The global IVD market is anticipated to increase at a 5.3% CAGR to reach value US$ 115,781.5 Mn in 2030
Rise in the elderly population and increase in the cases of infectious and chronic diseases are the factors that are driving the growth of global IVD market. Moreover, increase in the point of care testing centers and private and public diagnostic centers is anticipated to boost the IVD market growth over the forecast period. In addition, increase in the funding for the development of healthcare industry by administration is expected to drive the growth of global IVD market. Though, strict rules of government for the production of IVD products and insufficient policies of reimbursement are projected to hinder the IVD market growth. Current activities of R&D associated to IVD are estimated to offer new opportunities for the growth of IVD industry.
Increase in occurrence of infectious diseases, growing population of chronic diseases, increase in demand for early diagnosis of disease using the personalized tests, rise in the awareness on customized medicine, rising acceptance of point-of-care testing and rise in the acceptance of fully-automatic equipment are the factors responsible for the growth of global IVD market. In addition, introducing the developed specific tests and markers with developments in proteomics and genomics is anticipated to provide the substantial opportunities for the growth of IVD industry to market players in the coming future.
Growth in unhealthy dietary habits, obesity, sedentary lifestyle and high consumption of alcohol and tobacco are the factors increasing the cases of diabetes, cancer, cardiovascular diseases and more. Absence of the reimbursement system all over the world are the factor restraining the growth of IVD market. Procedure of safeguarding the funding and reimbursement for diagnostic test is challenging the IVD market growth. In addition, strict rules across the world and restricted budget of laboratories and hospitals in the emerging economies are hampering the IVD market analysis. IVD is helpful in identifying the particular treatment or medicine working on patient and increasing the demand for IVD industry.
Several factors like rising diabetic patient base, increase in the cases of chronic ailments and growing diabetic population are driving the growth of global IVD market. Moreover, growing GDP per capita, growing expenditure per capita on healthcare and increasing elderly population acts as catalyst for the growth of IVD market. Due to the increase in disposable income related to developing the basic infrastructure, appropriate demographic changes in the evolving regions like Latin America and Asia Pacific are projected to show the lucrative growth of IVD market over the forecast period. Although, growth of IVD market could be hampered by the absence of strict government rules, infrastructure and proper facilities.
Global IVD market is segmented into end-user, application, techniques, product type and region. Based on end-user, market is segmented into point of care testing, medical & academic schools, hospitals, standalone laboratory and more. On considering the application, market is divided into gastrointestinal diseases, nephrological diseases, immune system disorders, cardiac diseases, cancer, infectious diseases and more. On the basis of techniques, market is divided into clinical chemistry, tissue diagnostics, molecular diagnostics, hematology, immunodiagnostics and more. Clinical chemistry was further sub-divided into specialty chemicals, electrolyte panel, renal profile, thyroid function panel, lipid profile, liver panel, basic metabolic panel and more whereas molecular diagnostics are sub-divided into microarrays, DNA diagnostics, hybridization, isothermal nucleic acid amplification technology, polymerase chain reaction and more. Immunodiagnostics are divided into western blot, radioimmunoassay, enzyme-linked immunospot assays, rapid tests and enzyme linked immunosorbent assay. Based on product type, market is divided into services & software, instruments and reagents.
Geographically, regions involved in global IVD market analysis are Europe, North America, Asia Pacific and Latin America. North America holds largest global IVD market share and is projected to grow rapidly in the coming years. Asia Pacific is anticipated to show the maximum growth in the coming future.
Key players involved in the development of global IVD market are Bio-Rad Laboratories, Abbott Diagnostics, Ortho Clinical Diagnostics, Roche Diagnostics, Thermo Fisher Scientific and more.
Key Segments in the “Global IVD Market” are-
By End-User, market is segmented into:
- Point of care testing
- Medical & academic schools
- Standalone laboratory
By Application, market is segmented into:
- Gastrointestinal diseases
- Nephrological diseases
- Immune system disorders
- Cardiac diseases
- Infectious diseases
By Techniques, market is segmented into:
- Clinical chemistry
- Specialty chemicals
- Electrolyte panel
- Renal profile
- Thyroid function panel
- Lipid profile
- Liver panel
- Basic metabolic panel
- Tissue diagnostics
- Molecular diagnostics
- DNA diagnostics
- Isothermal nucleic acid amplification technology
- Polymerase chain reaction
- Western blot
- Enzyme-linked immunospot assays
- Rapid tests
- Enzyme linked immunosorbent assay
By Product Type, market is segmented into:
- Services & software
By Regions market is segmented into:
- North America
- Asia Pacific
- Latin America