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(Medical-NewsWire.com, February 09, 2019 ) 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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Growing Adoption Of Third-Party Quality Controls-Drive The Global Ivd Quality Control Market
Either IVD instrument manufacturers or third-party manufacturers produce IVD quality controls. The latter produce two types of quality controls-instrument-specific and independent. Independent controls can be used to detect procedural errors with multiple IVD instruments or reagents. These controls offer various advantages over instrument-specific controls that are linked into a single reagent/calibrator/analyzer system. Independent/third-party controls offer a longer shelf life and allow use of the same control over multiple changes of reagent and calibrator lot numbers, thereby enabling long-term quality control monitoring.
In addition, technological development has resulted in the introduction of multi-analyte multi-instrument controls, which consolidate multiple instrument-specific controls into a single product. This reduces the overall cost by eliminating the need to purchase separate controls for each individual laboratory system/ instrument. The benefits of these controls have played a key role in ensuring their greater adoption among end users.
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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