Complete Automation to Propel the IVD Market

The global in vitro diagnostics (IVD) market is projected to reach USD 87.93 billion by 2023 from USD 68.12 billion in 2018, growing at a CAGR of 5.2 percent, projects MarketsandMarkets. Increasing burden of chronic diseases (majorly due to the rising geriatric population), rising prevalence of infectious diseases, rising demand for early disease diagnosis using specialized tests, growing awareness on personalized medicine, increasing adoption of fully-automated instruments and automation in laboratories, and increasing adoption of point-of-care testing are driving the market growth.

Based on technology, the immunochemistry/immunoassay segment is expected to dominate the market in 2018. The growing preference for these technologies in clinical diagnostics over conventional methods and the ability of immunoassay/immunochemistry technologies to offer faster results with high sensitivity and accuracy are some of the factors contributing to the growth of this market segment. Geographically, North America is expected to dominate the IVD market in 2018 followed by Europe. The market in North America is primarily driven by the adoption of fully automated instruments, availability of government funds, growing use of molecular diagnostics in genetic disorders and cancer screening, and the presence of key players.