The in vitro diagnostics (IVD) market in BRIC is estimated to reach USD 15.71 billion by 2022, at a CAGR of 8.2% during the forecast period. Some of the factors driving the IVD market in BRIC are rising aging population with a related increase in chronic diseases, increasing healthcare expenditure, and rise in demand for point-of-care testing.
In this report, the market is segmented by product & service, technology, application, end user, and country. The IVD market in BRIC by product and service are broadly categorized into four major segments—reagents & kits, instruments, services, and data management software. Among these, the reagents & kits segment accounted for the largest share of the market in 2016. This is primarily attributed to the increased accessibility and demand for reagents, the rising number of IVD tests conducted, and the increased variety of reagents available. The reagents & kits segment is also expected to register the highest growth in the market mainly due to the analytical techniques employed and the continuous launch of new, faster, & reliable IVD products.
Based on technology, the market is broadly segmented into immunoassays/immunochemistry, clinical chemistry, molecular diagnostics, hematology, clinical microbiology, coagulation & hemostasis, and other technologies. The molecular diagnostics segment is estimated to register the highest CAGR during the forecast period of 2017 to 2022. The rising prevalence of infectious diseases, cancer, and various genetic disorders; growing demand for blood screening; and increasing application of molecular diagnostic technologies in pharmacogenetics and point-of-care testing is expected to drive the growth of the market during the forecast period.
In 2016, China commanded the largest share of the IVD market in BRIC, followed by Brazil. China is also expected to register the highest growth during the forecast period. The high growth in the Chinese market can be attributed to large population & rapid growth in overall patient population, rising healthcare needs, improving healthcare infrastructure, and increasing income of the middle-class population.
