Pune, India, Nov. 12, 2020 (GLOBE NEWSWIRE) -- According to the report, the global IVD Market size was valued at USD 61.22 Billion in 2018 is predicted to reach USD 87.11 Billion by 2026, exhibiting a CAGR of 4.5% during the forecast period. North America generated a revenue of USD 23.09 Billion in 2018 and is anticipated to emerge as a dominant region in the global IVD Market during the forecast period. Adequate and favorable government regulations, well-established diagnostic infrastructure, adoption of technologically advanced diagnostic techniques, and presence of prominent key market players in this region are some of the significant factors anticipated the drive the growth of the market in North America.
INDUSTRY DEVELOPMENT:
- July 2018: Thermo Fisher Scientific launched Phadia 200 for diagnosis of allergy & autoimmune conditions. The launch of Phadia 200 is anticipated to increase the revenue of the company.
- March 2017: Cepheid, Rutgers New Jersey Medical School and FIND launched new version of the Xpert MTB/RIF test, the Xpert MTB/RIF Ultra (Ultra), for the diagnosis of TB and rifampicin resistance. The World Health Organization (WHO) issued a recommendation for Ultra, which can be used as an alternative to the existing Xpert MTB/RIF test for the diagnosis of TB and detection of rifampicin resistance.
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Increasing Prevalence of Chronic and Infectious Disease Will Enable Growth
The launch of diagnostic and rapid testing tools by leading market players will propel growth of the global IVD Market. For instance, Thermo Fisher Scientific launched Phadia 200 for diagnosis of allergy & autoimmune conditions. The launch of Phadia 200 is anticipated to increase the revenue of the company.
According to the report, the reagents and consumables segment will account for a major portion in the global IVD Market during the forecast period owing to the adoption of self- test and point-of-care devices. Furthermore, the instrument segment is likely to grow at a moderately slower pace during the forecast period.
Rising technological advancement is predicted to aid growth of the segment. Moreover, the increasing cases of cancer and infectious disease around the world will further accelerate global IVD Market growth.
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Launch of Altostar Molecular Diagnostics Workflow Will Boost Growth
Altona Diagnostics GmbH, molecular diagnostic testing solutions company launched a CE-IVD marked AltoStar Molecular Diagnostics Workflow. AltoStar Molecular Diagnostics a flexible and efficient automatic system that automates the entire workflow from sample preparation up to analysis.
Fortune Business Insights states the launch of CE-IVD marked AltoStar Molecular Diagnostics Workflow is expected to boost the IVD Market revenue. Furthermore, the oncology segment is likely to grow at a considerable rate during the forecast period.
Rising adoption and availability of advanced home care kits such as fecal occult blood test (FOBT) for diagnosis of colon cancer in homecare settings is one of the major factor likely to fuel demand for the oncology segment, which, will, in turn, uplift the global IVD Market shares.
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The Major Companies in The Global IVD Market Include:
- F. Hoffmann-La Roche Ltd
- Abbott
- Siemens
- Thermo Fisher Scientific Inc.
- Danaher
- Bio-Rad Laboratories, Inc.
- QIAGEN
- Sysmex Corporation
- Quest Diagnostics Incorporated
- Other Prominent Players
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IVD Market Segmentations:
By Product Type
• Instruments
• Reagents & Consumables
By Technique
• Immunodiagnostics
• Clinical Chemistry
• Molecular Diagnostics
• Point of Care
• Hematology
• Others
By Application
• Infectious Diseases
• Cardiology
• Oncology
• Gastroenterology
• Others
By End User
• Clinical Laboratories
• Hospitals
• Physician’s Offices
• Others
By Geography
• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, and Rest of Latin America)
• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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