IVD Market In BRIC Countries To Reach USD 15.71 Billion - Major Statistics & Growth Dynamics
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This report aims to provide detailed insights into the IVD market in BRIC countries. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.
Key Factors Driving Market Growth:
The key factors driving the growth of the market are growing patient awareness of personalized medicine, increasing prevalence of lifestyle and chronic diseases, growth in the number of private diagnostic centers, and improving healthcare system in emerging countries. However, market growth is restrained by the lack of reimbursement and the slow growth of the economy in some emerging countries.
Expected Revenue Growth:
The BRIC IVD Market and other emerging countries is expected to reach USD 15.71 Billion by 2022 from USD 10.60 Billion in 2017, at a CAGR of 8.2%.
This research study involved the extensive use of both primary and secondary data sources as well as various factors affecting the industry, including the regulatory landscape; competitive scenario; historic data; current trends in the market; technological innovations and upcoming technologies; and market drivers, restraints, opportunities, and challenges.
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IVD Applications:
Based on application, the market is segmented into diabetes, infectious diseases, oncology/cancer, cardiology, HIV/AIDS, autoimmune diseases, nephrology, drug testing/pharmacogenomics, and others. The infectious diseases segment accounted for the largest share of the market in 2016, owing to the rising incidence of tuberculosis (TB), hepatitis, and hospital-acquired infections.
IVD Technologies:
BRIC IVD Market is broadly segmented into immunoassays/immunochemistry, clinical chemistry, molecular diagnostics, hematology, clinical microbiology, coagulation & hemostasis, and other technologies. The Molecular Diagnostics segment is estimated to register the highest CAGR during the forecast period of 2017 to 2022. The rising prevalence of infectious diseases, cancer, and various genetic disorders; growing demand for blood screening; and increasing application of molecular diagnostic technologies in pharmacogenetics and point-of-care testing is expected to drive the growth of the market during the forecast period.
Regional Growth Analysis:
Geographically, China dominated the BRIC IVD Market and other emerging countries in 2016. The large share of this country can be attributed to rising healthcare expenditure, increasing acceptance of personalized medicine, and increasing awareness towards technologically advanced products in this country. China is also expected to register the highest CAGR, due to the growth in research activities and increasing investments by leading players and government agencies in the country.
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BRIC IVD Market is segmented into hospital-based laboratories, clinical/reference laboratories, academic institutes, point-of-care testing, patient self-testing, and other end users. The hospital-based laboratories segment accounted for the largest share of the market in 2016. The large share of this segment can be attributed to the large number of diagnostic tests carried out in hospitals.
Key Players in IVD Market:
The key players in this BRIC IVD Market are Roche Diagnostics (Switzerland), Abbott Laboratories Inc. (U.S.), Siemens Healthineers (Germany), Danaher Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), Sysmex Corporation (Japan), Bio-Rad Laboratories, Inc. (U.S.), bioMérieux (France), and Becton, Dickinson and Company (U.S.), Johnson & Johnson (U.S.), QIAGEN N.V. (Germany), Ortho-Clinical Diagnostics, Inc. (U.S.), and Diasorin S.P.A. (OTCPK:ITALY).
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