iCrowd Newswire – Jul 24, 2020
In Vitro Diagnostic (IVD) Tests Market size is forecast to reach $79.20 billion by 2025, growing at a CAGR of 4.58% during the forecast period 2020-2025. In Vitro Diagnostic (IVD) Test is a kind of medical test done on samples such as blood or tissue of the human body. In vitro diagnostics is used for detecting any health disorder and also in precision medicine to identify patients who are likely to benefit from specific treatments or therapies. The major applications of in vitro diagnostics tests include detection of abuse from drugs like narcotics, self-monitoring blood glucose tests and molecular diagnostics. Growing demand for the applications and major investments by key market players like Becton, Dickinson and Company are major factors driving the growth of the market. Rising geriatric population and increasing demand for diagnosis of diseases is set to further enhance the In Vitro Diagnostic (IVD) Tests Market.
Product Type – Segment Analysis
Reagents held the largest share in the product type segment of In Vitro Diagnostic (IVD) Tests Market in 2019 and is estimated to grow at a CAGR of 5.42% during the forecast period 2020-2025. Reagents are of two types. They are general purpose reagents (GPRs) and analyte specific reagents (ASRs). In recent years, various countries have constructed local immunoassay reagent programs in order to produce low-cost, high-quality immunoassay reagents. Instruments held the second largest share in the market, owing to technological investments and developments by various key players in the market. Specimen receptacles, which help in primary containment and preservation of specimens derived from the human body for the purpose of in vitro diagnostic examination, have been at a great demand in the recent years in this segment. However, it is estimated that Reagents is poised to continue to be the fastest growing segment and is set to register the highest CAGR during the forecast period 2020-2025, owing to increase in demand of self-test products and easy availability of reagent program kits.
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Application – Segment Analysis
Infectious Disease holds the major share in the application segment of In Vitro Diagnostic (IVD) Tests Market in 2019. Diagnosis of hepatitis B virus (HBV) infection is established through In Vitro Diagnostic (IVD) Tests. For infectious diseases, IVD tests help in detecting and identifying the infectious agents responsible for the disease, as well as in helping the healthcare professionals to find out the appropriate way of treating the disease. There are three types of IVD tests for infectious diseases, traditional microbiology, immunoassays, and molecular tests. Out of all these, molecular IVD tests has better advantages, like high sensitivity, high specificity, and rapid results. This drives the growth of the segment. Oncology segment held the second largest share in the year 2019, owing to growing incidence of cancer among the population of many regions. The number of new cases of cancer was 440 per 100,000 men and women per year in 2015. Cancer mortality is higher among men than women. Infectious disease segment is forecast to grow at the fastest rate with the highest CAGR during the forecast period 2020-2025, owing to further increase in prevalence of infectious diseases and growing preventive healthcare awareness among people.
Geography – Segment Analysis
North America dominates the geography segment of In Vitro Diagnostic (IVD) Tests Market with a share of more than 42.7% in 2019, followed by Europe. Growing prevalence of the chronic diseases in the region, presence of a developed diagnostic infrastructure have fuelled the market growth in this region. Presence of key market players like Thermo Fischer Scientific Inc. and Abott Laboratories in the U.S. and technological advancements in the field of in vitro diagnostics have further helped in the growth of In Vitro Diagnostic (IVD) test infrastructure. Europe held the second largest share in 2019, owing to demand for better technology for in vitro diagnostics, robust healthcare infrastructure and large investments of government in healthcare development.
Asia-Pacific is estimated to grow at the fastest rate at a higher CAGR during the forecast period 2020-2025. This is owing to growth of infectious and chronic diseases in developing countries such as India and China, growing health awareness among the masses, and increasing average income of the masses.
Drivers – In Vitro Diagnostic (IVD) Tests Market
- Growing cases of chronic and infectious diseases
Three infectious diseases were ranked in the top ten causes of death worldwide in 2016 by the World Health Organization. They are lower respiratory infections (3.0 million deaths), diarrheal diseases (1.4 million deaths), and tuberculosis (1.3 million deaths). Chronic diseases are among the most prevalent and costly health conditions in the U.S. Nearly half of the American population suffer from at least one chronic disease. Growing need of treating these diseases with accurate and better medical test is set to to drive the In Vitro Diagnostic (IVD) Tests Market trends in the forecast period 2020-2025.
- Development of automated in vitro diagnostics (IVD) systems
Increased laboratory consolidation and the shift of medical infrastructure towards automated equipment system, with significant investments in advanced technologies and transformation in business models, has resulted in considerable investments in automated segment. This is set to drive the market growth during the forecast period 2020-2025.
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Challenges – In Vitro Diagnostic (IVD) Tests Market
- Strict government policies for the manufacturing of IVD products
In view of the growing health concerns, copyright policies and for easier market flow, government has laid down various stringent regulatory procedures, which is set to hamper the market growth of In Vitro Diagnostic (IVD) Test Industry, as well as discourage new companies from entering the market.
In Vitro Diagnostic (IVD) Tests Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the In Vitro Diagnostic (IVD) Tests Market. In 2019, In Vitro Diagnostic (IVD) Tests Market share is consolidated by the top players present in the market. In Vitro Diagnostic (IVD) Tests Market top 10 companies are F. Hoffmann-La Roche AG, QIAGEN, Abbott Laboratories, Siemens AG, Thermo Fisher Scientific Inc., Danaher Corporation, Bio-Rad Laboratories Inc., Sysmex Corporation, Quest Diagnostics and Cepheid Inc. among others.
- In January 2020, Roche and Illumina partnered to broaden patient access to genomic testing. As part of the agreement, Illumina will grant Roche rights to develop and distribute in vitro diagnostic (IVD) tests and Roche will in turn complement Illumina’s comprehensive pan-cancer assay.
- In February 2020, Cepheid and Sherlock Biosciences collaborated on new GeneXpert tests for infectious diseases and oncology leveraging CRISPR technology.
- In January 2020, Sysmex received the regulatory approval in China of an in vitro diagnostic reagent to help diagnose breast cancer lymph node metastasis using the OSNA method.
- North America dominates the In Vitro Diagnostic (IVD) Tests Market owing to the presence of established healthcare sector, growing incidences of genetic disorders and chronic diseases, and increasing state funds. Increasing investments by key market players in development of In Vitro Diagnostic (IVD) tests has further helped in market growth of In Vitro Diagnostic (IVD) Tests Industry. The In Vitro Diagnostic (IVD) Tests Market scope for different regions will be provided in the final report.
- Growing cases of chronic and infectious diseases, development of automatic In Vitro Diagnostic (IVD) laboratories and growing awareness among masses about personalized medicines have helped in significant growth of In Vitro Diagnostic (IVD) Tests Market. Rising geriatric population and development of new point-of-care testing centers is estimated to drive industry growth during the forecast period 2020-2025.
- Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the In Vitro Diagnostic (IVD) Tests Market report.
- Strict government policies for the manufacturing of IVD products and frequent need of newer robust technologies for the shifting healthcare requirements are anticipated to hamper the market growth of the In Vitro Diagnostic (IVD) Tests Industry.
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