IVD Market in BRIC Growing at High Rate
The rising incidence of chronic diseases, growth in the number of private diagnostic centers, and rising consolidation of laboratories are the key factors driving the market growth. However, inadequate reimbursement and the slow growth of the economy are the factors restraining the growth of this market.
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How Market is Growing?
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%.
Based on product & service, the market is segmented into reagents & kits, instruments, services, and data management software. The reagents & kits segment accounted for the largest share of the market in 2016.
On the basis of application, the market is segmented into diabetes, infectious diseases, oncology/cancer, cardiology, HIV/AIDS, autoimmune diseases, nephrology, drug testing/pharmacogenomics, and other applications.
In 2016, China accounted for the largest share in the market, followed by Brazil. Rising government initiatives and improving healthcare infrastructure, and increasing geriatric population are driving the market growth in China. Brazil accounted for second-largest share in the BRIC IVD Market and other emerging countries
Top Key Players
The BRIC IVD Market and other emerging countries is highly competitive in nature, with the top five companies accounting for the major market share in 2016. Some key players in this 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), 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).
These leading players have primarily focused on product launches, acquisitions, agreements, collaboration, partnerships, and expansions for growth in the market.
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Target Audience
IVD product manufacturers
Group purchase organizations (GPOs)
Original equipment manufacturers (OEM)
Pathologists and pathology laboratories
Distributors of IVD products
Hospitals and clinics
Healthcare institutions