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In-vitro Diagnostics (IVD) Market - Size, Share and Forecast to 2024
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Diagnostic tools account for considerable share of global healthcare revenue. Its reach ranges from hospitals and clinics to that in research centers. As such, In Vitro Diagnostic (IVD) market share has witnessed increase in recent past, further highlighted its key role in the healthcare industry. IVD has led to cut down in hospital staying costs along with faster diagnosis results. According to the U.S. FDA, in-vitro diagnostic products are those reagents, instruments, and systems intended for use in diagnosis of disease or other conditions, including determination of the state of health, in order to cure, mitigate, treat, or prevent disease or its sequela. Such products are intended for use in the collection, preparation, and examination of specimens taken from the human body.
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Over the last decade, the In vitro diagnostics (IVD) market has witnessed substantial growth. However, the growth trajectory witnessed declining motion between 2008 and 2012. The effect was prolonged to 2014 in Europe. Economic downturn in Europe coupled with low healthcare expenditure are factors responsible for marginal demand in IVD. However, as the healthcare growth trajectory is on growth path post-2015, especially in Asia Pacific, the In vitro diagnostics (IVD) market is expected to re-bounce to higher growth trajectory. Also, growing point of care solution is expected to boost the molecular diagnostics, in turn driving growth of the market worldwide.
Rapid strides made in technology and inclination of healthcare providers towards expanding their product portfolio is fueling growth of this highly lucrative market, especially in emerging economies, which are largely untapped. Furthermore, rise in prevalence of infectious disease globally, especially in Asia Pacific would inadvertently support market growth in the near future. Major organizations in the in vitro diagnostic market are actively focusing on introducing novel technologies in the testing and diagnostic segments of molecular biology. Such initiatives are projected to bring about a rapid shift in the dynamics of in vitro diagnostics (IVD) market, with Asia Pacific taking on the mantle from North America to emerge as the largest market for in vitro diagnostics, owing to latest technologies and uninterrupted investment in the health care sector is expected further to support the growth in in vitro diagnostic market in the near future.
Key companies covered as a part of this study Roche Diagnostics, Siemens Healthineers, Abbott Laboratories, Sysmex Corporation, Bio-Rad Laboratories, bioMérieux, Becton, Dickinson and Company and Danaher Corporation
This report segments the global in vitro diagnostics (IVD) market on the basis of product type, application, end user and geography. On the basis of product, the market is categorized into clinical chemistry, immunoassay, diabetes testing, blood testing, molecular diagnostics and others. On the basis of application the market is divided into infectious diseases, diabetes, oncology, cardiology, nephrology, autoimmune disorders and others. On the basis of end user, the market is divided into hospitals, laboratories, homecare diagnostics, research institutes and others. Among all end users, hospitals segment dominated the in vitro diagnostics (IVD) market, owing to rapid advancements in medical systems and developed infrastructure.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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