Tag: In Vitro Diagnostics Market

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

In Vitro Diagnostics Market Size Worth $100.8 Billion By 2026

The global in vitro diagnostics market size is expected to reach USD 100.8 billion by 2026 registering a CAGR of 4.75%, according to a new report by Grand View Research, Inc. Favorable government regulations supporting approval process of medical devices and rising geriatric population are among the key factors driving the market. For instance, in August 2018, the central government of India amended provisions in the Fourth Schedule of Medical Devices Rule to ease the approval process for IVD devices. In July 2017, bioMerieux received an FDA approval for VITEK MS, its mass spectrometry system for rapid identification of pathogens, such as mycobacteria, molds, and Nocardia species.

In addition, various initiatives by private and public organizations are projected to fuel market growth. For instance, In July 2018, NAMSA-a Medical Research Organization-launched its “Uniquely IVD” development services to expedite the commercialization of IVD devices for global manufacturers. NAMSA is collaborating with global regulatory bodies to investigate the international regulatory framework and delivers highly reliable IVD development outputs related to clinical research initiatives, quality, and regulatory systems.

Furthermore, rising need for onsite and early diagnosis and treatment plans is anticipated to accelerate the demand for highly accessible IVD products. Rising prevalence of diseases, such as Cardiovascular Disorders (CVDs), cancer, and diabetes, are also expected to increase the demand for IVD. According to Cancer Research U.K., in 2018, about 17 million cancer cases were reported. Key companies, such as Becton, Dickinson and Company; Hologic, Inc. (Gen-Probe); bioMerieux SA; and F. Hoffmann-La Roche Ltd.; are focusing on product development, collaborations, and M&A to increase their market share and product portfolio.

For instance, in February 2018, BD announced the availability of PAXgene Blood ccfDNA tube (CE-IVD marked) used for cancer and non-invasive prenatal testing application in Switzerland and the European Economic Area. This product was developed by a joint venture of BD and Qiagen-PreAnalytiX GmbH. In addition, in September 2018, Cepheid received CE-IVD clearance for Xpert HCV VL Fingerstick used to detect and quantify HCV RNA levels from fingerstick blood sample.

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

Further key findings from the study suggest:

  • Reagent product segment held the largest market share of 64.9% in 2018 owing to the high usage of reagents in IVD testing
  • Molecular diagnostics is expected to witness the fastest growth over the forecast period owing to its high usage in detecting various diseases
  • Infectious disease application segment led the global IVD market in 2018 and is projected to maintain the dominance during the forecast period
  • Asia Pacific region is expected to exhibit the fastest growth from 2019 to 2026 on account of rapidly improving healthcare infrastructure and presence of large target population base