Williamstown, MA -- (SBWIRE) -- 02/21/2012 -- The global IVD market was valued at $44 billion in the year 2011, growing at a CAGR of 7.8% from 2011 to 2016. The U.S. represented the biggest market for the IVD equipments accounting for a share of 47% of the total IVD market in the year 2011.
The European region accounted for 31% of the global IVD market with Germany accounting for the largest share of 23.24% followed France (16.89%) and Italy (16.41%) of the total IVD market.
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The Asian region is expected to be ruled by the emerging economies such as China and India, show the highest CAGR by the year 2016. The Chinese IVD market is taking frog leap amongst the emerging nations, followed by India, Russia, and Brazil. The major driving factor for the IVD industry to boom in the emerging countries is the government funding and improved healthcare facilities.
However, the condition is completely reverse in the developed countries such as North America and Eu-5 as these countries are facing major financial crisis and thus having deep cuts on the healthcare budgets with limited reimbursements provided on the clinical testing and the newly introduced tests in the market thus hampering the growth of IVD industry.
The major factors driving the growth of the IVD market is increased patient awareness, patient self testing, and increasing baby booming population across the globe. Advancement in the technology bringing more of automated tests is also one of the major drivers for the growth of IVD market.
Other major drivers for the growth of the IVD industry is rise in the number of diseases like respiratory infections, hospital acquired infections, and sexually transmitted diseases. Similarly rise in the chronic diseases such as diabetes, hypertension, cardiovascular diseases, and cancer are driving the overall IVD market.
Analyzers are the main instruments used for conducting the tests. The instruments account only major share of the market share of the IVD market, by types. The analyzers are of 3-types namely, high through put analyzers, medium throughput analyzers, and low throughput analyzers.
Molecular diagnostics is the largest growing segment of the global IVD market with a highest CAGR for year 2011 to 2016.
Budget constraints causing and unfavorable reimbursement scenario for tests especially for severe conditions like cancer are prime reasons for slow growth in the U.S., and Canadian market.
However, the condition is reverse in the Latin American countries like Brazil and Mexico. There has been huge funding from the Brazilian government and the public sector with increased efforts being taken to prevent infectious diseases in the country by conducting all the preventive tests.
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