IVD Quality Control Market worth 1.04 Billion USD by 2022

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According to the new market research report IVD Quality Control Market is poised to reach USD 1.04 Billion by 2022, at a CAGR of 3.5% from 2017 to 2022.
The growth in the IVD quality controls market is mainly driven by the growing number of accredited laboratories and increasing mandates on the use of quality controls from regulatory and accreditation bodies. Similarly, the rise in adoption of third-party controls is also driving the overall growth of the IVD quality controls market. The additional costs involved in the quality control process, budget constraints in hospitals & laboratories, and the unfavorable reimbursement scenario for IVD tests are the major factors restraining the growth of the IVD quality controls market.
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In this report, the IVD quality controls market is segmented on the basis of product and service, application, manufacturer type, end user, and region. On the basis of manufacturer type, the market is segmented into third-party control manufacturers and OEMs. The third-party control manufacturers segment accounted for the largest share of the global IVD quality controls market in 2016. The large share of this segment is attributed to the increasing use of third-party quality controls across the globe to verify patient test results.
Geographically, North America accounted for the largest share of the IVD quality control products market in 2016, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The large share of North America in the IVD quality controls market is mainly attributed to the increasing recommendations and approvals for quality control products from FDA and College of American Pathologists (CAP), presence of well-established distribution channels in the U.S., and presence of leading companies in the region. However, the Asia-Pacific region is expected to be the fastest-growing IVD quality controls market during the forecast period. Asian countries, particularly China and India, are expected to offer significant growth opportunities for independent manufacturers of quality controls as well as IVD instrument and reagent manufacturers. The high growth in these markets can be attributed to the significant demand for high quality, accurate diagnostic tests from the large patient population. Also, with developed economies reaching saturation, manufacturers and suppliers are expected to focus on the Asian market.
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The global IVD quality controls market is consolidated in nature with top three companies accounting for a major share of the market in 2016. Some of the key players in this market are Bio-Rad Laboratories, Inc. (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Randox Laboratories (U.K.), Roche Diagnostics Limited (Switzerland), Abbott Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), Siemens Healthcare (Germany), and Sysmex Corporation (Japan). The leading players in this market have built a strong market position over the years by focusing on new product launches, agreements, collaborations, and partnerships, and expanding their geographic presence in emerging markets in order to widen their revenue streams. These still remain the actively adopted strategies by leading players in this market, in order to achieve sustainable revenue growth in the competitive IVD quality controls market.

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