In-Vitro Diagnostics (IVD) Market to Reach USD 74.32 Billion by 2020: Grand View Research, Inc

The global market for IVD is expected to reach USD 74.32 billion by 2020, according to a new study by Grand View Research, Inc. Constantly improving patient awareness levels pertaining to infectious diseases and their subsequent diagnosis, the introduction of advanced molecular and tissue diagnostic tests for cancer such as companion diagnostics and the growing global base of geriatric population are some of the primary drivers for this market. Moreover, rising global healthcare expenditures, especially in Asia Pacific and increasing demand for rapid, minimally invasive and non-invasive diagnostic procedures are also expected to have a positive impact on market growth. The emergence of epigenomics-based diagnostics and the ability of molecular diagnostics to detect disease at an early stage of development are expected to create opportunity for industry participants to capitalize on over the next six years. 

The professional diagnostic products dominated the overall IVD market in 2013, owing to the high usage rates of these tests in diagnostic tests pertaining to the infectious disease segment, and are expected to grow at a CAGR of 4.7% from 2014 to 2020 to reach an estimated value of USD 49.76 billion by 2020. However, the tissue diagnostics market is expected to grow at the highest CAGR of 10.2% from 2014 to 2020, owing to its growing application in cancer diagnosis and need for lab automation as a consequence of limited skilled labor availability. 

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