Global In Vitro Diagnostics (IVD) Market Size, Share.
The Market Revenue is expected to reach $74.65 billion by 2020.
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.
An increase in the number of chronic and infectious diseases, widespread knowledge of healthcare and its benefits, advancement in medical technology, and cost-effectiveness are some of the major driving factors for the global IVD market. Furthermore, the rising demand for technologically advanced diagnosis devices and increased spending capabilities of consumers on healthcare provide a huge potential for IVD in Asia Pacific market. On the other hand, the stringent regulatory policies and reimbursement issues are limiting the growth of the market. Bio
IQ has worked and plans to continue our collaboration with an extensive number of manufacturers and regulatory agencies in different countries to ensure our products exceed the standards and align with their public health goals.
Historical Experience with Infectious Disease Reagents:
BioIQ DIAGNOSTICS has designed, and developed Assays and infectious disease reagents both for research and as components of 510(k) medical devices for over 10 years. BioIQ DIAGNOSTICS can quickly and efficiently generate additional reagents in conjunction with different specifications; an essential feature for the future of our Company and clients. The following section describes a summary of our past and current activities.