The global IVD market accounted for USD 61,103 million in 2016, and is estimated to reach USD 84,647 million by 2023, growing at a CAGR of 4.6 percent, projects Allied Market Research. Increase in incidence of chronic and infectious diseases and increase in geriatric population drive the global IVD market. In addition, growth in the number of public and private diagnostic centers and point of caring centers is expected to fuel the market over the next seven years.
Furthermore, rise in investment for the advancement of healthcare sector by government is anticipated to boost the market growth. However, stringent government regulations for the manufacturing of IVD products and inadequate reimbursement policies are expected to hamper the market growth. Ongoing R&D activities related to IVD are anticipated to present new opportunities for the market.
The reagent segment accounted for the highest market share in 2016, and the software and services segment is expected to grow at the highest growth rate over the years. The growth of the reagent market is attributed to the recent introduction of new novel reagents and wide availability of effective and cost-efficient reagents. The immunodiagnostics segment captured the highest market share in 2016, owing to the increase in demand for personalized medicines. The high market share of the infectious diseases segment is attributed to the increase in prevalence of infectious diseases and rise in preventive healthcare awareness among the population.
Geographically, North America accounted for the highest share of the market in 2016, followed by Europe. However, Asia-Pacific is anticipated to witness the highest growth rate during 2017–2023. In addition, this region is expected to emerge as the area with maximum growth potential due to the focus of key players in the emerging economies and improvement in the healthcare infrastructure. As there are various advancements in the conventional technologies of IVD, there is increase in demand for IVD in the market. These advancements contribute in driving the global IVD market.