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IVD (In Vitro Diagnostic) Market by (Product Type, Applications and Technology) Worth $69.1 Billion by 2017 - New Report by MarketsandMarkets

(PRWEB) August 29, 2013

IVD (In Vitro Diagnostic) Market research report focuses on the various levels of analysis, namely, industry, market shares, value chain, PESTEL analysis, and company profiles, which together comprise and augment the basic views on the competitive landscape, emerging and high growth segments of in vitro diagnostic (molecular diagnostics & point of care testing), emerging technologies, high growth regions and countries and their respective regulatory policies, government initiative, drivers, restraints, and opportunities.

Browse 178 market data tables and 50 figures spread through 421 pages and in-depth TOC on “In Vitro Diagnostic (IVD) Market [Instruments, Reagents & Data Management Systems] [Technique (Immunoassay, Clinical Chemistry, Molecular Diagnostics, Haematology) & Applications (Diabetes, Infectious Diseases, Cancer & Cardiology)] Systems, End Users] - Forecast To 2017.” Download a free sample report for IVD (In Vitro Diagnostic) Market.

Early buyers will receive 10% customization on this report.

In vitro diagnostics has been an area of significant innovation over the last decade, translating the practice of medicine into process, throughout the world. The Americas and Europe are saturated markets for IVD reagents and devices. The developing regions including BRIC (Brazil, Russia, India, and China) countries are expected to form the new revenue pockets for this market. The rising economies of these countries are the major driver for the growth of the IVD market. In addition, the large population, increasing incidences of chronic diseases, growing demand for quality medical care, increase in healthcare spending, and government initiatives are some of the other key factors fuelling the growth of IVD market in these regions. For instance, the Brazilian government provides free healthcare services to its citizens in government hospitals; the federal government funds around 65% of public healthcare expenditure and the municipal and local sources fund the rest of the expenditure.

In order to take advantage of the favorable conditions in developing economies and to cater to high demand of IVD technologies, a number of IVD companies are investing in these emerging countries. For instance, in June 2011, Hologic, Inc. acquired TCT International Co. Ltd., a distributor of medical products in China, for $135 million. The acquisition strengthened Hologic’s brand leadership in the cervical cancer screening market in China.

Among the BRIC countries, China’s IVD market is estimated to grow at the highest CAGR in the next five years. Fast-paced economy, public screening initiatives, and investments in healthcare infrastructure are the main drivers contributing to the growth of the IVD market in China. The players in the IVD market are expanding their facilities in China in order to meet this anticipated demand. In addition to China, the Indian IVD market also demonstrated a robust growth over the past few years. On the basis of market size, it now ranks among the top ten countries in the global IVD market. India’s evolving IVD market offers remarkable growth opportunities due to factors such as the increase in healthcare affordability, growing incidence of lifestyle diseases (diabetes and cardiovascular problems), and the large population size. The growth has been witnessed particularly in segments such as clinical chemistry and molecular diagnostics.

The other emerging countries such as Brazil, Russia, and Mexico also are growing IVD markets that are attracting leading companies. The combined effort of government and public sectors to increase healthcare awareness has enabled Asia and the LATAM region to become an attractive market for IVD manufacturers and suppliers.

The molecular diagnostic segment is expected to witness tremendous growth in the near future. Aging population, a concurrent escalation in the prevalence of chronic diseases, and the need for detection of such diseases at early stages are the key factors stimulating the market growth. Several big market players such as Siemens Healthcare, Abbott Laboratories, Inc., and Roche Diagnostics Limited are trying to increase their market share in the molecular diagnostics segment. In addition, Immunochemistry, clinical chemistry, and hematology techniques are also observing double-digit growth in the market. Many in vitro diagnostics companies are investing in these high growth markets, in order to gain more profits and capture increasing share in the market.

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