The global in vitro diagnostics market is estimated at USD 60.22 billion in 2016. This market is expected to grow at a CAGR of 5.5 percent during 2016 to 2021 to reach USD 78.74 billion by 2021, states Markets and Markets. The growing acceptance of molecular diagnostics in personalized medicine, increasing prevalence of lifestyle and chronic diseases, and growth in the number of private diagnostic centers are key factors driving market growth. Untapped emerging regions showcase new growth opportunities for this market. However, market growth is restrained by the lack of reimbursement and increasing healthcare cost.
On the basis of application, the market is segmented into diabetes, infectious diseases, oncology/cancer, cardiology, HIV/AIDS, autoimmune diseases, nephrology, drug testing/pharmacogenomics, and other applications. In 2016, the infectious diseases segment accounted for the largest share of the IVD market. The large share of this segment is attributed to the rise in the incidences of various infectious disorders such as tuberculosis (TB), hepatitis, and hospital-acquired infections which fuel the demand for IVD tests. The oncology/cancer segment is expected to register the highest CAGR during the forecast period due to the growing incidences of cancer forms that stimulate the demand for early detection of the disease.
In 2016, North America accounted for the largest share of the IVD market, followed by Europe. Factors like easy accessibility to technologically advanced products and presence of a large number of leading IVD manufacturers in the region are driving market growth in North America. Similarly, the rising prevalence of chronic lifestyle and genetic diseases, rising geriatric population, increasing acceptance of personalized medicine, and growing adoption of technologically advanced products are driving the growth of the North American IVD market.
The Asia-Pacific region is expected to witness the highest growth in this market majorly due to improving healthcare infrastructure and growing economies in China and India. In addition, manufacturers are increasingly focusing on strengthening their presence in emerging APAC countries.