In Vitro Diagnostics Market
In vitro or molecular diagnostics refer to the medical application of molecular biology technologies, primarily in disease management. It comprises of screening and diagnostic tests utilizing genetic materials (DNA and RNA) and tools. These diagnostic tests assist in early diagnosis of a disease, its genetic predisposition, prediction of an individual's response to a drug, and increasing therapeutic specificity and efficiency of drugs. In vitro diagnostics (IVD) is one of the biggest and rapidly growing sectors in the global diagnostics market, mainly due to the advancements in biomolecular and genomic technologies. Molecular diagnostics have been found to have an incredible potential to materialize as imperative tools in developing new tests for diagnosis and treatment of a wide range of diseases. Additionally, other fast-developing sectors like bioinformatics, genomics, proteomics, and functional genomics are expected to impart immense growth potential to areas such as theragnostics and personalized medicine.
Latest developments in the market for molecular diagnostics include increasing number of novel biomarkers, near-patient testing practices, and an increased effort to clinically validate tests. Although the market is experiencing rising competition, there have been marked amendments in the regulatory environment. The ever increasing growth rate of infectious diseases, chronic illness, and ageing population have constantly fuelled the rise in demand for high quality effective molecular diagnostics. New interdisciplinary fields like pharmacogenomics and nanobiotechnology, which find tremendous application in medicine, are enabling and propelling innovation within this market. As this continues to support growth, it is expected that the rising competition and an ever-increasing patient population will continue to drive growth of this industry.
The US and European markets lead the global market in terms of adoption of molecular testing methods and comprise of a major chunk of the existing market. Nevertheless, the Asia-Pacific region is predicted to show remarkable growth in the market over the coming years, as the US and European markets mature. Major players include Abbott Molecular, BioMérieux, GE Healthcare, Gen-Probe Inc., Genzyme Corp., Siemens Healthcare Diagnostics, Novartis Vaccines & Diagnostics Inc., amongst others. These market players offer broad product portfolios, dealing with requirements of various kinds of clinical laboratories. However, the leadership of these players is expected to be challenged by new players who target relatively untapped and fast growth areas such as pharmacogenomics and oncology.
This section on IVD market research consists of research reports providing detailed analysis of the most recent trends and technological developments in the global IVD market. These reports are a valuable resource for the most updated data and analysis, pertaining to the IVD industry. Generated after tremendous in-depth research, the reports address various aspects of the market including market segmentation, growth drivers and prospects, opportunity assessment, industry trends, market forecasts, strategic analysis, etc.