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(Health-NewsWire.Net, April 22, 2021 ) The rising incidences of chronic and infectious diseases, increasing awareness of health and fitness, as well as major technological advancements are key factors driving the IVD market in the U.S. However, the lack of sufficient budget and reimbursement for novel diagnostic tests are restraining market growth.
The U.S. In Vitro Diagnostics (IVD) Market is projected to reach USD 25.99 Billion in 2020 at a CAGR of 4.7% from 2015 to 2020.
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The U.S. IVD product & services market is broadly segmented into reagents, instruments, services, and data management software. The reagents segment accounted for the largest share of the U.S. IVD product & service market in 2014 and is expected to grow at a highest CAGR during the forecast period. The large share of this segment is primarily attributed to the accessibility of a wide range of reagents and the need for reliable, specific, and faster detection of chronic diseases and genetic disorders at early stages.
On the basis of end user, the U.S. IVD market is segmented into hospital laboratories, clinical/independent laboratories, and others. In 2014, the hospital laboratories segment accounted for the largest share of the U.S. IVD market in the U.S. The high inpatient flow and ancillary outpatient flow in hospitals, increasing prevalence of chronic and infectious diseases, and growing number of accredited laboratories are key factors driving market growth in this end-user segment.
The U.S. IVD market has been segmented into four regions namely, South, Midwest, Northeast, and West. In 2014, the South region commanded the largest share of the U.S. IVD market, followed by West. However, the Midwest region is expected to witness the highest growth largely driven by the increasing number of accredited laboratories, reimbursement by the Medicare, increasing demand for technologically advanced diagnosis devices, and growing spending capabilities of consumers on healthcare.
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Some major players in the U.S. IVD market are Roche Diagnostics Limited (Switzerland), Abbott Laboratories, Inc. (U.S.), Becton, Dickson and Company (U.S.), Johnson & Johnson (U.S.), Danaher Corporation (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Siemens Healthcare (Germany), Bio-Rad Laboratories, Inc. (U.S.), Sysmex Corporation (Japan), QIAGEN N.V. (Netherlands), Alere Inc. (U.S.), Ortho-Clinical Diagnostics Inc. (U.S.), and bioMérieux (France).
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