The global in-vitro diagnostics instruments market was valued at around $24 billion in 2015 and is expected to reach almost $38 billion by 2020, says Technavio.
Technavio has announced its latest market research report on in-vitro diagnostic instruments for the forecast period, 2016-2020. This market analysis, under the in-vitro diagnostics vertical, discusses the major drivers and key emerging trends that will influence the growth of the global in-vitro diagnostics instruments market during the forecast period. Some of the top vendors listed in this industry analysis include Abbott Laboratories, Danaher, Siemens Healthcare, Roche Diagnostics, and Thermo Fisher Scientific.
In terms of geographical analysis, the Americas is expected to account for the largest share of the global market and is likely to reach revenues of almost $8 billion by 2020. The US will emerge as the key revenue-generators in the region.
“Vendors in the global in-vitro diagnostics instruments market are undergoing M&As to avoid litigation issues. They are using the core competencies of both the companies to develop innovative products and distribute them in emerging markets through alliances. Such collaborations also help vendors expand their businesses, improve product offerings, and increase market shares. Manufacturers leverage joint ventures and partnerships as a business strategy to penetrate the market,” says Barath Palada, a lead analyst at Technavio for research on in-vitro diagnostics.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Strategic initiatives by vendors
The strategic initiatives implemented by coagulation analyzer providers worldwide is a fundamental driver for the growth of the global in-vitro diagnostics market. While some of these strategic initiatives are more specialized with respect to particular markets, some others have higher financial resources. New companies are entering the areas of blood coagulation, safety-engineered devices, and life sciences. Established companies are branching out their business activities into medical technology. Such initiatives aim to leverage each other’s unique selling propositions, such as strong customer bases, technology and strong financial and R&D capabilities.
Demand for personalized medicine
Personalized medicine is greatly in demand in the oncology therapeutics area. The high demand for personalized medicine is because it involves better patient management and enables individualized treatment through diagnostic tests for real-time and rapid results. This trend in the global market is prompting many pharmaceutical companies to shift to personalized medicines and offer incentives for cancer therapies. Personalization of such treatments enables better channeling of patient diagnostic information and communication of results to clinicians. For instance, Roche Diagnostics and Qiagen identify defective proteins and genes extracted from tissues to develop advanced companion diagnostics that target individuals that respond to specific treatments.
High demand for automation and integration of multiple processes driving new product development
Clinical laboratories depend on progressing levels of automation to find solutions for persistent challenges such as difficulty in finding skilled personnel, pressures to contain costs while increasing productivity, and errors associated with manual processes. IVD manufacturers in the market space are striving to automate molecular processes to the same level of automation achieved for clinical chemistry. BD Diagnostics, Roche Diagnostics, and Hologic (Gen-Probe) have already launched automated molecular platforms that integrate both analytical and pre-analytical processes.
The rise in blood donations worldwide coupled with stringent regulations for approval of hematology products is resulting in the development of automated hematology analyzers. Automated hematology analyzers increase the accuracy of detection and possess autosamplers for handling several blood samples. Furthermore, hematology analyzers with three-part and five-part differential have higher clinical significance since they require small quantities of reagents and provide results with high precision.
Some of the other prominent vendors identified in this report are A&T, A. Menarini Diagnostics, Abaxis, Abcam, Accriva Diagnostics, Acon Laboratories, Affymetrix, Ahram Biosystem, ARKRAY, AsuraGen, Biocartis, Bio-Rad Laboratories, CellaVision, Cepheid, Chembio Diagnostic Systems, Chembio Diagnostic Systems, Clarity Diagnostics, Corgenix, DiagCor, Drucker Diagnostics, EKF Molecular Diagnostics, Erba Diagnostics, GREEN CROSS MEDIS, Helena Laboratories, Hologic, HORIBA, Instrumentation Laboratory, i-Sens, Landwind Medical, Mindray, Nihon Kohden, Nipro Diagnostics, Randox Laboratories, Sekisui Medical, Sienco, Sinduri Biotec, Snibe Diagnostics, Stago, and Trivitron Healthcare.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global In-vitro Diagnostics Instruments Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- IVD Market in Europe 2016-2020
- Global In-vitro Diagnostics Packaging Market 2016-2020
- Global Tissue Diagnostics Market 2016-2020
- Global Cancer Diagnostic Devices Market 2016-2020
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