In-vitro diagnostics (IVD) involve diagnosing various medical conditions using assay kits and analyzers. The IVD market is experiencing steady growth, driven by increased disease awareness and government initiatives to combat illnesses. While most IVD tests are conducted in medical and clinical laboratories, the advent of point-of-care (POC) technology allows for testing in the presence of patients, even at home, propelling market growth. Factors such as the rise in lifestyle diseases, growing adoption of POC testing, demand for biomarker-based testing, and emerging economies are expected to drive market growth. However, challenges include counterfeit glucose monitoring strips and stringent regulatory approval processes, with recent regulatory changes in Europe posing issues for market players.
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Market Analysis
The global in-vitro diagnostics market is estimated to achieve a CAGR of 5.31% during the forecast period from 2017 to 2023. The market is analyzed based on five segments: technology, application, test types, end-users, and regions.
Regional Analysis
The regions covered in the report are the Americas, EMEA, APAC, and Rest of the World (ROW). The Americas are expected to lead in IVD market growth, followed by Europe. Emerging regions with significant growth potential include Asia Pacific and ROW. India, Brazil, and China are poised for rapid growth due to the high prevalence of infectious and lifestyle diseases, making them attractive target regions for market players.
Technology Analysis
The global IVD market is segmented by technology into immunoassay, clinical chemistry, clinical microbiology, molecular diagnostics, hematology, and coagulation. Clinical chemistry currently dominates the market with a 32.2% share, driven by the high prevalence of diabetes. India, with the highest diabetes rate, offers significant future investment opportunities in the Asia Pacific region. Molecular diagnostics is expected to experience the fastest growth rate, fueled by advancements in PCR and NGS technologies. The market also witnesses various mergers and acquisitions (M&A) and collaborations among major players, shaping the future of the global IVD market.
Test Types Analysis
While core laboratory testing holds the largest market share, the advantages of POC technology are expected to drive its rapid growth.
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Application Analysis
Infectious diseases currently lead the market, followed by diabetes. However, the increasing prevalence of cancer is expected to make it the fastest-growing segment.
Key Players
F. Hoffmann-La Roche leads the IVD market with a 20% share. Other major players include Abbott, Siemens, Danaher, and ThermoFisher, collectively holding approximately 56% of the market.
Competitive Analysis
The clinical chemistry segment dominates the global IVD market, with new players focusing on developing technologically advanced reagents and analyzers to gain market share. Emerging technologies like prenatal testing, liquid biopsy, and cardiac biomarkers are expected to drive future market growth. Major players, such as F. Hoffmann-La Roche, Danaher, and Abbott, acquire companies with complementary products. For example, in November 2016, Danaher acquired Cepheid, while in February 2016, Abbott signed an agreement to acquire Alere, a POC technology leader. Additionally, many companies aim to obtain Clinical Laboratory Improvement Amendments of 1988 waivers for their products to increase sales. Increased investments in R&D, collaborations, and M&A activities are expected to continue.
Benefits
This report offers comprehensive insights into the usage and adoption rates of IVD among various end-users and regions. Key stakeholders can use this information to understand major trends, drivers, investments, initiatives by industry players, and government efforts to raise disease awareness. The report also provides details about available commercial devices in the market, highlights significant challenges impacting market growth, and presents key business opportunities for stakeholders looking to expand their presence, increase revenue, and make informed investment decisions in this market.
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Key Stakeholders
- Manufacturers
- Healthcare Institutions
- Research and Consulting Firms
- Medical Associations
- Regulatory Bodies
- Investors and Shareholders
Market Dynamics:
Surging air traffic:
- As the global aviation industry continues to expand, there is a corresponding increase in market demand.
Heightened emphasis on safety and reliability:
- The aerospace and defense sector places significant importance on ensuring safety and reliability, which drives the need for top-notch market offerings.
Growing commitment to environmental sustainability:
- The aerospace and defense industry is increasingly dedicated to reducing its carbon footprint, resulting in the adoption of sustainable aviation fuels.
Escalating globalization:
- The growth of international trade and travel propels the demand for market solutions.
Increasing desire for private air transportation:
- The rising number of affluent individuals and their preference for exclusive air travel are generating fresh opportunities in the market.
Expanding utilization of digital fuel management systems:
- The integration of digital fuel management systems facilitates efficient fuel consumption and reduces associated costs.
Advancements in fuel cell technology:
- Ongoing developments in fuel cell technology unlock new possibilities for the production of sustainable market alternatives.
Mounting demand for air cargo transportation:
- The flourishing e-commerce sector fuels an increasing need for air cargo transportation, thereby driving the demand for market offerings.
Rising defense budgets:
- Governments worldwide are augmenting their defense spending, leading to heightened market demand.
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