In-Vitro Diagnostic (IVD) has emerged as the latest disruption in the dynamic landscape of healthcare market. The constant innovations of new tools and technologies in the IVD sector is driven by the molecular advances in the research and demand for better healthcare system. The rising trend of IVD stems from the fact that the aging population is increasing in number and with it the cases of chronic diseases such as cardiovascular disease, cancer and neurological disease. Hence, due to healthcare costs related to these conditions, there is an eminent need of more affordable, more informative, more accurate, faster and less invasive tools for clinical decision-making.
The IVD industry witnessed a stupendous growth with the advancement in genetic sequencing and its application to human genome thereafter. The last decade has registered an upward trend of the IVD market and is expected to register further growth in the coming years. Recent progress in microfluidics and nanotechnology has helped in the application of research lab discoveries on patients, both in the hospital and the physician’s office. And now with the growing need of special IVD tests, regulatory bodies all around the globe are working to update their approval processes to make IVD easily accessible and available to public.
The global IVD market is estimated to reach $76 billion by 2023, and is expected to raise its market share in the global healthcare market. The factors responsible for the robust growth of the market are as demand from emerging economies, aging populations, evolving clinician attitudes, and a push towards theranostics and personalized medicine. A significant proportion of healthcare spend now comprises of diagnostics information, and this has attracted the attention of external players in the medtech industry.
Of all the categories in the IVD sector, molecular diagnostic (MDx) plays a vital role in the growth of IVD market, as it offers critical, personalized information to inform patient care. Whereas, the immunoassays was the largest IVD segment in 2016, and have become the primary tools in the diagnostics and monitoring of all areas of medicine. The MDx market is expected to grow fastest, with a CAGR of 7.3%. Within MDx, the Infectious and Blood Screening markets are maturing gradually, along with a significant growth in the Oncology and Genetic segments. The key driver of these segments is the commercial introduction of innovative technologies, along with automation which is driving the growth across all segments.
In 2016 North America held the largest market share in the IVD market, owing to the presence of the well-structured healthcare system in the U.S. and Canada, along with large expenditure on healthcare in public as well as private sector. However, in the coming years, Asia-Pacific is expected to outperform all other regions in terms of growth. Some of the key players in the market which are expected to undertake various organic and inorganic activities in the market are F. Hoffmann-La Roche AG, Danaher Corporation, Agilent Technologies, Novartis International AG, Illumina Inc., Myriad Genetics, Inc., GE Healthcare, Qiagen Inc., Abbott Laboratories, Becton, Dickinson and Company and GlaxoSmithKline PLC (GSK) among others.
BIS Healthcare has compiled an extensive market research report on ‘Global IVD Market – Analysis & Forecast, 2017 – 2023’. The market analysis report provides an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which includes drivers, restraints and opportunities prevailing in the industry.
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