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The global IVD market has been experiencing rapid growth, in spite of the economic recession. There has been growing awareness about health and prevention of diseases among the people, which is expected to further boost the industry's performance in the coming years. Furthermore, with countries making their healthcare services more and more accessible to the people, the demand for various IVD devices is increasing.
The developed countries presently account for the bulk of the IVD market. The emerging economies although do not have a major share in the global market, but are expected to grow at faster rate in the future and offer growth opportunities in the global market. The US, Europe and Japan are the main markets for both the pharmaceuticals and IVD industries, controlling more than three-fourth of the global IVD market. In Europe, the largest markets are Germany, followed by Italy and France.
Diabetes has been one of the major segments of the IVD market. Also, diabetes is regarded as one of the fastest growing diseases in the world due to the changing lifestyle of the present era's population.
Demand within the IVD industry has been driven by the ever increasing ageing population, technological advancements and more strict disease control standards in developed countries, amongst others. The emerging economies offer immense opportuniti