WELLESLEY, Mass., Jan. 23, 2018 (GLOBE NEWSWIRE) -- Technological advancements, the aging populations of developed countries and the shift from curative to preventive healthcare for both infectious and chronic diseases are all driving big growth in the in vitro diagnostics (IVD) global markets. In a new report, In Vitro Diagnostics: Technologies and Global Markets, BCC Research estimates the global market for IVD products to reach more than $74.1 billion and $102.4 billion in 2017 and 2022, respectively, indicating a compound annual growth rate (CAGR) of 6.7%.
This comprehensive report analyzes application areas, end users, and factors influencing and inhibiting demand for IVD. The analysis details information about IVD products, including reagents, instruments and data management software and services. In addition, the report examines select products, current and emerging technologies and company profiles. Applications for IVD also are discussed, with an emphasis on the types of tests used in various disease sectors. Further, the report reviews IVD patents, regulatory aspects and emerging developments in the IVD market across the globe.
Major market players include Roche, Siemens, Abbott, Beckman Coulter (part of Danaher), Alere, Ortho-Clinical Diagnostics, bioMérieux, Thermo Fisher, Sysmex, Biorad, Becton Dickinson, Genprobe, and Bayer, all of which accounted for about 75% of the total market. Other companies mentioned in this report include Cepheid, Illumina, Qiagen, Quidel and Sequenom, among others.
Research Highlights
- Asia will achieve the highest CAGR at 13.5%.
- North America, the largest market, totaled about 42% of the global market (2017).
- India, China, Russia and Brazil should reach double-digit growth rates due to rising incomes, growing healthcare budgets and heightened health awareness.
“IVDs are of significant value to the general public as they’re deemed not only as indispensable tools of medical diagnoses but also as decision-making aids for disease prevention and timely treatment to enhance well-being and keep health care costs under check,” said Jon Evans, BCC Research analyst and author of the report. “In addition, IVDs are also one of the vital aids that addresses the needs of the governments, payers and patients by delivering optimal, individualized and affordable treatments.”
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.