Dallas,Texas, Oct. 22, 2019 (GLOBE NEWSWIRE) -- The “Global In Vitro Diagnostics (IVD) Market Size 2018 by Type (Immunodiagnostics, Chemistry Diagnostics, POCT, Molecular Diagnostics, Others), by Application (Hospitals, Laboratories, Research and Academics), By Region and Forecast 2019 to 2028” study provides an elaborative view of historic, present and forecasted market estimates.
Recent study published by Adroit Market Research on Global in vitro diagnostics (ivd) market evaluates the market demand and forecast based on various forecasting models. The report provides market share and revenue for major countries across the globe for 2013-2028. Furthermore, the report highlights drivers, restraints, opportunities and challenges for the global in vitro diagnostics market. The global IVD market is segmented based on type, application and geography.
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Furthermore, the report provides an in-depth assessment of major 20 companies including market share, revenue, average gross margin, and SWOT analysis of Top 10 players operating in in vitro diagnostics market.
Based on type, the global in-vitro diagnostics market is segmented into molecular diagnostics, chemistry diagnostics, POCT, and immunodiagnostics among others. The global IVD market is dominated by immunodiagnostics, whereas molecular diagnostics is anticipated to grow with the highest CAGR of ~8% over the forecast period. This development is driven by the introduction of techniques such as next-generation sequencing (NGS) and real-time polymerase chain reaction (PCR) which allow the amplification and decoding of genetic and epigenetic information.
The U.S. contributes the largest revenue share in North America. In 2017, the U.S. Food and Drug Administration launched 46 medical devices with premarket approvals as compared to 39 premarket approvals in 2016. The MedTech companies here, are acclimatizing to complex regulatory and reimbursement policies, and are advancing in clinical studies to ascertain the safety and efficacy of their medical devices. An upsurge in the adoption of communication technology in IVD devices in the U.S. also signifies progress in mhealth. The region’s IVD market performance is expected to face strong competition from growth in venture capital investment in emerging economies like China, Brazil, and India, alongside growing local investor interest in developing economies. Additionally, implications of the Medical Device Excise Tax (MDET), unfortunate reimbursement procedures and extra fees for grouping of unique medical devices by FDA’s De Novo pathway are evident barriers for companies to enter this market.
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The Canadian market is sophisticated and mature, with robust demand for advanced IVD technologies with superior quality. Its vigorous manufacturing and health industries along with favorable policies for the growth of advanced digital technologies are the key drivers for the IVD market in this country. Approximately, 80% of the Canadian medical device market consists of imported goods, such as diagnostics, orthopedic, prosthetics and dental equipment. This trend is an ideal opportunity to attract foreign investors; however, manufacturers outside North America will face high competitive rivalry from the U.S. companies, which cover more than 50% of the Canadian medical devices market.
Furthermore, Mexico’s IVD market is fueled by its growing population and rapidly increasing geriatric population. An upward trend in per capita spending on IVD is also observed in this region, with private hospitals investing in advanced testing technologies and government funding for high-tech equipment and consumables. The market is also favorable and relatively organized for U.S. and European players.
Germany is the largest IVD market in Europe. The IVD industry here is dominated by several small and medium-sized enterprises. The market is strongly driven by innovative technological environments, promising MedTech areas such as digital health, biomedical devices, diagnostics, and imaging technologies.
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A huge part of this development continues to be triggered by the glucose self-testing market. The strict legal policies force the medical professionals to advise generic, low-priced test strips to not surpass their respective budget so that it remains in a stable place. Current IVD trends here are implied from, point-of-care testing, digitalization, the concept of personalized medicine and automation. The overall regulatory scenario in Germany remains strict. The variable quota fraction for laboratory service costs remains in place and unchanged in 2018. Accordingly, the price pressure does stay sturdy in the German IVD market. Nevertheless, despite these variations, the market segments continue to prosper.
The IVD industry in India is growing at an astonishing pace with the country emerging as a global manufacturing hub in the medical devices space. The growing preference for personalized medicines, advances in diagnostic techniques, increasing demand for point-of-care testing among the public, and an increase in disposable incomes are propelling the growth of the IVD industry in India. However, the evolving trends in emergency diagnostics and developments in patient care methods affirm to the fact that hospital laboratories will hold the privilege in determining the designing and marketing strategies of the IVD makers. The increasing adoption of home healthcare technologies is also expected to direct the parameters on which IVD companies would position their product portfolios. Government initiatives such as “Ayushman Bharat”, “Startup India” and “Make in India” are also playing a key role in promoting Indian IVD industry. Furthermore, the global IVD players are intensifying their manufacturing activities in India, which represents a mounting market for products such as portable and ready to use test kits.
Major players operating in the in vitro diagnostics market are Abbott, BD, Bio-Rad Laboratories, Inc., bioMérieux SA, Danaher, F. Hoffmann-La Roche Ltd., Hologic, Inc., Ortho Clinical Diagnostics, QIAGEN, Siemens Healthcare Private Limited, Sysmex Corporation, and Thermo Fisher Scientific Inc. among other prominent players.
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Major points from Table of Contents:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. In Vitro Diagnostic (IVD) Market Overview, By Type
Chapter 5. In Vitro Diagnostic (IVD) Market Overview, By Application
Chapter 6. In Vitro Diagnostic (IVD) Market Overview, By Region
Chapter 7. Company Profiles
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