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(Transportation-News.com, September 16, 2019 ) OG Analysis, a global market research firm, has announced the release of their “Global In Vitro Diagnostics (IVD) Market, size, share, Outlook and Growth Opportunities to 2025: By Product Type (Instruments, Reagents, Softwares and Services), By Test Type (Immunoassays, Blood Glucose Monitoring, Clinical Chemistry, Molecular Diagnostics, Microbiology, Anatomic Pathology, Haematology, Coagulation, Critical Care, Urinalysis and Others), By Application (Diabetics, Infectious Diseases, Oncology, Cardiology, Nephrology, Autoimmune Diseases, Drug Testing, HIV/Aids, Women Health and Others), By End User Industry (Hospitals, Clinics, Point of Care, Educational Institutions and Others) and By Region” Report proposes complete outlook of the market including comprehensive market analysis, Market Share, Market Size, Market Drivers, Challenges and Opportunities.
Global In Vitro Diagnostics (IVD) continues to remain the dominant market in the global medical devices market accounting for 13% of the total medical devices market in 2018. Although there are various opportunities for the growth of the market, regulatory challenges, reimbursement pressure, challenges in health care budgets, and advancement of low cost providers are some of the limitations for the market growth. Regulatory bodies are now focusing on having evidence based approval process for high end diagnostics through patient treatment. Healthcare industry has witnessed a significant growth over the past decade with the development of the IVD market.
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The reagents segment is a major product type owing to the wide usage of these products in IVD testing. Increase in the number of research and development initiatives related to reagents and demand for PoC devices & self-tests are also likely to augment the segment growth in the global market.
Strong demand for immunoassay is attributed to the shifting preference of physicians for this test in clinical diagnostics over conventional methods. Furthermore, this segment is gaining momentum in the market owing to its ability to provide quick results with high accuracy and high-sensitivity. This segment is forecast to occupy a major share in the global market.
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Growing population, changing lifestyles and increasing environmental pollution results in occurrence of harmful infectious diseases. Accordingly, in order to control these infections, the physicians are highly adopting IVD devices, which augment market growth. On the other hand, oncology is projected to be the fastest-growing application segment over the forecast years. Further, the market is segmented into diabetics, oncology, cardiology, nephrology, autoimmune diseases, drug testing, HIV/aids, women health and others.
Hospitals segment is the largest end user industry in the global In Vitro Diagnostics (IVD) market due to the huge volume of diagnostic tests carried out in hospitals by the physicians. Further, increasing cardiovascular diseases & infectious diseases coupled with growing population is enhancing the demand of IVD in the hospitals. Therefore, strong demand for IVD tests in hospitals is estimated to augment the growth of this segment over the forecast period 2019-2025. Further, the global In Vitro Diagnostics (IVD) market is segmented into clinics, point of care, educational institutions and others.
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Significant rise in health expenditure, availability of medical coverage, aging population and willing to pay among the consumers are the key trends that are accelerating growth of IVD market across APAC region. Increase in GDP rate and per capita income is fuelling the investments for the growth of healthcare infrastructure and increased healthcare access. Emerging of latest technologies and launch of innovative products by the key players across Asia Pacific region is incurring the growth opportunities.
In 2018, IVD segment has witnessed the highest number of M&A deals in the medical devices market. More than half of the deals in the IVD segment are in the Molecular Diagnostics market. Companies are focusing on increasing their existing product portfolio and in strengthening their product pipelines. IVD manufactures are highly focused on acquiring early stage Molecular Diagnostics companies focusing on novel technologies. With limited differentiation in the product offerings, companies with greater economies of scale will have higher competitive advantage over pricing.
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