Immunoassay dominated global IVD market in 2019

The global in vitro diagnostics (IVD) market size was valued at USD 60.8 billion in 2019 and is expected to expand at CAGR of 4.4 percent over the next 7 years, estimates Grand View Research. Development of automatic IVD systems for laboratories and hospitals to provide efficient, accurate, and error free diagnosis is expected to fuel the growth. Rising geriatric population is expected to be one of the high impact rendering market drivers. According to the United Nations (UN), it was estimated that, in 2017, there were around 962 million people with age above 60 years worldwide. Furthermore, according to the World Health Organization (WHO), by 2020, the number of populations above 60 years will be more than that of the children younger than 5 years. Presence of research organizations that provide consulting services, clinical research, and laboratory testing to combat the increasing demand for rapid diagnosis and treatment plans is expected to drive the IVD market.

Reagents held the dominant market share in 2019. Factors, such as rise in the number of R&D initiatives related to reagents and increase in the demand for self-test and point-of-care (PoC) products are expected to accelerate the growth of the segment over the next 7 years. In addition, key market players are launching new systems using reagents with advanced technology. On the other hand, instruments is expected to expand at a lucrative CAGR. Technological advancements and innovations are expected to create growth opportunities for the segment in the forthcoming years.

Immunoassay dominated global IVD market in 2019, attributed to increasing adoption of immunoassay based PoC testing and rapid testing. Molecular diagnostics is expected to witness the fastest growth in coming years. Rising approvals by regulatory authorities can be attributed to this growth. The infectious disease segment held the leading market share in 2019 due to increasing incidence of infectious diseases such as pneumonia, tuberculosis, AIDS, and HIV. Manufacturers are developing new in vitro diagnostic systems to combat the rising incidence of infectious diseases.

North America held the largest market share in 2019. Favorable government regulations, well-established diagnostic infrastructure, technological advancements in the field of in vitro diagnostics, and presence of key market players are the factors responsible for the largest regional share. In addition, development of IVD kits for laboratories in hospitals in US is expected to drive the market growth in North America. For instance, in November 2019, Lexent Bio, Inc. and Illumina, Inc. entered into partnership to develop IVD kits for Lexent portfolio of Next-Generation Sequencing (NGS) based cancer diagnostics. These kits are focused on improving clinical practice in hospitals with laboratories.

Some of the key market players are Siemens Healthineers; Qiagen; Becton, Dickinson and Company; F. Hoffmann-La Roche Ltd.; bioMerieux SA; Hologic, Inc. (Gen-Probe); Abbott Laboratories; Danaher; Sysmex Corporation; and Cepheid.