Provided by BIS Research
The healthcare industry is evolving at a rapid pace, with new diagnostic technology disrupting the market each year. With the innovations in molecular diagnostic techniques and an upsurge in the demand for better healthcare services, the in-vitro diagnostic (IVD) sector is utilizing this opportunity by introducing new tools and technology. With the increasing pressure on the healthcare industry, in-vitro diagnostic has emerged as a redeemer of the industry, poised to grow significantly.
The aging demographic has multiplied, which in turn has increased the cases of chronic age-related conditions such as cardiovascular disease, cancer and neurological disease, which are expected to become prevalent with time, and the healthcare cost related to these conditions are also going to rise. Such scenarios call for an improved tool for clinical decision-making, a tool which is more specific, more affordable, more accurate, more informative and less invasive than the ones currently in practice. This is where in-vitro diagnostic comes into play, providing all the aforementioned properties to the consumers. In-vitro diagnostic is modifying the healthcare system by shifting the emphasis in medicine from reaction to prevention.
The perfection of genetic sequencing and its application to human genome revolutionized the healthcare system, opening up a plethora of opportunities in diagnostics and therapy. Now, with the advancement in nanotechnology and microfluidics, research lab discoveries have been successfully tested and are being applied on patients in hospitals as well as private clinics. Special IVD needs are sprouting and disrupting the emerging markets due to the rising cases of chronic diseases, which in turn is driving the new innovations in the in-vitro diagnostic market.
According to the latest research report by BIS Healthcare, titled ‘Global IVD Market- Analysis & Forecast, 2017 to 2023’, the global IVD market is expected to reach $76 billion by 2023, with a significant influence over the healthcare spending globally. This growth is attributed to key macro forces such as demand from emerging economies, aging populations, evolving clinician attitudes, and an encouragement towards theranostics and personalized medicine.
The market report has divided the IVD market along the lines of types of diagnostic methods. Among these methods, Immunoassays held the largest share of the IVD market in 2016. This segment was widely accepted among consumers as it dominated the IVD product offerings in 2016 and represented about a third of the testing in the clinical laboratory. The future of immunoassays looks bright, with an estimated growth of over 5% annually by 2023. Beside this, molecular diagnostics (MDx) segment is touted as the leader in the IVD market as it has outperformed the broader IVD category. The MDx market is expected to grow at the highest rate during 2017 to 2023, with a CAGR of 7.3%. The key stimulus for this market is the commercialization of innovative technologies, along with the offerings of tools enabling earlier, more accurate diagnosis, improved treatment decision and better treatment monitoring, which will further the acceptance rate of IVD methods.
This study also includes a separate segment which provides a detailed profile of key market players, along with their individual SWOT analysis. Some of the key players analyzed in the report are F. Hoffmann-La Roche AG, Danaher Corporation, Agilent Technologies, Novartis International AG, Illumina Inc., Myriad Genetics Inc. and Qiagen Inc. among others. The established players will look for expansion through acquisition and the competition will be intense for niche suppliers.
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