IVD Market in North America to Obtain Awesome Hike in Revenues by 2023

During 2016, immunodiagnostics accounted for the highest market share in the market and increased use of immunodiagnostics for detecting diseases such as infection, oncology detection, HIV / AIDS virus detection, etc. Is expected to maintain a leading position.

North America IVD Market is projected to reach at $27,820 million by 2023 from$20,886 million in 2016, growing at a CAGR of 4.1%.

In vitro diagnostics are medical devices that are used to test biological samples such as blood, urine, feces, tissues, and other body fluids. Tests can be run in stand-alone and hospital-based laboratories. Important techniques incorporated into in vitro diagnostics include polymerase chain reaction used in test sample preparation, microarray technology, sequencing technology, and mass spectrometry.

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Major companies operating in this market adopt product launch as their key development strategy. Companies profiled in this market include, Thermo Fisher Scientific Inc., Alere Inc., Biomerieux, Danaher Corporation, F. Hoffmann-La Roche AG, Becton Dickinson and Company, Bio-Rad Laboratories, Bayer AG, Sysmex Corporation, and Johnson & Johnson among others.

Based on product type, the reagents segment held the highest market share in 2016, owing to the recent introduction of new novel reagents in the market that are more effective.
Based on technique, the immunodiagnostics segment contributed the highest market share in 2016, due to the increase in prevalence of chronic diseases and increase in awareness of personalized medicine among the population.

Based on application, the infectious diseases segment contributed the highest market share in 2016, owing to the increase in prevalence of infectious diseases and rise in healthcare expenditure.

Based on end users, the standalone laboratory segment captured the highest market share in 2016, due to increase healthcare expenditure and improving healthcare facilities

By country, it is analyzed across the U.S., Canada, and Mexico. The U.S. was the highest revenue contributor in 2016. This is attributed to high expenditure in healthcare, well-established healthcare system, and high incidence of chronic diseases. However, Mexico is projected to be grow with the highest CAGR during the analysis period, owing to rise in healthcare expenditure, increase in per capita income, and improvement in healthcare infrastructure.

Key Findings of the North America IVD Market:

The reagents segment dominated the market in 2016, and is projected to grow at the 3.1% CAGR.

The immunodiagnostics segment accounted for the highest share in 2016.

The infectious diseases segment was the major shareholder in 2016.

The standalone laboratory segment accounted for the highest share in 2016.

The U.S was the major shareholder in 2016.

Mexico is expected to grow at the highest CAGR in the market.

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