Kalorama: In Vitro Diagnostic Test Market Exceeds 60 Billion Dollars, According to New Report
NEW YORK, Aug. 23, 2016 /PRNewswire/ -- The global IVD market is currently 60.5 billion dollars, according to Kalorama Information's recently released report on in vitro diagnostic (IVD) test markets. The diagnostics-focused market research firm published the tenth edition of its study, The World Market for In Vitro Diagnostic Tests, on Monday, August 22nd. IVD will grow, the study says, but in a complex pattern that involves challenges to growth in traditional categories and reliable large markets combined with opportunities in novel tests and growth nations. Kalorama Information's report is released every 2 years and covers every segment of IVD testing with trend analysis, market forecasts and company profiles. The 1,600-page study is used by the IVD industry for business planning efforts, and is available for order at http://www.kaloramainformation.com/Worldwide-Vitro-Diagnostic-10206771/
The report says that a variety of factors can be expected to continue driving growth in IVD sales.
"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," said Shara Rosen, the report's author. "Modest IVD growth in developed countries, stronger growth in developing countries with a simultaneous shift from a preoccupation with infectious diseases to chronic conditions, is expected. Increased privatization of healthcare services throughout the world, developed and emerging economies included and thus increased pricing pressure on all devices including IVDs."
In addition the report sites 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 creating 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 organizations and have seen their revenues increase. In addition, the report says the IVD industry will be shaped by long-term trends such as biomarker discovery and the use of newer technologies such as next generation sequencing.
"The use of genetic factors in evaluation of patients at risk for disease is still developing," said Rosen. "The link between genes and disease risk provides an ongoing market opportunity for in vitro diagnostic research and product development in cancer, autoimmune diseases, cardiac conditions, allergy, diabetes, psychiatric conditions and others."
It is not all upside, according to the report, there are also challenges for the IVD market and the report states that while the development of IVD product choices has been a boon for medical care, it also puts a great deal of pressure on physicians to make the right choices and for payers to pay for new technologies that may still be unproven. As an aging society begins to use more healthcare services, cost efficiency imperatives continue to put pressure on payers, providers and suppliers. As a result healthcare organizations have developed strict cost/performance and care guideline directives. The report contains hundreds of profiles. Top-tier companies such as Roche Diagnostics, Abbott, Siemens, Beckman Coulter, bioMerieux, Qiagen and Ortho Clinical Diagnostics are discussed at great length and hundreds of smaller companies are detailed.
Kalorama Information's estimate describes the revenues earned by manufacturers of reagents, kits, instruments and other supplies for IVD tests. Kalorama's estimate is the result of several months-long study of company financials, government and medical literature, trade publications. The estimate will differ from other estimate as it delineates markets of a clinical nature from medical research and drug development, and avoids the double-counting both supplies and tests performed in labs, which can be the case in other estimates. Kalorama Information's report The Worldwide Market for In Vitro Diagnostic Tests, 10th Edition, contains market estimates and competitive analysis for point-of-care diagnostics, hematology, coagulation, chemistry, immunoassay, infectious diseases and other areas of testing. It is available for order at http://www.kaloramainformation.com/Worldwide-Vitro-Diagnostic-10206771/.
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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.
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