Germany IVD Market Trends by Types and Application, Forecast Analysis to 2023
Posted by sanjayhande on December 6th, 2019
According to a new report published by Allied Market Research, titled, Germany IVD Market by Product Type, Technique, Application, and End-User: Opportunity Analysis and Industry Forecast, 2017-2023, the Germany IVD market was valued at ,727 million in 2016, and is projected to reach at ,453 million by 2023, growing at a CAGR of 5.5% from 2017 to 2023. The immunodiagnostics segment accounted for more than one-third share of the total market in 2016.
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In vitro diagnostics plays a vital role in the healthcare sector for early detection, diagnosis, and treatment of various diseases and disorders. Diseases such as infections, cancer, cardiovascular immunological, nephrological, and gastroenterological diseases are diagnosed in in vitro conditions. Incessant innovations in IVD product design and technological advancement have enabled to perform diagnostic test at home, which have encouraged patients to shift their focus from traditional medical methods to personalized medicines. Constant technological developments to improve efficacy of IVD, increase in geriatric population, rise in incidence and prevalence of infectious and chronic diseases, and increase in outsourcing of laboratories in Germany region drive the market growth. However, unfavorable reimbursement policies and stringent government regulations related to the safety and efficacy of the IVD are expected to restrain the market growth during the forecast period. Ongoing R&D associated with the IVD and increase in awareness of preventive healthcare measures provides huge growth potential for IVD market.
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 techniques, the immunodiagnostics segment contributed the highest market share in 2016, owing to the increase in prevalence of chronic and infectious diseases and rise 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 awareness of preventive health measures.
Based on end user, the standalone laboratory segment captured the highest market share in 2016, mainly due to wide availability of complex tests and high-tech infrastructure enabling fast and accurate test results.
Key Findings of the Germany IVD Market:
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Joined: October 17th, 2019
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