Tag: Clinical Chemistry

Veterinary Reference Laboratory Market Worth $5.13 Billion By 2025

The global veterinary reference laboratories (VRL) market is expected to reach USD 5.13 billion by 2025, according to a new report by Grand View Research, Inc. Increase in incidence of zoonotic diseases is a key driving factor for market growth. Increase in adoption of integrated diagnostic systems coupled with information ecosystems for veterinary diagnostics is anticipated to fuel development.

Rise in demand for advanced diagnostic tests and growing awareness amongst consumers are some of the factors expected to boost demand over the coming years. Moreover, companies are investing in R&D for the advancement of test kits for cost-effective diagnosis & monitoring of animal health, which is expected to boost growth. Some of the advancements in this market include efficient information management systems used in animal diagnostic applications, vaccine banks, and mobile apps for continuous monitoring. High focus toward innovation in veterinary health is anticipated to fuel the demand for reference labs. For instance, Innovative Medicines Initiative (IMI) is a public-private partnership that supports pharmaceutical innovations in Europe.

In addition, MediLab Secure, a laboratory network project was established, which aims to identify emerging viruses& pathogens in 19 countries in the Mediterranean regions and 57 labs were involved. Furthermore, increase in the number of government initiatives to promote veterinary diagnostics products is presumed to drive the overall growth. 

Click the link below:
http://www.grandviewresearch.com/industry-analysis/veterinary-reference-laboratory-vrl-market

Further Key Findings From the Study Suggest:

  • The clinical chemistry analyzers segment held the dominant share of the market as of 2016 owing to growing demand for veterinary diagnostics products
  • Increase in instances of contamination in pet foods that cause severe illnesses and deaths amongst animals is expected to boost the demand for toxicology testing services
  • Production animals accounted for largest revenue share in 2016 owing to their highest consumption rate
  • The market was dominated by North America and is expected to retain its position throughout the forecast period
  • Presence of prominent industry players, advanced healthcare infrastructure, and high healthcare expenditure are some of the factors responsible for growth
  • Companies offering reference laboratories are focusing on the development of cost-effective diagnostic solutions for animal health
  • IDEXX Laboratories, Inc. held a dominant share owing to its presence across the globe and a wide product portfolio of advanced diagnostic tests
  • Strategies such as regional expansion, new product developments, merger & acquisitions, and research collaborations are anticipated to propel growth
  • For instance, in January 2017, Mars, Inc. announced the agreement for acquiring VCA Inc. in a probe to capture higher share

In Vitro Diagnostics Market Size Worth $85.8 Billion By 2027

The global in vitro diagnostics (IVD) market is expected to reach USD 85.8 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to exhibit a 4.4% CAGR over the forecast period. The development of simplified diagnostic tests is expected to drive growth. For instance, Cepheid’s Xpert HCV VL Fingerstick received CE-IVD clearance in September 2018. This test identifies and measures HCV RNA levels from a fingerstick blood sample.

Key players are developing new products and undertaking strategic initiatives, such as collaborations, mergers and acquisitions to gain greater market share and to expand their product portfolio. For instance, in February 2018, a product named PAXgene Blood ccfDNA tube was made available by BD for non-invasive prenatal testing and cancer diagnosis and application in the European Economic Area (EEA) and Switzerland. PAXgene Blood ccfDNA tube was developed by Qiagen-PreAnalytiX GmbH and BD in a joint venture.

The rising geriatric population and favorable government regulations to spur the approval process of medical devices are the factors expected to drive the market over the forecast period. For instance, in August 2018, the approval process for IVD was eased in an amended provision in the Fourth Schedule of Medical Devices Rule by the central government of India.

Furthermore, increasing demand for early diagnosis to strategize complete treatment plans for patients by the physicians is projected to fuel the demand for user-friendly in vitro diagnostic products. For instance, in July 2017, bioMerieux for VITEK MS received the U.S. Food and Drug Administration (FDA) approval. It is a mass spectrometry system that rapidly identifies pathogens, such as Nocardia mycobacteria, and molds.

Reagents held the largest market share in 2019, owing to the development of analytical laboratory automation coupled with a high usage rate of reagents. For instance, in July 2018, Surmodics, Inc. launched MatrixGuard Diluent that blocks matrix or assay signal and maintains intended signals.

The increasing prevalence of cancer, cardiovascular disorders, diabetes, and other diseases is expected to accelerate the demand for in vitro diagnostics in the forthcoming years. According to Cancer Research UK, in 2018, about 17 million new cancer cases were reported across the world. It has estimated that the incidence rate of the disease will witness a 62% rise from 2018 to 2040. The liver, stomach, breast, lung, and colorectal are the most common types of cancer.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/in-vitro-diagnostics-ivd-market

Further key findings from the report suggest:

  • The molecular diagnostics segment is expected to witness the fastest growth over the forecast period, owing to the high usage of the technology for disease diagnosis
  • The infectious disease application segment dominated the market in 2019 due to the rising prevalence of tuberculosis, hepatitis, and other infectious diseases
  • North America dominated the in vitro diagnostics market in 2019, owing to the presence of key players and a rise in the launch of new products in major countries like the U.S. and Canada
  • Asia Pacific is expected to exhibit the fastest CAGR over the forecast period owing to the number of products that are being launched in hospitals to provide an accurate diagnosis
  • Major IVD market players are Qiagen; Danaher; Becton, Dickinson and Company; Siemens Healthineers; F. Hoffmann-La Roche Ltd.; Hologic, Inc. (Gen-Probe); bioMerieux SA; Abbott Laboratories; Cepheid; and Sysmex Corporation