Global In Vitro Diagnostics Market is expected to reach $74.46 billion by 2020; Finds New Report

In Vitro Diagnostics Market (Techniques, Product Type, Usability, Applications, End-Users, Geography) - Industry Analysis, Trends, Share, Opportunities and Forecast, 2013 - 2020,  the global In Vitro Diagnostics market has a potential to reach $74.46 billion by 2020 with North America being the largest regional market. North America is forecast to reach $30.1 billion by 2020 growing at a CAGR of 4.02% during 2014-2020. Asia-Pacific is forecast to be the fastest growing market and is expected to grow at a CAGR of 7.49% during the forecast period (from 2014 to 2020).The IVD market is evolving in the emerging markets due to widespread healthcare awareness and increased spending capabilities of people on healthcare. In addition, high demand of technologically advanced equipment for the early and precise diagnosis of various diseases is further strengthening the market growth in such regions. Increase in number of incidences of the diseases, minimally invasive and point of care techniques for diagnosis are some of the other factors fueling the growth of global IVD market. The technological advancements and new developments in the diagnostic industry are creating number of opportunities in the global market, while stringent regulatory policies by government and the reimbursement issues are limiting the growth of the market.

The various segments studied in the report include techniques, product, usability, applications, end-user, and geography. Point of care technique of diagnosis is identified as the most popular technique amongst the physicians, clinicians and doctors. It accounted for about 31.0% of the overall IVD market in 2013, and is expected to grow at a CAGR of 3.5% during the forecast period. Major factor contributing for this growth is convenience provided by POC diagnostic devices over conventional diagnostics devices.

Instruments, reagents, data management software, and services are studied as the major segments of the global IVD product market of which instruments segment is expected to be the largest revenue-generating segment through 2020. Global IVD market, by usability of diagnostic devices, is classified as disposable and reusable devices. Due to the cost effectiveness and reusability of the devices for multi patient testing, re-usable devices segment holds the lead position; however, disposable devices segment is catching up rapidly at much faster rates.

The global market for In Vitro Diagnostics, by application, is segmented into infectious disease, diabetes, cancer, cardiology, autoimmune diseases, nephrology, drug testing, and HIV/AIDS of which diagnosis of infectious disease is the most attractive application market followed by HIV/AIDS. Increase in the number of incidences of such diseases is primary driver for faster adoption of IVD techniques in these applications.

Hospitals, laboratories, academics, point of care testing are the major end use segments analyzed in the report and laboratory segment is identified to be the largest end-use segment. Point of care technique provides convenience in diagnosis of disease at home thus it is projected to emerge out as the fastest growing market during the forecast period.

The top global market players and their growth strategies are also discussed in this study. Product launch, acquisitions, approvals for various products are some major strategies adopted by the market players to maintain their positions in the competitive environment. The report showcases top players such as Abbot Laboratories, Roche Diagnostics, Siemens, Johnson & Johnson, Alere Inc, Arkray Inc, Bayer AG, Becton Dickinson & Company, Biomerieux, Dahaner Corporation and Sysmex Corp.

The market players offer products as well as associated and after sale services to the customers. Among the products segment, smart washing machines would occupy the largest market share among all the appliances, due to wide adoption and higher prices. However, Air conditioners would exhibit the fastest growth rate, due to the increasing demand coupled with innovative product launches by the leading market players. Smart home appliances operate through a range of wireless technologies, including Wi-Fi, RFID, ZigBee and Bluetooth and others technologies. Improving internet access levels and easy operability from remote locations, via Wi-Fi technology, would contribute to the market growth.

North America is leading the global market owing to technological advancements and widespread awareness. However, Asia Pacific region is expected to surpass the North American and European markets by 2018, owing to the increasing demand of smart appliances, from countries such as China and India.

Key findings of the study:

The global market for smart home appliances, is expected to grow due to availability of innovative and affordable smart appliances and increasing awareness among the populace during the forecast period (2015-2020)

Wi-Fi, RFID and ZigBee are the most preferred technologies in the smart home appliances market

North America, on account of tech-savvy end users and government incentives for smart appliance manufacturers, constituted the highest market share in 2014, followed by Europe

Asia-Pacific would surpass the North American and European markets by 2018, emerging as the market leader

World smart home appliances market comprises renowned players such as LG Electronics, Panasonic Corp., Samsung, Whirlpool Corp. and Haier, offering a wide range of products to the customers. The players are consistently introducing new smart appliances and associated applications in order to increase their market share, thereby making product launch as one of the majorly adopted growth strategies.  Besides product launch, the players are also acquiring smaller players to widen their customer base.

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