LONDON, June 26, 2012 /PRNewswire/ -- Western Europe's greying population, coupled with the growing shift towards laboratory automation, are spelling good news for the in vitro diagnostics (IVD) market.
New analysis from Frost & Sullivan (http://www.drugdiscovery.frost.com), Western European In Vitro Diagnostics (IVD) Market, finds that the market earned $13,110.3 million in 2011 and estimates this to reach $22,211.3 million in 2018 at a compound annual growth rate (CAGR) of 7.8 per cent from 2011-2018. The research covers key segments such as immunochemistry, microbiology, molecular diagnostics, point-of-care testing (POCT), self-monitoring of blood glucose (SMBG), tissue diagnostics, haematology and haemostasis.
"An increasingly ageing population and the rising prevalence of diseases are set to boost the number of routine health checks and disease diagnosis," notes Frost & Sullivan Senior Research Analyst K. Srinivas Sashidhar. "Improved awareness among this ageing demographic pool is also poised to enhance the demand for screening and diagnosis in the future."
The growing shift towards automation in laboratories is also boosting the prospects of the IVD market. Automation enables faster diagnostic results, shorter turnaround time and increased testing volumes. This driver is expected to have a very high impact in the long-term.
Another key trend has been industry consolidation as a result of high R&D and marketing costs. Market participants need to constantly improve their products and technology to stay competitive. This necessitates considerable R&D investments. As companies attempt to reinforce their finances and technical strengths, the outcome has been a greater number of partnerships and acquisitions.
"Such consolidation is resulting in fewer participants dominating the market, with smaller companies finding it more challenging to exist," comments Sashidhar. "This factor is expected to have a significantly high impact on the market during the forecast period."
Another trend set to impact market prospects is the shifting focus towards personalised medicine and customised solutions. Personalised medicine is on the verge of expansion throughout Western Europe, with efforts ongoing to optimally combine therapeutics with diagnostics.
"Diagnostic companies need to work with pharmaceutical companies to improve treatment solutions for patients," remarks Sashidhar. "The development of IVD products and solutions best suited to meet customer needs represents the way forward."
The IVD market is technology-driven. The escalating demand for IVD testing will require improved products and long-term, post-sales service. Market participants will need to develop solutions best suited to customer needs to remain competitive.
"Due to the high competition and rising costs of diagnostic products and services, improved sales and market strategies are required, along with long-term partnerships with companies," concludes Sashidhar.
If you are interested in more information on this study, please send an e-mail with your full contact details to Janique Morvan, Corporate Communications, at [email protected].
Western European In Vitro Diagnostics (IVD) Market is part of the Clinical Diagnostics Growth Partnership Services programme, which also includes research in the following markets: European Molecular Diagnostics Market, Strategic Analysis of the European Stem Cell Research Tools Market and The Emerging European Molecular POC Testing Markets. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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SOURCE Frost & Sullivan