4-July-2019: The global in vitro
diagnostics market size is expected to reach USD 100.8
billion by 2026 registering a CAGR of 4.75%, according to a new report by Grand
View Research, Inc. Favorable government regulations supporting approval
process of medical devices and rising geriatric population are among the key
factors driving the market. For instance, in August 2018, the central
government of India amended provisions in the Fourth Schedule of Medical
Devices Rule to ease the approval process for IVD devices. In July 2017,
bioMerieux received an FDA approval for VITEK MS, its mass spectrometry system
for rapid identification of pathogens, such as mycobacteria, molds, and
Nocardia species.
In addition,
various initiatives by private and public organizations are projected to fuel
market growth. For instance, In July 2018, NAMSA-a Medical Research
Organization-launched its “Uniquely IVD” development services to expedite the
commercialization of IVD devices for global manufacturers. NAMSA is
collaborating with global regulatory bodies to investigate the international
regulatory framework and delivers highly reliable IVD development outputs
related to clinical research initiatives, quality, and regulatory systems.
Furthermore, rising
need for onsite and early diagnosis and treatment plans is anticipated to
accelerate the demand for highly accessible IVD products. Rising prevalence of
diseases, such as Cardiovascular Disorders (CVDs), cancer, and diabetes, are
also expected to increase the demand for IVD. According to Cancer Research
U.K., in 2018, about 17 million cancer cases were reported. Key companies, such
as Becton, Dickinson and Company; Hologic, Inc. (Gen-Probe); bioMerieux SA; and
F. Hoffmann-La Roche Ltd.; are focusing on product development, collaborations,
and M&A to increase their market share and product portfolio.
For instance, in
February 2018, BD announced the availability of PAXgene Blood ccfDNA tube
(CE-IVD marked) used for cancer and non-invasive prenatal testing application
in Switzerland and the European Economic Area. This product was developed by a
joint venture of BD and Qiagen-PreAnalytiX GmbH. In addition, in September
2018, Cepheid received CE-IVD clearance for Xpert HCV VL Fingerstick used to
detect and quantify HCV RNA levels from fingerstick blood sample.
In
depth research report on In Vitro Diagnostics Quality Control Market
Further key findings from the study suggest:
·
Reagent product segment held the largest market share of
64.9% in 2018 owing to the high usage of reagents in IVD testing
·
Molecular diagnostics is expected to witness the fastest
growth over the forecast period owing to its high usage in detecting various
diseases
·
Infectious disease application segment led the global IVD
market in 2018 and is projected to maintain the dominance during the forecast
period
·
Asia Pacific region is expected to exhibit the fastest growth
from 2019 to 2026 on account of rapidly improving healthcare infrastructure and
presence of large target population base
Grand View Research
has segmented the global In Vitro Diagnostics (IVD) market on the basis of
product, technology, application, end use, and region:
IVD Product Outlook (Revenue, USD Million, 2014 - 2026)
·
Instruments
·
Reagents
·
Services
IVD Technology Outlook (Revenue, USD Million, 2014 - 2026)
·
Immunology
·
Instruments
·
Reagents
·
Services
·
Hematology
·
Instruments
·
Reagents
·
Services
·
Clinical Chemistry
·
Instruments
·
Reagents
·
Services
·
Molecular Diagnostics
·
Instruments
·
Reagents
·
Services
·
Coagulation
·
Instruments
·
Reagents
·
Services
·
Microbiology
·
Instruments
·
Reagents
·
Services
·
Others
·
Instruments
·
Reagents
·
Services
IVD Application Outlook (Revenue, USD Million, 2014 - 2026)
·
Infectious Disease
·
Diabetes
·
Oncology
·
Cardiology
·
Nephrology
·
Autoimmune Diseases
·
Drug Testing
·
Others
IVD End Use Outlook (Revenue, USD Million, 2014 - 2026)
·
Hospitals
·
Laboratories
·
Home Care
·
Others
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About
Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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