The global market for IVD is expected to reach USD 74.32 billion by 2020, according to a new study by Grand View Research, Inc. Constantly improving patient awareness levels pertaining to infectious diseases and their subsequent diagnosis, the introduction of advanced molecular and tissue diagnostic tests for cancer such as companion diagnostics and the growing global base of geriatric population are some of the primary drivers for this market. Moreover, rising global healthcare expenditures, especially in Asia Pacific and increasing demand for rapid, minimally invasive and non-invasive diagnostic procedures are also expected to have a positive impact on market growth. The emergence of epigenomics-based diagnostics and the ability of molecular diagnostics to detect disease at an early stage of development are expected to create opportunity for industry participants to capitalize on over the next six years.
The professional diagnostic products dominated the overall IVD market in 2013, owing to the high usage rates of these tests in diagnostic tests pertaining to the infectious disease segment, and are expected to grow at a CAGR of 4.7% from 2014 to 2020 to reach an estimated value of USD 49.76 billion by 2020. However, the tissue diagnostics market is expected to grow at the highest CAGR of 10.2% from 2014 to 2020, owing to its growing application in cancer diagnosis and need for lab automation as a consequence of limited skilled labor availability.
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Further Key findings from the study suggest:
- North America is expected to dominate the overall market throughout the forecast period, majorly on account of the presence of sophisticated healthcare infrastructure, high patient awareness levels and improving reimbursement frameworks, with revenue estimated to reach USD 28.79 billion by 2020.
- Asia Pacific is expected to be the fastest growing regional market for IVD, at an estimated CAGR of 7.4% from 2014 to 2020. The presence of high unmet medical needs for cancer and infectious diseases and a constantly improving healthcare infrastructure in emerging markets such as China and India are some of the drivers of this market.
- The global molecular diagnostics market is expected to follow the tissue diagnostics segment in terms of growth during the forecast period, owing to the growing demand for advanced genetic and HPV diagnostic tests. Its market is expected to grow at a CAGR of 8.7% from 2014 to 2020.
- Some of the key players of this market include Roche Diagnostics, Abbott Laboratories, Siemens Healthcare, bioMerieux, Beckman Coulter Inc., Becton Dickinson and others.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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