North America dominated the market, with highest share in 2016, and is expected to maintain the lead during the analysis period. However, Asia-Pacific is expected to grow with the highest CAGR, owing to significant increase in the number of well-equipped hospitals with advanced healthcare systems to cater to the needs of the large patient population.
Portland, OR -- (SBWIRE) -- 02/20/2018 -- In vitro diagnostics are used to analyze the samples such as blood, urine, and tissue to diagnose a medical condition or any disease. The growth within this market can be attributed to increased awareness toward healthcare, the increase in number of people willing to undergo preventive health check-ups, availability of disease-specific test instruments, and corporate setups promoting awareness of health among employees. The IVD instrument manufacturing companies have now decided to expand their markets in tier-2 and tier-3 cities, which is expected to give them a chance to tap market segments having high revenue generation capacity.
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North America held the highest market share owing to increase in baby boomer population, rise in demand for minimally invasive surgical procedures, and substantial expenditure on healthcare by government reforms. Asia-Pacific possesses the highest market potential due to surge in demand for better healthcare services, significant investments by government to improve healthcare infrastructure, and growth of medical tourism industry in emerging countries. Rise of medical tourism in emerging economies in Asia-Pacific, such as China, India, Brazil, Mexico, Malaysia, Thailand, Singapore, and South Korea, offers high growth opportunities for minimally invasive surgical instrument manufacturers. According to the report of Economic Co-operation and Development (OECD), healthcare is costlier in developed countries. However, India is popular because of its high-quality care provided at lower costs.
Major companies involved in the global IVD market are Thermo Fisher Scientific Inc., Alere Inc., Biomerieux, Danaher Corporation, F. Hoffmann-La Roche AG, Becton Dickinson and Company, Bio-Rad Laboratories, Bayer AG, Sysmex Corporation, and Johnson & Johnson among others.
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Global IVD Market accounted for $61,103 million in 2016, and is estimated to reach at $84,647 million by 2023, growing at a CAGR of 4.6% from 2017 to 2023. In vitro diagnostic is used to detect any kind of infection and diseases by taking the specimen from the human body to cure diseases or its sequelae. These IVD products can be instruments, reagents, or any system used for the diagnosis of diseases.
The major players profiled in the global IVD market are Thermo Fisher Scientific Inc., Alere Inc., Biomerieux, Danaher Corporation, F. Hoffmann-La Roche AG, Becton Dickinson and Company, Bio-Rad Laboratories, Bayer AG, Sysmex Corporation, and Johnson & Johnson among others.