NEW YORK, Aug. 29, 2016 /PRNewswire/ -- The IVD industry is completely different from where it was 20 years, according to Kalorama Information in a new market research report. Novel uses of research instrumentation, biomarker discovery, the IBM Watson, the rise of non-core lab testing, and smartphone apps are among the big trends that will have a significant impact on the evolution of the $60+ billion-dollar market for in vitro diagnostic products, according to the IVD-focused market research firm. Kalorama has covered IVD for nearly two decades and said that most of the changes are positive for test marketers, according to the market research firm specializing in IVD. The findings were made in Kalorama's most recent report, The World Market for In Vitro Diagnostic Tests, 10th Edition.
"A number of totally disparate phenomena have come together to paint the IVD industry with a fresh coat of paint," said Shara Rosen, the report's author.
The report notes that research derived from the Human Genome Project is expected to lead to a number of revolutionary therapeutics that will further cut the morbidity and mortality of a number of disease including diabetes, asthma, autoimmune diseases and cardiac diseases. 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.
Decreases in life science funding in the U.S. has encouraged companies active in this space to migrate their technologies for clinical applications. The result is the entry of companies such as: Illumina, Agilent Technologies, Thermo Fisher Scientific, PerkinElmer and Affymetrix (now part of Thermo Fisher Scientific) to the diagnostics market.
The new battery of tests has also eroded the market position of the core IVD segments in a matter of 15 years. In 1995 core IVD test segments – chemistry, hematology, coagulation and immunoassays - occupied 70% of IVD market sales; in 2016 their share will have decreased to 46%. This has not escaped the attention of the major IVD vendors who have expanded beyond their comfort zones.
Miniaturization of traditional immunoassay and molecular test technologies has finally matured to the point where they may be ready for scale-up and then commercialization into products. Here electronics companies such as Apple, Google, IBM, Sony, Samsung, Dell Computers and Intel Corp. have invested in clinical diagnostics ventures. Most notably, the IBM Watson system (www.ibmwatson.com) gained fame by beating human contestants on the television quiz show Jeopardy! in 2011. Since that time, Watson has evolved from a first-of-a-kind status, to a commercial cognitive computing system in diagnostics. Using advances in natural language processing and analytics, the Watson technology can process information similar to the way people think, representing a significant shift in the ability for organizations to quickly analyze, understand and respond to vast amounts of Big Data. The ability to use Watson to answer complex questions posed in natural language with speed, accuracy and confidence has enormous potential to improve decision making across a variety of industries from health care, to retail, telecommunications and financial services.
Disease management guidelines and care pathways available as apps for smartphones and through online portals are helping physicians make their way through the new developments so that patients get the most appropriate treatment.
"Smartphone apps may have the effect of rationalizing test utilization," Rosen notes.
The report, The Worldwide Market for In Vitro Diagnostic Tests, is a comprehensive look at the IVD industry and all of its segments. The report has detailed market estimates of clinical chemistry, molecular, microbiology and tissue diagnostic markets, as well as others. The report is global in scope and can be found 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.
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SOURCE Kalorama Information