Rapid uptake of In Vitro Diagnostics (IVD) Quality Control Product Market reflect their remarkable clinical profile and expansion of indications
Pune, Maharashtra, India, September 18 2020 (Wiredrelease) Allied Analytics –:In Vitro Diagnostics (IVD) Quality Control Products Market Report, published by Allied Market Research, forecasts that the global market was valued at $823 million in 2015, and is expected to reach $1,052 million by 2022, registering a CAGR of 3.5% during the forecast period 2016 – 2022. The quality controls products segment dominated the market with fourth-fifths share in 2015. Immunochemistry and clinical chemistry application segments together captured around half of the market share in 2015.
The IVD quality control products market is driven by factors such as increasing number of accredited laboratories, stringent mandates on the use of third party IVD quality control products, and increase in the number of IVD test volumes across the globe. Increase in adoption of multianalyte controls and focus of key players on expanding their market presence in emerging economies are anticipated to create new growth opportunities for market players. However, poor reimbursement scenario and lack of regulations regarding the use of controls in emerging economies are expected to hamper the market growth during the analysis period.
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“The growth of the global IVD quality control products market is propelled by increase in adoption of multianalyte third party quality controls,” says Hemali Narkhede, Manager, and Healthcare Research at Allied Market Research. She further added, “serum/plasma-based controls products are popular due to their high stability and long self life.”
In 2015, the quality controls segment accounted for the largest market share in the global market due to the upsurge in demand for third-party quality controls. The serum/plasma based controls accounted for the largest share in the quality controls market in 2015, and is estimated to grow at the fastest CAGR of 4.1% from 2016 to 2022, owing to the increase in demand for products with long self-life and high stability. The immunochemistry application segment dominated the global market by application in 2015, owing to the rise in demand for high-sensitivity immunochemistry tests and increase in availability of multianalyte controls to test the accuracy of large immunoassay test menus.
Key findings of the study
In 2015, quality controls segment dominated the IVD quality control products market. It is projected to grow at a CAGR of 3.7% during the forecast period.North America contributed the largest share in the global IVD quality control products market in 2015, and is projected to grow at a CAGR of 3.3% from 2016 to 2022.The immunochemistry application segment holds the largest share in the global IVD quality control products market, and is projected to grow at a CAGR of 4.2% during the forecast period.The U.S. was the major shareholder in the North American market in 2015.The Japan was the major shareholder in the Asia-Pacific market in 2015 with around half of market share.
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North America was the highest revenue contributor to the global market. Asia-Pacific is projected to be the fastest-growing region by 2022, registering a CAGR of 4.9% during the forecast period, due to increase in acceptance of third party IVD control products and spiraling number of accredited laboratories in the region.
The key players in the IVD quality control products market have focused on expanding their business operations in the emerging economies by adopting strategies such as new product launches and geographical expansion. The major market players profiled in the report include Abbott Diagnostics, Bio-Rad Laboratories, Inc., Roche Diagnostics, Thermo Fisher Scientific, Inc., Randox Laboratories Ltd., Helena Laboratories, Seracare Life Sciences, Inc., Technopath Clinical Diagnostics, and Sun Diagnostics, LLC.
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