The rising incidences of chronic and infectious diseases, increasing awareness of health and fitness, as well as major technological advancements are key factors driving the IVD market in the U.S. However, the lack of sufficient budget and reimbursement for novel diagnostic tests are restraining market growth.
The U.S. In Vitro Diagnostics (IVD) Market is projected to reach USD 25.99 Billion in
2020 at a CAGR of 4.7% from 2015 to 2020.
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The
U.S. IVD product & services market is broadly segmented into reagents,
instruments, services, and data management software. The reagents segment
accounted for the largest share of the U.S. IVD product & service market in
2014 and is expected to grow at a highest CAGR during the forecast period. The
large share of this segment is primarily attributed to the accessibility of a
wide range of reagents and the need for reliable, specific, and faster
detection of chronic diseases and genetic disorders at early stages.
On the
basis of end user, the U.S. IVD market is segmented into hospital laboratories,
clinical/independent laboratories, and others. In 2014, the hospital
laboratories segment accounted for the largest share of the U.S. IVD market in
the U.S. The high inpatient flow and ancillary outpatient flow in hospitals,
increasing prevalence of chronic and infectious diseases, and growing number of
accredited laboratories are key factors driving market growth in this end-user
segment.
The
U.S. IVD market has been segmented into four regions namely, South, Midwest,
Northeast, and West. In 2014, the South region commanded the largest share of
the U.S. IVD market, followed by West. However, the Midwest region is expected
to witness the highest growth largely driven by the increasing number of
accredited laboratories, reimbursement by the Medicare, increasing demand for technologically
advanced diagnosis devices, and growing spending capabilities of consumers on
healthcare.
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