Reasons for Growth within the IVD Market
In-vitro diagnostics (IVD) has emerged as one of the most promising techniques in the field of diagnostic and genetic testing.
We have put together some key information you need to know about the growth in the IVD market and how your business can respond to the demand.
- In-vitro diagnostics (IVD) has emerged as one of the most promising techniques in the field of diagnostic and genetic testing.
- The IVD sector is playing a critical role in shifting the healthcare and drug discovery landscape.
- The current healthcare system is under massive burden on account of rising demand and soaring costs, and this trend is projected to worsen in the forthcoming years.
Reaction to prevention: The IVD Potential
IVD tools hold the potential to help shift the emphasis in medicine from reaction to prevention
What can IVD capture?
The potential challenges tend to be chronic age-related conditions, including cardiovascular disease, cancer, and neurological diseases. These will become more prevalent as population demographics shift upward.
Why is there a demand?
Rising healthcare costs pertaining to these conditions create a need for advanced tools that are fast, accurate, specific, informative, affordable, and less invasive for clinical decision making.
The Figures: Growth potential
- 37.6%: North America is the leading contributor in the global IVD market and contributed approximately 37.6% to the global market value in 2019
- 4.43%: North America is anticipated to grow at a CAGR of 4.43% during the forecast period 2020-2030 and continue dominating the global market in 2030 as well
- 6.1%: However, the Asia-Pacific region is expected to grow at an impressive CAGR of 6.10% during the forecast period from 2020-2030
- 28.5%: The European region also contributed a significant share of 28.5% to the global market in 2019
- 4.96%: It is anticipated that the EU will grow at a CAGR of 4.96% during the forecast period from 2020-2030
How we can support your growth in the IVD sector
We are a sole-source provider for the design, creation and distribution of diagnostic test kits through out the EU and ROW.
Learn more about how we can help
Find out how we partner with genetic and diagnostic testing organisations to help with the commercialisation of specimen collection kits.