LONDON, Dec. 19, 2018 (GLOBE NEWSWIRE) -- According to this latest publication from Meticulous Research®, the global In Vitro Diagnostics / IVD market is expected to grow at a CAGR of 5.7% from 2018 to 2024 to reach $87.21 billion. The growth of this market will be driven by factors such as rising geriatric population and subsequent growth in the prevalence of chronic and infectious diseases, increasing adoption of fully automated instruments by diagnostic laboratories, and growing popularity of personalized medicine.
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On the basis of product type, reagents and kits commanded the largest share in the global In Vitro Diagnostics/IVD market. They are also expected to witness a rapid growth during the forecast period mainly due to incessant product launches, number of on-going research activities, and growing prevalence of various acute as well as chronic infectious diseases.
On the basis of technique, immunoassays commanded the largest share mainly due to their greater adoption attributed to advantages such as inherent specificity, high throughput, high sensitivity, low cost, and rising demand for immunoassay-based tests.
Based on application, infectious disease segment commanded the largest share with large volume of IVD tests performed for infectious diseases, high incidence of various infectious diseases, and incessant technological advancements in the tests used for the detection of such diseases.
On the basis of end user, hospital laboratories commanded the largest share primarily due to high volume of diagnostic tests being performed in the hospitals and high incidence of hospital-acquired infections.
Geographically, Asia-Pacific will be the fastest growing regional market due to improving healthcare infrastructure; growing accessibility to healthcare services; increasing incidence of infectious and non-communicable diseases with aging population; growing income levels and insurance penetration; and rising number of hospitals and clinics. However, North America commanded the largest share of the global IVD market, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Major players operating in the global IVD market are Roche Diagnostics, Danaher Corporation, Abbott Laboratories, Siemens Healthcare, Thermo Fisher Scientific Inc., Sysmex Corporation, bioMérieux S.A., Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., DiaSorin S.p.A., Qiagen N.V., and Agilent Technologies, Inc., among others
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