(PharmaNewsWire.Com, May 30, 2020 ) What is the future growth analysis of global IVD Market in BRIC?
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%.
What are key factors driving growth of global IVD Market in BRIC?
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.
What the growth opportunities are in IVD Market in BRIC?
1. Untapped Emerging Markets 2. Growing Significance of Companion Diagnostics
In the current market scenario, there is a growing demand for IVD. The IVD Market in BRIC has been categorized based on the product, technology, application, and region.
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.
Based on technology, the 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 IVD market in BRIC during the forecast period.
Geographic 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.
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. (Italy).
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