The Global in-Vitro Diagnostics Market Report 2019
The Global IVD market has been expected to grow at the CAGR of around 5.7% from the year 2018 to be able to reach $87.21 billion by the year 2024. Key factors include the rising geriatric population and the subsequent growth in prevalence of the chronic as well as the infectious diseases, the increasing adoption of the fully automated instruments by testing laboratories and the growing interest in the companion diagnostics are driving IVD market. However, when it comes to the unfavorable reimbursement as well as the challenging regulatory times in Europe are major hurdles ahead of IVD market. The development of condition-specific markers and tests as well as the growing demand for the IVD products in the emerging countries offering very significant opportunities for the various stakeholders in the market.
By product, reagents and the kits commanded largest share of global IVD market. In addition, reagents and kits have been expected to witness the rapid growth during forecast period mainly as a result of the incessant product launches, the number of the ongoing research activities and the growing prevalence of the various acute and chronic infectious disease. By techniques, the molecular diagnostic tests have been slated to be able to grow fastest from the year 2018 to the year 2024 according to research from Wellcome Trust (United Kingdom) and the United Kingdom government. Close to 700,000 people die annually globally from the infections which are drug resistant. If this pace continues, the number has been projected to grow 10 million by the year 2050.
The alarming threat of the drug-resistant infections has gone on and raised the importance of the molecular diagnostics. The hospital laboratories commanded the largest share of global IVD market with the rising prevalence of the infections and the non-communicable diseases in the developing as well as the developed countries, the high incidence of the hospital-acquired infections, the significant patient number treated in the hospitals and the rising aging population.
North America has been expected to be leading regional market for the IVD through 2025 due to the well-penetrated healthcare system as well as the higher healthcare awareness among patients, and this is including the Obamas Affordable Care Act, the change in technology as well as the rebounding US economy. But, the Asia Pacific has been expected to go on and grow at highest CAGR of close to 5.9% from the year 2018 to the year 2025 as a result of the significant increase in some well-equipped hospitals that have advanced healthcare systems so as to cater for the needs of large patient population.