According to new research report by Allied Market Research titled "In Vitro Diagnostics Market (Techniques, Product Type, Usability, Applications, End-Users, Geography) - Industry Analysis, Trends, Share, Opportunities and Forecast, 2013 - 2020," the global In Vitro Diagnostics market has a potential to reach $74.46 billion by 2020 with North America being the largest regional market. North America is forecast to reach $30.1 billion by 2020 growing at a CAGR of 4.02% during 2014-2020. Asia-Pacific is forecast to be the fastest growing market and is expected to grow at a CAGR of 7.49% during the forecast period (from 2014 to 2020).
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The IVD market is evolving in the emerging markets due to widespread healthcare awareness and increased spending capabilities of people on healthcare. In addition, high demand of technologically advanced equipment for the early and precise diagnosis of various diseases is further strengthening the market growth in such regions. Increase in number of incidences of the diseases, minimally invasive and point of care techniques for diagnosis are some of the other factors fueling the growth of global IVD market. The technological advancements and new developments in the diagnostic industry are creating number of opportunities in the global market, while stringent regulatory policies by government and the reimbursement issues are limiting the growth of the market.
The various segments studied in the report include techniques, product, usability, applications, end-user, and geography. Point of care technique of diagnosis is identified as the most popular technique amongst the physicians, clinicians and doctors. It accounted for about 31.0% of the overall IVD market in 2013, and is expected to grow at a CAGR of 3.5% during the forecast period. Major factor contributing for this growth is convenience provided by POC diagnostic...