In vitro diagnostics (IVD) are medical devices and accessories used to perform tests to detect diseases and infections by examining specimens of human body fluids such as urine, blood, tissues, stool, etc. It helps diagnose, determine health condition in order to cure, treat or prevent from diseases or sequelae, and monitor drug therapies. Devices used for tests can range from simple tests to DNA technology including reagents, calibrators, control materials, kits, software, instruments, etc. IVD holds great importance in global healthcare industry. It helps protect health and safety of patients by serving best medical services. IVD adds remarkable value to treatment processes and diagnoses and enhances well-being of consumer patients and population as a whole. Thus, IVD market is witnessing rapid growth in the global healthcare market.
Rising prevalence of chronic diseases, increasing geriatric population, increasing number of private diagnostic centers, more focus on decentralized point-of-care testing instead of centralized laboratories to strengthen consumer patients base, continuous technological advancements, better IVD tools, improvised treatment monitoring, and availability of OTC tests are key factors driving the global in vitro diagnostics market growth. However, poor reimbursement policies and high-cost involved in R&D of technologies are restraining growth of this market.
North America market dominates the global in vitro diagnostics market owing to presence of highly developed technologies and infrastructure. Asia Pacific market is expected to witness exponential growth owing to increasing investments by healthcare organizations and governments, medical tourism and efforts by key players to strengthen consumer base in this region.
Among the products and services segments, reagents & kits segment accounts for major share and will continue to be fastest growing segment in the global in vitro diagnostics market during the forecast period owing to increasing number of in vitro diagnostics tests conducted and availability of wide range of reagents.
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On the basis of application, infectious diseases segment holds largest share in the global in vitro diagnostics market. This is due to rising prevalence of various infectious diseases such as tuberculosis, urinary tract infections, throat infections, hepatitis, hospital-acquired infections, etc. Moreover, during the forecast period, oncology/cancer segment is projected to register high CAGR owing to rising prevalence of cancer forms that demands for early detection of the disease.
Key players include Roche Diagnostics, Abbott Laboratories, Siemens Healthineers, Danaher Corporation, Thermo Fisher Scientific Inc., Sysmex Corporation, Bio-Rad Laboratories Inc., BioMérieux, Becton, Dickinson and Company, Johnson and Johnson, Qiagen N.V., Ortho-Clinical Diagnostics Inc., and Diasorin S.P.A.