The Canada In-Vitro Diagnostics Market is expected to witness a CAGR of 9.6%. Currently, North America dominates the global market, with the market yet to reach saturation.
The rapid adoption of the numerous number of innovative IVD methods such as digital PCR, mass spectrophotometry, chromosome analysis, tissue microarrays, next generation sequencing and cell signaling pathway testing are currently driving the growth of the market. In the next-generation sequencing based IVDs, several sequencing-based diagnostic tests and test services have been recently launched, including Althea Diagnostics’ BRAF mutations test, Sequenta’s LymphoSIGHT, and Enzo’s MultiGEN multiplex DNA sequencing.
The other factors also includes increasing incidences of chronic diseases, increasing government healthcare expenditure and consumer's healthcare spending
The common trend that is being observed here is that the leading players are acquiring the smaller technological companies to produce the companion diagnostic tests; while the pharmaceutical companies, attracted by the opportunities in the IVD market, both are investing and collaborating with diagnostic devices companies to extend their drugs market after major patent expirations. Roche Diagnostics and Abbott Laboratories are an example of the major companies in the market, which focus on achieving the synergy between their diagnostic solutions and pharmaceutical solutions.
The other factors also includes unfavorable reimbursement policies and stringent regulatory framework.
Canada is the gradually becoming the market leader in both the global and North American market. This is due to the advances on the technology forefront and the higher GDP of the nation. This growth is developing the need to analyze, review, and forecast the growth of the in vitro diagnostics market. The market has been segmented by technique, product, applications and end users. The market segmentation by technique includes clinical chemistry, immunoassays, point of care diagnostics, hematology, molecular diagnostics, coagulation and microbiology.
Some of the Major Players includes- Abbott Laboratories Inc., Johnson & Johnson, Becton, Dickson And Company, Danaher Corporation, Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Inc., Roche Diagnostics Limited and Siemens Healthcare.
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