Despite regulatory roadblocks and nagging reimbursement issues, the in vitro diagnostics (IVD) market is expected to grow at a nearly 5.5% compound annual growth rate (CAGR) to reach a value of $74.65 billion by 2020, according to a market report published by Allied Market Research (Portland, OR). The sector currently is valued at approximately $55 billion.
The rise in chronic and infectious diseases and technological advances are driving the growth of the IVD market, notes the report, In Vitro Diagnostics (IVD) Market - Global Industry Analysis, Growth, Trends, Opportunities, Size, Share and Forecast, 2012 - 2020. Asia-Pacific is the fastest growing market and will generate the highest revenues by 2020. Rising demand for technologically advanced diagnostic devices and the growing ability of consumers to access advanced healthcare present significant opportunities for IVD companies in the Asia-Pacific region, write the authors of the report.
The report segments the market based on immunoassays, clinical chemistry, point-of-care devices, molecular diagnostics, hematology, coagulation, microbiology and other clinical techniques. Point of care is the highest revenue-generating segment, while molecular diagnostics is the fastest growing technique thanks to its capability of accurately detecting primary disease causes.