The market is estimated at USD 74.69 billion in 2016 and is forecasted to reach USD 96.93 billion by 2021, growing at a CAGR of 5.35% during the forecast period.
IVD plays a major role in the early diagnosis and management of diseases. The point of care testing segment is growing at a good pace in the IVD market. The US and Europe currently dominate the market owing to their increasing healthcare expenditure and improved clinical laboratory infrastructure. The US accounts for 25 billion market revenue, contributing to around 35% of the global IVD market. The Patient Protection and Affordable Care Act (PPACA) is also expected to drive the test volumes in clinical laboratories and increase the number of people with insurance coverage in the US. Nevertheless, there could be a rise in the IVD market share from the emerging economies as well, as diagnostic companies are focusing on capitalizing on the untapped markets in the medical sector.
Growing healthcare expenditure in the emerging markets, strong demand for technologically advanced testing methods for disease diagnosis, increasing incidences of chronic diseases are some of the important driving factors for this market. In fact, there is an increase in the number of clinical laboratories with improved infrastructure, which offer a range of advanced IVD testing services, in the developed countries.
Lack of proper reimbursement policies in the developing countries and stringent FDA regulations are the main restraints for the growth of the IVD market.
The global IVD diagnostics market is segmented based on -
The IVD market has a great scope for growth in the developing economies, which are currently untapped and the diagnostic companies need to find ways to capitalize on these markets. The report provides a detailed overview of each type of IVD test and its market size, along with in-depth market insights. It also provides company profiles of major players and a clear picture of the competitive landscape that currently exists in the IVD market.
Some of the key players in the global market include -