IVD Market is Forecast to Rise at 4.5% CAGR and Reach USD 87.11 Billion by 2026; Adoption of New Techniques for Rapid Disease Diagnosis Will Encourage…

November 12, 2020 02:42 ET | Source: Fortune Business Insights

Pune, India, Nov. 12, 2020 (GLOBE NEWSWIRE) -- According to the report, the global IVD Market size was valued at USD 61.22 Billion in 2018 is predicted to reach USD 87.11 Billion by 2026, exhibiting a CAGR of 4.5% during the forecast period. North America generated a revenue of USD 23.09 Billion in 2018 and is anticipated to emerge as a dominant region in the global IVD Market during the forecast period. Adequate and favorable government regulations, well-established diagnostic infrastructure, adoption of technologically advanced diagnostic techniques, and presence of prominent key market players in this region are some of the significant factors anticipated the drive the growth of the market in North America.

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Increasing Prevalence of Chronic and Infectious Disease Will Enable Growth

The launch of diagnostic and rapid testing tools by leading market players will propel growth of the global IVD Market. For instance, Thermo Fisher Scientific launched Phadia 200 for diagnosis of allergy & autoimmune conditions. The launch of Phadia 200 is anticipated to increase the revenue of the company.

According to the report, the reagents and consumables segment will account for a major portion in the global IVD Market during the forecast period owing to the adoption of self- test and point-of-care devices. Furthermore, the instrument segment is likely to grow at a moderately slower pace during the forecast period.

Rising technological advancement is predicted to aid growth of the segment. Moreover, the increasing cases of cancer and infectious disease around the world will further accelerate global IVD Market growth.

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Launch of Altostar Molecular Diagnostics Workflow Will Boost Growth

Altona Diagnostics GmbH, molecular diagnostic testing solutionscompany launched a CE-IVD marked AltoStar Molecular Diagnostics Workflow. AltoStar Molecular Diagnostics a flexible and efficient automatic system that automates the entire workflow from sample preparation up to analysis.

Fortune Business Insights states the launch of CE-IVD marked AltoStar Molecular Diagnostics Workflow is expected to boost the IVD Market revenue. Furthermore, the oncology segment is likely to grow at a considerable rate during the forecast period.

Rising adoption and availability of advanced home care kits such as fecal occult blood test (FOBT) for diagnosis of colon cancer in homecare settings is one of the major factor likely to fuel demand for the oncology segment, which, will, in turn, uplift the global IVD Market shares.

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The Major Companies in The Global IVD Market Include:

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IVD Market Segmentations:

By Product Type

Instruments

Reagents & Consumables

By Technique

Immunodiagnostics

Clinical Chemistry

Molecular Diagnostics

Point of Care

Hematology

Others

By Application

Infectious Diseases

Cardiology

Oncology

Gastroenterology

Others

By End User

Clinical Laboratories

Hospitals

Physicians Offices

Others

By Geography

North America (U.S. and Canada)

Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)

Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)

Latin America (Brazil, Mexico, and Rest of Latin America)

Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)

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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:

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IVD Market is Forecast to Rise at 4.5% CAGR and Reach USD 87.11 Billion by 2026; Adoption of New Techniques for Rapid Disease Diagnosis Will Encourage...