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BIS Healthcare Estimates Revenue Generation Of The IVD Market To Reach $76 Billion By 2023

01 May 2017
Global In Vitro Diagnostics Market

The recent trend in healthcare has shifted towards non-invasive methods in diagnostics segment, which has helped further the growth of in-vitro diagnostic (IVD) market. The healthcare industry is dynamic and innovations in healthcare technology has always ensured the progressive flow of the market. Many established companies as well as niche players are playing vital role in expansion and acceptance of the IVD procedures across the globe. In a big leap towards personal healthcare, healthcare industry giant, Qiagen N.V., launched ipsogen JAK2 RGQ PCR Kit in the U.S, following the approval from Food and Drug Administration’s (FDA). This is the first FDA approved assay technology which will serve as a qualitative in-vitro diagnostic test for common and rare leukemia types. With this launch, Qiagen has a total of five FDA approvals for oncology-related test in personal healthcare.

Besides launching new products in the market, many companies are engaging in acquisitions and mergers to expand their business. Recently, the acquisition of Alere by Abbott laboratories was approved under the EU Merger Regulation. This merger is a huge step ahead in the IVD market as both the companies are active in IVD systems. In a similar move, another industry giant, GE Healthcare has invested in Nottingham based Monica Healthcare, which makes a line of wearable, wireless fetal monitors that were used with 100,000 patients last year. 

Due to the growing cases of chronic age-related conditions, the market is witnessing a boom which is expected to move forward in the coming years. Acknowledging the acceptance rate of IVD in the market, BIS Healthcare has compiled an extensive report, titled ‘Global In-Vitro Diagnostics (IVD) Market: Analysis and Forecast 2017-2023’, incorporating a broad classification of the market by product type, test type, and application. According to the analyst at BIS Research, “IVD is expected to increase to $76 billion by 2023 and increase its influence over healthcare spending globally. The category’s rate of growth is accelerating due to a number of key macro forces, such as demand from emerging economies, aging population, evolving clinician attitudes, and a much needed push towards theranostics and personalized medicine.”

The report includes a detailed chapter on the market dynamics, including the key driving and restraining forces, along with viable opportunities for the global IVD market through the forecast period. Moreover, having identified the potential for further development in the form of product launches, acquisitions, and partnerships among others, the report has included a separate section of detailed competitive landscape. The market sizing and estimation in terms of revenue generated has been included in the report.

The recent activities of the key players in this market have also been tracked in the form of company profiles. Some of the key companies covered in the report are F. Hoffmann-La Roche AG, Danaher Corporation, Agilent Technologies, Novartis International AG, Illumina Inc., Myriad Genetics, Inc., GE Healthcare, Qiagen Inc., Abbott Laboratories and Becton, Dickinson and Company among others.

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