Portland, OR (PressExposure) June 10, 2014 -- In vitro diagnostics (IVD) is the technique of diagnostic test outside the human body in an artificial environment. The IVD market revenue is expected to reach $74.65 billion by 2020, from the market value of $53.32 billion in 2013, at a CAGR of 5.34% during 2014-2020. The global IVD market is segmented based on techniques, product type, usability, application, end user and geography (North America, Europe, Asia Pacific and Rest of World). Geographically, Asia Pacific is the fastest growing region and very opportune market that would generate highest revenue by 2020.
Increase in the number of chronic and infectious diseases, and technological advancements are the major driving factors for the market. Widespread knowledge of healthcare & its benefits, and cost effectiveness are some top impacting factors of the global IVD market. The stringent regulatory policies and reimbursement issues are limiting the growth of the market. Furthermore, the rising demand for technologically advanced diagnosis devices and increased spending capabilities of consumers on health care provides huge potential for IVD in Asia Pacific market.
The application area is segmented based on infectious diseases, diabetes, cancer/oncology, cardiology, autoimmune diseases, nephrology, drug testing, HIV/AIDS and others. Infectious diseases generated the highest revenue for current and forecast period mainly due to rise in the incidences of infectious diseases. HIV/AIDS application market is the second largest revenue generating applications segment and would remain the second largest through 2020.
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The detailed analysis of the global IVD market is done in various regions such as North America, Europe, Asia Pacific and Rest of World. North America is the largest revenue generating region in all segments of global IVD market, whereas Asia Pacific region is fastest growing region amongst the regions studied.
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