Global In vitro diagnostics (IVD) market Will to Witness a Rise of US$ 20,459.3 Mn revenue by 2024
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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The global In vitro diagnostics (IVD) market revenue was estimated to be valued at US$ 20,459.3 million in 2016 and is expected to expand at a CAGR of 4.3% during the period 2016 – 2024.
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.
Though the market competition has heightened with advancement in molecular diagnostics, the market is expected to create lucrative market opportunity for industry players during the forecast period (2016–2024). Growth in the industry will be supported by favorable demographic population, rise in diagnostic centers, and increased healthcare spending along with emerging technologies. Also, the In vitro diagnostics (IVD) market outlook will change with lab automation. As of 2017, the In vitro diagnostics (IVD) market is estimated to account for 33% of global medical devices and diagnostics market and is expected to capture 35% of the market by 2024.
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.
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In vitro diagnostics are diagnostic devices and equipment that extract vital information about an individual or patient after a sequence of tests. Introduction of novel diagnostics test applications on the backdrop of advancements and innovations in the IVD technologies by various organizations has resulted in rampant growth of the in vitro diagnostics (IVD) market, which is expected to sustain in the near future. Diagnoses and tests are precursors to any treatment, which makes in vitro diagnostic market highly lucrative. However, majority of the tests are remotely performed making their presence and use unnoticed. Furthermore, increasing elderly population base and rising demand for diagnostic testing is projected to spur growth of the in vitro diagnostics (IVD) market over the forecast period (2016–2024). Also, growing prevalence of diabetes has increased the demand for in vitro diagnostic tests in the recent past, which is further expected to add on to the sales revenue of the in vitro diagnostic market. In 2014, as per National Diabetes Statistics Report 2014, around 9.3% of the population in the U.S. suffered from diabetes and around 28.0% were undiagnosed.
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