Kalorama: Expect Growth in The $56 Billion IVD Market
NEW YORK, May 11, 2015 /PRNewswire/ -- Kalorama Information says a number of trends bode well for testing and will drive growth in the next five years, including new markets and private healthcare expansion globally. The market for all in vitro diagnostic testing kits, instruments and reagents is estimated at $55.9 billion, according to the healthcare market research publisher. The healthcare market research publisher's key report, The Worldwide Market for In Vitro Diagnostic (IVD) Tests, 9th Edition, published last year, analyzed markets for all the major segments of clinical lab testing.
The Worldwide Market for In Vitro Diagnostic (IVD) Tests, 9th Edition can be found at Kalorama Information: http://www.kaloramainformation.com/redirect.asp?progid=87437&productid=8326563.
The report says a number of world events bode well for the future of medical devices including IVDs: an aging worldwide population and demand for new hospitals in developing countries. Increasing numbers of people between the ages of 45 and 75 years in the industrialized world consume more healthcare services such as heart and cancer tests. IVD companies are casting their nets in developing countries, where rising incomes and standards of living have sparked a new health consciousness and growing demands for quality medical care.
New healthcare disease screening and health insurance initiatives proposed by the new U.S. administration under the guidance of President Barack Obama further bolster the use of IVDs, but continued economic difficulties has U.S. citizens forgo elective procedures because the co-payments may be somewhat unaffordable. Demand for healthcare and thus diagnostic tests in all the major markets is driven by aging populations and increased incidence of conditions such as: cancer, diabetes, cardiovascular disease, arthritis and obesity. In light of the demand for these tests, they have been reformulated for automated analyzers where the cost per test is traditionally low. Emerging markets, primarily Brazil, China and India, will still experience higher market growth than the world market. This is fuelled by privatization and health insurance initiatives by governments and employers. However this growth has a negligible effect to compensate for the lack of significant growth in major markets of Europe, Japan and the U.S.
Kalorama says the next five to ten years or so will see moderate and gradual change in IVD product markets, and IVD manufacturers can expect:
- Modest IVD growth in developed countries, stronger growth in developing countries with a simultaneous shift from a preoccupation with infectious diseases to chronic conditions.
- Increased privatization of healthcare services throughout the world, developed and emerging economies included and thus increased pricing pressure on all devices including IVDs.
- Increased demand from an increasing middle class in Brazil, India and China that is supported by the availability of healthcare insurance programs.
- International initiatives such as the Clinton Foundation and the Gates Foundation have begun to develop treatment programs for infectious diseases—TB, HIV, malaria, and sexually transmissible diseases. This has created a market for test devices to diagnose and monitor treatment efficacy of these diseases and other infectious diseases. Several IVD companies have partnered with these organization and have seen their revenues increase.
The Worldwide Market for In Vitro Diagnostic Tests is the result of months of painstaking work by an IVD industry veteran, who has tracked hundreds of companies for developments, trends and financial results. This research is compiled along with the opinion, observations and insights of industry experts to produce an unparalleled vision of the IVD industry as it is today and as it will be in the future.
Kalorama's report covers all business segments within IVD, including:
- Point-of-Care (POC) testing
- Histology and Cytology
- Lab-Based Infectious Disease Immunoassays, by Test
- Molecular Assays
- Hematology
- Molecular Test Sales, Infectious Diseases
- Lab-Based Immunoassay Sales by Type
- Coagulation
- Microbiology and Virology by Test Type
- Blood Banking
The volume includes market estimates for 2013 base year and forecasts to 2018.
The information presented in this report is derived on publicly available information sources such as company, government, and medical organization reports. The analysis is based on the author's industry knowledge combined with literature searches and interviews with industry professionals and experts in the IVD industry. The Worldwide Market for In Vitro Diagnostic (IVD) Tests, 9th Edition can be found at Kalorama Information: http://www.kaloramainformation.com/redirect.asp?progid=87437&productid=8326563.
Kalorama is currently conducting further research into the Clinical Chemistry market and will publish a report on the subject. Abbott, Roche and Siemens are among the companies in this market.
About Kalorama Information
Kalorama Information, a division of MarketResearch.com, supplies the latest in independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare; as well as a full range of custom research services. Reports can be purchased through Kalorama's website and are also available on www.marketresearch.com and www.profound.com.
We routinely assist the media with healthcare topics. Follow us on Twitter, LinkedIn and our blog at www.kaloramainformation.com.
Contact:
Bruce Carlson
(212) 807-2622
[email protected]
www.KaloramaInformation.com
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SOURCE Kalorama Information
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