Friar Lane, United Kingdom, June 29, 2016 --(PR.com
)-- According to a recently published report, the In Vitro Diagnostics Market Is Expected To Grow At The Cagr Of 6.4% During 2015-2022. The segmentation of global in vitro diagnostics market is based on application, product & service, end user, technology and geography. The report on global in vitro diagnostics market forecast, 2015-2022 (by application, product & service, end user, technology and geography) provides detailed overview and predictive analysis of the market.
Increasing prevalence of diabetes has increased the demand for IVD. Diabetes patients regularly use IVDs in order to monitor the blood glucose. According to WHO, the number of patients suffering from diabetes were 422 million and the prevalence rate of diabetes among adults was 8.5% in 2014. Rising demand for the point of care identification and detection of several infectious diseases such as viruses & bacteria causing upper and lower respiratory tract infections including RSV, influenza, legionnaires’ disease and pneumonia along with pathogens causing filariasis and malaria is one of the key factor driving the IVD market. The other key factors that are contributing significantly towards the growth of the market are the raising awareness for personalized medicine and the growth in geriatric population. Some of the challenges faced by in vitro diagnostics market are the stringent regulatory policies and the various reimbursement issues. As per the FDA's Federal Food Drug and Cosmetic Act, most genetic IVDs are of either Class II or Class III medical devices. In the case of Class III in vitro diagnostics, the manufacturers have to take approval from FDA before commercializing the IVD and meet some other stringent requirements.
Detailed study on this Report : http://www.briskinsights.com/report/in-vitro-diagnostics-market