(I-BusinessNews.Com, September 18, 2020 ) Dallas, TX — According to research report the global IVD Quality Control Market is projected to reach $1,158 million by 2025 from $961 million in 2020, at a CAGR of 3.8% during the forecast period.
Some of the factors driving the growth of the IVD Quality Control Market are increasing number of accredited clinical laboratories, rising demand for external quality assurance support, and growing adoption of third-party quality controls.
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Key players are focusing on increasing their presence in this growing market through both organic as well as inorganic growth strategies, such as product launches, agreements, partnerships, collaborations, and expansions. Due to the intense competition in this market, various market players are increasingly focusing on expanding their geographic presence in high-growth emerging markets.
Bio-Rad Laboratories Inc. (US) was the leading player in the IVD quality control market and accounted for the largest share in 2018. The company is a leading provider of clinical diagnostic systems, analytical devices, and instruments. The company has a robust portfolio of quality control products, data management solutions and quality assurance services for hospital laboratories, reference laboratories, transfusion laboratories, and physician office laboratories. Bio-Rad Laboratories’ position in the market can be attributed to its strong distribution network and its subsidiaries across the globe, which enables it to serve customers in North America, Europe, and the Asia Pacific. To garner a large share of the IVD quality control market, the company continuously focuses on organic and inorganic growth strategies. For instance, in May 2019, the company launched InteliQ and Load-and-Go Tubes for quality controls to streamline the laboratory workflow. With this new launch the company enabled to strengthen its chemistry and immunoassay quality controls offerings.
Randox Laboratories Ltd. (UK) held the second-largest share of the global IVD quality control market. Its position in the market can be attributed to its robust product portfolio and a strong network of partners across the world. Under its flagship brands ‘Acusera’ and ‘RIQAS,’ the company offers various quality controls and EQA schemes across the globe. To maintain its position in the market, the company focuses on expanding its product portfolio through strategies, such as product launches and expansions. For instance, in August 2019, the company launched multi-analyte Acusera infectious disease (serology) control for the analysis of infectious diseases.
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The North America is expected to account for the largest share of the global IVD quality control market in 2020, followed by Europe. The large share of the North America can be attributed to the highly developed healthcare system in the US and Canada, and the presence of a large number of leading IVD quality control vendors & national clinical laboratories & hospitals in this region.
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