IVD is rise, owing to surge in prevalence of various chronic diseases such as diabetes, cancer, liver disease, which require the use of IVD tests for diagnosis.

PORTLAND, OR, UNITED STATES, September 3, 2021 /EINPresswire.com/ -- UPDATE AVAILABLE ON-DEMAND [In Vitro Diagnostics (IVD) Market to Set New Growth Cycle]

In vitro diagnostics is defined as medical devices which are used by laboratories to perform diagnostic tests inside a laboratory. These tests are performed on samples collected from a patient’s body such as blood, urine, and tissues. Furthermore, medical devices used to perform in vitro diagnosis also require the use of various technologies to conduct the tests. For instance, blood collected from a patient is analyzed for hepatitis infection by using enzyme linked immunosorbent assay technique to analyze the blood. Furthermore, the testing procedure also requires use of various reagents and the use of software for smooth operations.

The U.S. IVD market was valued at $15.74 billion in 2016, and is projected to reach at $20.70 billion by 2023, growing at a CAGR of 3.9% from 2017 to 2023. The reagent segment accounted for more than three-fifths share of the total market in 2016.

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Covid-19 Scenario:

• The global lockdown has impacted the market with interrupted supply chains, inconsistent demand of products, and less human resources.
• On the other hand, the in vitro diagnostics industry has seen a demand for new COVID-19 test kits which is serving as a huge opportunity for the key players in IVD industry. Thus, the overall impact of COVID-19 pandemic remained positive for the key players in the in vitro diagnostics industry.

In vitro diagnostics (IVD) are laboratory-based analysis performed in in vitro conditions to determine general state of health and presence of diseases, and to assess disease progression and treatment. Infections, cancer, cardiovascular immunological, nephrological, and gastroenterological diseases are diagnosed in an in vitro environment. Evolution of information technology plays an important role in the development of automated techniques.

Increase in geriatric population, rise in disposable income, and high healthcare expenditure in the U.S. drive the market growth. However, unfavorable reimbursement policies and stringent government regulations related to the safety and efficacy of the IVD are expected to restrain the market growth during the forecast period. Ongoing R&D associated with the IVD and increase in awareness of preventive healthcare measures provides huge growth potential for IVD market.

Based on product type, the reagents segment held the highest market share in 2016, owing to the recent government approval of new novel reagents in the market and wide availability of cost effective and efficient reagents.

Based on technique, the immunodiagnostics segment contributed the highest market share in 2016, owing to the increase in prevalence of chronic and infectious diseases such as diabetes, cancer, & others and rise in awareness of personalized medicine among the population.

Based on application, the infectious diseases segment contributed the highest market share in 2016, owing to the increase in rise in awareness of preventive health measures and increase in adoption of home test kits.

Based on end users, the standalone laboratory segment captured the highest market share in 2016, mainly due to wide availability of skilled professional and complex tests & high-tech infrastructure enabling fast and reliable test results.

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The Major Key Players Are:

Thermo Fisher Scientific Inc., Alere Inc., Biomerieux, Danaher Corporation, F. Hoffmann-La Roche AG, Becton Dickinson and Company, Bio-Rad Laboratories, Bayer AG, Sysmex Corporation, and Johnson & Johnson among others.

Key Findings of the U.S. IVD Market:

• The reagent segment dominated the market in 2016, and is projected to grow at the 2.9% CAGR.
• The immunodiagnostics segment accounted for the highest share in 2016.
• The infectious diseases segment was the major shareholder in the market in 2016.
• The standalone laboratory segment accounted for the highest share in 2016.

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