected to reach $87.21 billion, growing at a CAGR of 5.7% from 2018.
Browse 237 market data tables and 42 figures spread through 301 pages and in-depth TOC on “IVD Market by Product (Reagent, Instruments, Software, Service), Technique [Immunoassay, Clinical Chemistry (Lipids, Renal, Thyroid), PCR], Application (Hematology, Diabetes, Nephrology, Oncology), End User (Hospital, POC)- Global Forecast to 2024”
The researchers believe that the growth will be driven by a variety of factors. These include: rising geriatric population and subsequent growth in the prevalence of chronic and infectious diseases, increasing adoption of fully automated instruments and automation in laboratories, and growing adoption of personalized medicine and point-of-care testing.
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The report states that the reagents & kits currently accounts for the largest share of the total market and is expected to grow at a CAGR of 6% from 2018 to 2024. Meticulous Research® speculated as to why this area is emerging as the largest and fast-growing segment: “Due to repeat purchase, incessant product launches, number of on-going research activities, and growing prevalence of various acute as well as chronic infectious diseases.”
Immunoassay technique is a bioanalytical method in which the quantitation of the analyte depends on the reaction of an antigen and antibody. Applications of immunoassay include testing for cancer markers, diagnosing infectious diseases, cardiac analysis, therapeutic drug monitoring, and allergen tests. Immunoassay segment commanded the largest share of the global IVD market- owing to their greater adoption attributed to advantages such as inherent specificity, high throughput, high sensitivity, and low cost of the related instruments and reagents. Further, the growth in this market will be driven by technological advancements and rising demand for immunoassay-based tests attributed to aging population.
Check complete table of contents with list of table and figures: https://www.meticulousresearch.com/product/ivd-market/
Based on applications, infectious diseases segment commanded the largest share of the global IVD market. The high share of this segment is attributed to large volume of IVD tests performed for infectious diseases, high incidence of various infectious diseases, and incessant technological advancements in the tests used for the detection of such diseases. Oncology is the fastest growing segment attributed to rising aging population, growing number of cases & deaths associated with cancer, growing field of personalized medicine in oncology, and technological advancements in oncology IVD products.
Based on end users, hospital laboratories were the largest end users of IVD products mainly due to high volume of diagnostic tests being performed in the hospitals.
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The report states that North America is currently the home of most of the IVD companies. However, Asia-Pacific is named as the conducive area expected to grow most by 2024. Reasons cited for this include accelerated growth of the economies; improving healthcare infrastructure; growing accessibility to healthcare services & advanced products; increasing incidence of infectious and non-communicable diseases with aging population; growing income levels of middle-class population; and increasing number of hospitals and clinics.
Here Top (10) Leading Companies Operating In In Vitro Diagnostics Market | IVD Market: https://meticulousblog.org/top-10-companies-in-ivd-market/
The key players operating in the global IVD market are Roche Diagnostics, Danaher Corporation, Abbott Laboratories, Siemens Healthcare, Thermo Fisher Scientific Inc., Sysmex Corporation, bioMérieux S.A., Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., DiaSorin S.p.A., Qiagen N.V., and Agilent Technologies, Inc. among others.
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Key questions answered in IVD Market report:
Growing penetration of immunoassay in developing countries will propel the overall IVD market
How does the penetration of IVD in developed regions differ from developing countries like Japan and China?
How is the competition between the major global and prominent local players in this market?
Which are the high growth market segments in terms of product, techniques, application, end users, regions, and countries?
Hospital laboratories, independent reference laboratories, and point-of-care testing account for the largest share of the IVD market, globally
What factors contribute to the infrequent usage of overall IVD in hospital laboratories?
Which geographic segment is expected to experience the fastest growth in the usage of IVD in hospitals laboratories, independent reference laboratories, and point of care testing?
How does the penetration of IVD differ from other end users such as patient self-testing and academic institutes?
IVD market favours both larger and local manufacturers that compete in multiple segments
What are the top competitors in this market and what strategies do they employ to gain shares?
What is driving growth and which market segments have the most potential for revenue expansion over the forecast period?
What strategies should new companies look to enter this market use to compete effectively?
What are the major drivers, restraints, and opportunities in the IVD market?
Who are the major players in various countries and what share of the market do they hold?
What are the geographical trends and high growth regions/ countries?
Recent partnerships, acquisitions, and expansions have taken place in the global IVD market
What companies have recently merged/acquired and how will these unions affect the competitive landscape of the IVD market?
What companies have created partnerships and how will these partnerships promote a competitive advantage?
Who are the major players in the global IVD market and what share of the market do they hold?
What are the local emerging players in the global IVD market and how do they compete with the global players?
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