The size of North American IVD Market has been estimated at USD 25.9 billion in 2019 and is expected to reach 32.59 billion in 2024 at a Compound Annual Growth Rate (CAGR) of 4.7%, as per the recently published report of Market Data Forecast. Within North America, the United States IVD Market expected to occupy the majority of the shares.
Growing prevalence for early diagnosis of diseases, increasing incidences of infectious and chronic diseases and adoption of point-of-care testing devices for the accurate results in very less time are majorly driving the growth of the North American In-Vitro Diagnostics Market. The trend towards personalized medicines, rise in the investments on hospitals and clinics by government and non-government organizations and growth in the scale of diagnostic centres along with the increasing flow of patients are expected to fuel the North American IVD market.
The adoption of the latest technologies and the launch of innovative products in favour of the end-users in the medical sector is certainly to create growth opportunities for the market. Along with this, rising awareness over the availability of different treatment procedures for various diseases among individuals and on-going research on the development of new devices in concern towards people’s safety and adequate support from the private sectors through investments are lavishing the demand of the market in North America.
However, the high cost for installation and maintenance of the equipment used in the diagnostic centres is quietly restricting the demand of the in-vitro diagnostics market in North America. Lack of standardization is one more factor hindering the growth rate of the market. The dearth of skilled people in operating the devices more accurately and analyzing the reports has remained a challenging factor for the market players. Frequent changes in the economic strategies may also impact negatively on the growth rate of the market in North America.
The U.S. In-Vitro Diagnostics Market
The United States has the largest In-Vitro diagnostics market in the world. The continuous awareness and product innovations are the factors behind the leading market. In the United States section 210 of the Federal Food, Drug and cosmetic act says that the diagnostics products are medical devices and also the biological product subject.
The use of point-of-care (POC) diagnostics, high occurrence of chronic diseases, heart diseases, asthma, diabetes and the Covid-19 in 2020 are majorly boosting up the demand of the market. These diseases are responsible for the high mortality rate in the United States. The use of In-vitro diagnostics is feasible in managing chronic conditions. Advances in DNA sequencing, growing demand of the diagnostic devices, customers healthcare spending and government funds will increase the business of U.S. In-Vitro Diagnostics Market in the forecast period.
This research report segmented and sub-segmented into the following categories:
On the basis of geography, North America is the largest market accounting for a share of around 37% in the global IVD market owing to the growing prevalence of chronic diseases such as cancer and respiratory diseases Within North America, United States is the largest market for In-Vitro diagnostics accounting for a share of XX% while Canada is estimated to be the fastest-growing with a healthy CAGR.
Companies holding the majority of the shares in the North American IVD Market profiled in the report are Abbott Laboratories, Johnson and Johnson, Siemens Healthcare, Becton Dickinson, Roche Diagnostic, Beckman Coulter Inc., Biomérieux, Ortho Clinical Diagnostics, Inc., Bio-Rad Laboratories, Inc., Danaher Corporation, Sysmex Corporation & Thermo Fisher Scientific, Inc.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5.1 By Product
5.1.1 Instruments
5.1.2 Reagents and Kits
5.1.3 Software
5.2 By Technology
5.2.1 Clinical Chemistry
5.2.2 Hematology
5.2.3 Immunoassays
5.2.4 Coagulation and Hemostasis
5.2.5 Molecular Diagnostics
5.2.6 Microbiology
5.2.7 Other IVD technologies
5.3 By Application
5.3.1 Diabetes
5.3.2 Infectious Diseases
5.3.3 Oncology/Cancer
5.3.4 Cardiology
5.3.5 Nephrology
5.3.6 Autoimmune Diseases
5.3.7 Drug Testing
5.3.8 HIV
6.1 Introduction
6.2 United States
6.3 Canada
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.1 Abbott Laboratories
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 Johnson and Johnson
8.3 Siemens Healthcare
8.4 Becton Dickinson
8.5 Roche Diagnostics
8.6 Beckman Coulter Inc.
8.7 Biomérieux
8.8 Ortho Clinical Diagnostics, Inc.
8.9 Bio-Rad Laboratories, Inc.
8.10 Danaher Corporation
8.11 Sysmex Corporation
8.12 Thermo Fisher Scientific, Inc.
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.1 Market Outlook
10.2 Investment Opportunities
Appendix
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Aug 2019
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