Global In vitro Diagnostics Market Expected to grow at a CAGR of 7.1% from 2018

With the rising incidence of chronic diseases and infections worldwide, in vitro diagnostics (IVDs) are in demand due to the availability of non-invasive or minimally invasive tools and techniques. IVDs are recommended by doctors to assess the health status of the patients and to diagnose the medical conditions. The global IVD market is predicted to witness positive growth at a CAGR of 7.1% between 2012 and 2018. In 2011, the market stood at a valuation of US$46.0 billion and with the expected rapid growth, it is expected to reach an estimated value of US$74.2 billion by the end of 2018.

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Epigenomics-based Diagnostics to be the Emerging Segment in the Global IVD Market

Increase in the global population accompanied with an increase in the cases of chronic infections and diseases such as sexually transmitted diseases (STDs), diabetes, and cancer have led to the growth of the global IVD market. Rising healthcare expenditure across the globe has further boosted the growth of the global IVD market.

The non-invasive and minimally invasive diagnostic tools offered by the global IVD market are preferred by patients and the doctors alike. This fits with the general trend in the medical industry towards minimally invasive procedures, which are more convenient for both parties. However, reimbursement challenges could restrain the growth of the global IVD market. Also, uncertain and ambiguous environmental regulations will threaten the growth of the global IVD market. Molecular diagnostics have opened new channels for the global IVD market. In the coming years, epigenomics-based diagnostics are forecast to be the emerging segment in the global IVD market. Key players in the in vitro diagnostics market are working on introducing epigenomics-based diagnostic products to stay ahead in the competition. 

Demand for Molecular Diagnosis IVDs set to Increase

The global IVD market has been segmented on the basis of products. Immunoassay IVDs, clinical chemistry IVDs, molecular diagnosis, diabetes testing IVDs, and other IVDs are the major product segments on offer in the global IVD market. The clinical chemistry segment held the largest share of the global IVD market in 2011, with countries such as India, China, and the U.S. contributing to the growth of this segment. Increase in demand for molecular diagnosis might reduce the market share of the clinical chemistry segment during the forecast period.

Asia Pacific Expected to Dominate the Global IVD Market

Europe, Asia Pacific, North America, and Rest of the World are the major geographical segments of the global IVD market. Owing to its large population, which has led to a large patient pool, Asia Pacific is expected to dominate the global IVD market. Rising awareness and expenditure on healthcare has contributed to the growth of this region in the overall market. Countries such as India and China are expected to fuel the growth of this region in the global IVD market. In 2011, North America accounted for more than 40% of the global IVD market and was the second largest region for the market. The U.S. has been and will remain the key nation in the region.

Key Players Participating in the Global IVD Market

Some of the key players of the global IVD market are Bayer AG, Abbott Laboratories Inc., Alere Inc., Biomerieux SA, Beckman Coulter Inc., Johnson and Johnson, Life Technologies Corporation, F. Hoffmann-La Roche Ltd., Danaher Corporation, Siemens Healthcare (a division of Siemens AG), Becton Dickinson and Company,  and Thermo Fisher Scientific Corporation among others. In 2011, Roche Diagonistics, a division of Roche Group, held the largest market share, followed by Siemens Healthcare. 

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