Roche Diagnostics (Switzerland) and Abbott Laboratories (US) are the Leading Players in the In Vitro Diagnostics/IVD Market
The global in vitro diagnostics (IVD) market is projected to reach USD 87.9 billion by 2023 and is expected to grow at a CAGR of 5.2% during the forecast period of 2018-2023. The global in vitro diagnostics (IVD) market is highly competitive and fragmented in nature. This market is dominated by five major players namely, Roche Diagnostics (Switzerland), Danaher Corporation (US), Abbott Laboratories (US), Siemens Healthineers (Germany), and Thermo Fisher Scientific (US); and together accounted for ~55-60% share of the global IVD market in 2017. To maintain the leading positions in this market, these players have adopted product launches, and agreements, collaborations, and partnerships as their major growth strategies.
Roche Diagnostics was the leading player in the IVD market in 2017. The company’s leading position in the IVD market is attributed to its wide product portfolio, which includes clinical chemistry, immunochemistry, molecular diagnostics, and tissue diagnostics instruments, reagents, and kits. Under its flagship brand, Cobas, the company offers a variety of IVD instruments, reagents, and kits that are widely used by end users across the globe. The company also has a wide geographic presence, spanning North America, Europe, the Middle East and Africa, and Asia, which enables it to cater to customers across the globe. The company mainly focuses on product launches and strategic partnerships and collaborations to maintain its leadership position in the market.
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Abbott Laboratories accounted for the second-largest share of the IVD market in 2017. The company secured its second leading position in the market mainly due to the acquisition of Alere, Inc. (US) in 2017. With the completion of this acquisition, Abbott has likely strengthened its diagnostics portfolio and established itself as the leading player in the point-of-care testing market. Abbott has a strong presence in the US, and seeks to further enhance its geographical presence by strengthening its business operations in emerging, high-growth markets. The company has a strong product portfolio and its FDA and CE-marked approved products have helped it to maintain and enhance its presence in the IVD market. The company is presently focusing on developing next-generation instrument platforms, such as the PLEX-ID platform and other advanced patient self-testing technologies.
Some of the other major players operating in the in vitro diagnostics (IVD) market are Ortho-Clinical Diagnostics (US), Sysmex Corporation (Japan), Bio-Rad Laboratories (US), bioMérieux (France), Becton, Dickinson and Company (US), Johnson & Johnson Services (US), DiaSorin S.p.A. (Italy), and QIAGEN N.V. (Germany) among others.
Related Reports:
In Vitro Diagnostics/ IVD Market by Product (Instruments, Reagents), Technology (Immunoassay, Clinical Chemistry, Molecular Diagnostics, Hematology, Urinalysis), Application (Diabetes, Oncology, Cardiology, Nephrology) - Forecast to 2023
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