Rise in prevalence of diseases to accelerate the global IVD market by 2025

The global in vitro diagnostics (IVD) market is likely to witness a steady rise in coming years. Innovation of new products through exhaustive research and development is something that has been tried out by various leading players in order to formulate their brand name. According to a Transparency Market Research report, the global IVD market is predicted to expand at 5.6 percent CAGR during 2017–2025. The market is likely to be worth USD 89,862 million by the end of 2025 from USD 55,000 million in 2016. Rise in prevalence of chronic and infectious diseases throughout the world is known to fuel the growth of the market.

Diseases such as diabetes, cancer, obstructive pulmonary diseases, and human immunodeficiency infections are anticipated to help the growth of the market in the years to come. Rise in disposable income across the world is actually helping in spending on the healthcare sector which includes advanced treatment; this is known to create a lucrative opportunity for the market to grow. Demand for procedures which are non-invasive or minimally invasive is bringing new horizons in the global in-vitro diagnostic market.

Apart from these, the progress in monitoring of treatment and rising accessibility of over-the-counter tests are some of the other factors that bolster the growth of the market. Complex and constraint number of reimbursement policies is standing in the way of the global market. This factor is anticipated to deter the growth of the market. However, the rise in the pool of geriatric population all across the world, who have less immunity and are more vulnerable to diseases, is known to boost the market growth. Demand for treatment of a disease in the early stage is also helping the market to gain traction. Another reason behind the popularity of the IVD market is the fact that it does not require clinical labs for doing tests. For instance, nowadays, the pregnancy test is done safely at home using a test kit. This is known to save time and also provide accurate results, thus stoking the growth of the market.