Cutting-edge biotech spurring growth in infectious disease testing
Molecular and rapid systems among key technology drivers
Increase in adoption of advanced technologies such as molecular & rapid systems, rise in incidence of infectious diseases, and growing awareness of infectious diseases are expected to boost the infectious disease testing market through 2023.
According to a new study by Allied Market Research, the global IVD market garnered $61.10 billion in 2016 and is expected to reach $84.65 bn by 2023, registering a CAGR of 4.6 per cent from 2016 to 2023.
Increase in incidence of chronic and infectious diseases, upsurge in geriatric population, growth in the number of public & private diagnostic centers and point of care centers, and heavy investment by government bodies for advancement of healthcare infrastructure drive the market growth.
However, stringent government regulations for manufacturing IVD products and inadequate reimbursement policies could hamper the growth of the market. On the other hand, ongoing R&D activities related to IVD are expected to create opportunities for the stakeholders in future.
'IVD held one-third share of the total market in 2016, but the cancer treatment market has a faster growth rate.'
Today's leading IVD market players include Johnson & Johnson, Bayer AG, Thermo Fisher Scientific, Alere, Biomerieux and Danaher Corporation, among others.
Reagents segment to dominate the market in terms of revenue
The reagents segment generated the highest revenue in 2016, accounting for nearly one-third share of the total market. This segment is forecast to maintain its dominance throughout the forecast period in terms of revenue. However, the instruments segment is projected to be grow at the fastest CAGR of 6.0 per cent during the forecast period.
Hematology to surpass immunodiagnostics by 2023
Immunodiagnostics contributed about one-third share of the total market in 2016 and is anticipated to maintain its dominant position throughout the forecast period. However, the hematology segment is projected to grow at the fastest CAGR of 5.7 per cent during the forecast period. The other technologies discussed on the report are molecular diagnostics, tissue diagnostics, clinical chemistry, and other clinical techniques.
Infectious diseases segment to maintain its lion's share through 2023
Compared with the likes of cancer, cardiac diseases and immune system disorders, the infectious diseases segment held one-third share of the total market in 2016 and would continue to maintain this trend through 2023, contributing a revenue of $21.27 bn. Meanwhile, the cancer segment would grow at the fastest CAGR of 6.5 per cent by 2023.
Standalone Labs to be the prime end user of IVD through 2023
The report bifurcates the end-user segment into standalone laboratory, hospitals, academics & med schools, point-of-care, and others. The standalone laboratory end-user segment generated a revenue of $26.05 bn in 2016 and would continue to be at the forefront through 2023, against the likes of hospitals and med schools. However, the point of care segment is expected to grow at the fastest CAGR throughout the forecast period.
Asia-Pacific's revenue to supersede North America's by 2023
North America accounted for the highest market share in 2016 and would maintain its dominance through 2023, contributing a revenue of $27.82 bn. However, the Asia-Pacific IVD market is expected to grow at the highest CAGR of 5.4 per cent by 2023.
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