In-Vitro Diagnostics (IVDs) are different types of medical accessories and devices which are used for performing tests on samples. These tests help in diagnosing a medical condition, detect infection and prevent disease. IVDs can range from simple to complicated tests including control materials, reagents, kits, software and calibrators among others. As IVDs are highly sensitive to changes made in their packaging environment, they can be easily contaminated by moisture due to which they require appropriate packaging. A new research report by IMARC Group, titled “In-Vitro Diagnostics Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the market was worth US$ 6.2 Billion in 2018. The report further anticipates the market to reach US$ 7.6 Billion by 2024, at a projected CAGR of 3.4% over the forecast period.
Global In-Vitro Diagnostics Packaging Market Drivers:
- Over the past few years, there has been a rise in prevalence and incidence of chronic infectious diseases. This acts as one of the major factors which is primarily driving the growth of the global in-vitro diagnostics packaging market.
- Another major factor that has boosted the market growth is an increase in the diagnostic services as well as the rising trend of self-testing at home by patients globally owing to inflating incomes and hectic lifestyles.
- A rapid improvement in the current healthcare infrastructure along with a shifting focus towards emerging markets such as Brazil, India, Russia, and China has been proactive in maintaining a strong demand for in-vitro diagnostics packaging.
Product Type Insights:
On the basis of type, there are a large number of in-vitro diagnostics packaging available in the market. Currently, bottles and vials account for the majority of the market share owing to their ability to withstand high temperatures as well as chemical and thermal shocks. They are followed by tubes, petri dishes and closures.
In-vitro diagnostics packaging can be used for various purposes which include diabetes, infectious diseases, cardiology, autoimmune diseases, oncology and drug testing. Among these, diabetes represents the largest segment.
On a geographical front, North America enjoys a leading position in the global in-vitro diagnostics packaging market. This is due to increasing aging population and a rapid rise in the number of people with infectious and chronic diseases in the region. Some of the other major market include Europe, Asia Pacific, Middle East and Africa, and Latin America.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal