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Global In-Vitro Diagnostics Market – For Cancer Management

In-vitro diagnostics (IVD) play a major role in advanced healthcare, as they provide vital information about an individual or patient after a sequence of tests. These are diagnostic tools, which act as precursors to any treatment.

The global in-vitro diagnostics market size was valued at US$ 60,274.1 million in 2017, and is expected to exhibit a CAGR of 4.6% over the forecast period (2018–2026).

Figure 1. Global In-Vitro Diagnostics Market Value (US$ Mn), by Region, 2018

Source: Coherent Market Insights Analysis (2019)

Increasing global prevalence of cancer and autoimmune diseases is expected to propel the market growth

Rising prevalence of cancer and autoimmune diseases is expected to drive the global in-vitro diagnostics market. According to the American Diabetes Association 2016, an estimated 29.1 million Americans, contributing a total 9.3% of the population, had severe Type II diabetes, while around 1.25 million American children and adults having type 1 diabetes. Similarly, according to the Multiple Sclerosis Foundation, 2017, multiple sclerosis autoimmune condition affects 2.5 million people with the global incidence of around 7 cases per 100,000 people per year.

Rising strategic acquisition and collaboration by market players for expanding their offering in the market is expected to bolster the market growth. For instance, in January 2017, Qiagen N.V. acquired Omicsoft Corporation to expand its bioinformatics portfolio. The acquisition will add Qiagen with additional features to manage, analyze, and share both primary data and analyzed results. Similarly, in July 2018, Arkray, Inc. partnered with Beckman Coulter, a company that manufactures biomedical testing devices, for launching the product, iQ Urinanalysis Workcell. It is a combination of products from both the companies and the commercialization of this product was done through Beckman Coulter.

Figure 2. Global In-Vitro Diagnostics Market Share (%), by Application, 2018 and 2026

Source: Coherent Market Insights Analysis (2019)

Increasing product approvals and product launches in the North America are expected to bolster the market growth

North America holds dominant position in the global in-vitro diagnostics market, owing to increasing product approvals by regulatory authorities. For instance, in 2016, Abbott Laboratories’ ZIKA molecular diagnostics test received Emergency Use Authorization from the U.S. Food and Drug Administration (FDA). Furthermore, in 2017, bioMérieux, an in-vitro diagnostics manufacturer, received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for VITEK MS, its MALDI-TOF1 mass spectrometry system for rapid pathogen identification, and for expanded identification of mycobacteria, Nocardia, and molds.

Increasing product launches in the region is the major factor expected to propel the market growth. For instance, in May 2018, Abbott Laboratories launched its Afinion 2 analyzer in the U.S., the newest generation of the Afinion test system. The Afinion 2 analyzer is a compact rapid, multi-assay platform that streamlines and simplifies the delivery of actionable, accurate measurements of hemoglobin A1c (HbA1c), and albumin to creatinine ratio (ACR) results at the point of care.

Moreover, support from regulatory authorities as well as other government organizations is further expected to support growth of the North America in-vitro diagnostics market over the forecast period. For instance in 2017, United Nations Children’s Fund (UNICEF) announced request for proposal for sustained supply of Zika virus point-of-care diagnostics during 2017 through 2019.

Key Players

Major players operating in the global in-vitro diagnostics market include Siemens Healthineers, Sysmex Corporation, Bio-Rad Laboratories, bioMérieux S.A., Becton Dickinson, and Company, Danaher Corporation, Abbott Laboratories, F. Hoffmann-la Roche Ltd, QIAGEN N.V., Arkray, Inc., Nittobo Medical Co., Ltd., Medical & Biological Laboratories Co., Ltd., Miraca Holdings Inc., and Mizuho Medy Co., Ltd.