Global In-Vitro Diagnostics Market to Reach $76 Billion by 2023, Reports BIS Research
BLOOMINGTON, Minnesota, April 27, 2017 /PRNewswire/ --
According to a new market research report by BIS Research, titled "Global In-Vitro Diagnostic Market- Analysis & Forecast, 2017-2023", the global IVD market is estimated to grow at an annual rate of 5.2% through 2023, in terms of revenue, and is expected to reach $76 billion by 2023. The global IVD sales revenue includes reagents, consumables, instrumentation, services, and software.
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Browse 94 market data Tables and 180 Figures spread through 367 Pages and in-depth TOC on "Global IVD Market"
The market research report provides a comprehensive analysis of the key growth and restraining forces of the global IVD market, with an extensive insight into various forms of developments, trends and key participants in the market. The recent trend in the market is towards less invasive and more accurate diagnostic procedures, as the population demographic is shifting upwards and with it the number of chronic age-related situations such as cardiovascular disease, cancer and neurological disease, is escalating.
Among the broad division of the IVD market by type, viz. Clinical Chemistry, Immunoassays, Whole Blood Glucose Monitoring, Molecular Diagnostics, Microbiology, Anatomic Pathology, Haematology, Coagulation, Critical Care and Urinalysis among others, molecular diagnostics has emerged as a key driver of the future growth of the market, because this segment has been performing outstandingly well as compared to other IVD categories. According to Abdul Wahid Khan, lead Analyst at BIS Research, "The MDx market is projected to grow the fastest, with CAGR projected at 7.3%. Commercial introduction of innovative technologies will be the key driver of growth in these segments. Tools enabling earlier, more accurate diagnosis, improved treatment decision and better treatment monitoring will encourage adoption of innovation."
The global IVD market is being driven by the rising incidence rates of infectious and chronic diseases such as sexually transmitted and chronic obstructive pulmonary diseases, diabetes and cancer. This has initiated a spike in the demand of less invasive and non-invasive diagnostic procedures and a rise has been noticed in the global healthcare expenditure, and both of these industry trends are fuelling the growth of the market.
This market report includes a thorough analysis of the market trends and size, along with market estimation based on key geographical regions. Inculcating detailed financial analysis of key players in the market, the report provides individual SWOT analysis of each company. Some of the companies including Roche Diagnostics, Siemens Healthcare, Abbott Laboratories, and Danaher, dominated the market in 2015 and 2016, which were followed by other key players including Alere, BD Diagnostics, BioMerieux, Sysmex, and Thermo Fisher. These companies will engage in organic, as well as inorganic activities to expand their business, which will further the growth of the IVD market.
Some of the key players analysed in the report are F. Hoffmann-La Roche AG, Danaher Corporation, Agilent Technologies, Novartis International AG, Illumina Inc., Myriad Genetics Inc., Becton, Dickinson and Company, GlaxoSmithKline PLC (GSK), Thermo Fisher Scientific, Johnson & Johnson and Qiagen Inc. among others. While the market outlook for leading players looks promising, the niche suppliers will also compete to make a mark in the market with the rising number of their customers.
About BIS Research:
BIS Research (Business Intelligence and Strategy Research) is a global market research and advisory company which focuses on those emerging trends in technology which are likely to disrupt the dynamics of the market.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data and other important market parameters useful in the strategic decision making for senior management. We also provide competitive intelligence, quick turnaround research and custom research services.
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