The IVD market will reach $78.44bn in 2020, a new study predicts
03 September 2018
The analysis predicts the IVD market will continue to grow at a CAGR of 6.0% from 2015-2020, driven by the point-of-care submarket. In 2015, point-of care testing was the leading submarket primarily driven by blood glucose testing. This submarket will sustain strong growth throughout the coming decade
Visiongain predicts that the demand for IVDs will increase in line with the rise in both incidence and prevalence of chronic and infectious diseases. Health professionals will recognise that if these diseases can be diagnosed at the earliest stage possible, then damage to the individual can be minimised in addition to a reduction of later costs to healthcare systems. IVDs will be able to stem the economic and clinical costs of chronic and infectious disease.
Robert King, a pharmaceutical and healthcare industry analyst in visiongain, said:
“The rise in the global aging population will bear witness to an increasing incidence of age-related diseases, such as cardiovascular disease and cancer. This in turn has fuelled demand for advanced diagnostic testing equipment, capable of providing accurate clinical diagnoses, which allows for earlier medical intervention. In addition, technological innovations in this field have introduced increasingly miniaturised and automated devices into the marketplace, which has given rise to a new range of condition-specific tests. Furthermore, continued research and development in IVD has allowed for the discovery of new biomarkers, which has expanded the clinical application of IVD testing.
Globalisation and the market penetration of emerging countries, such as China and India, where there is a vast patient population pool, is providing huge opportunity in the IVD market. Owing to their rapidly growing economies, these countries have been ramping up healthcare spending, providing strong prospects for market players to direct their focus towards these geographical areas, rather than in developed countries. Also, molecular diagnostics have shown much promise in recent years, as pharmacogenomics and genetic testing have become an increasingly popular method of testing. These tests will become useful in elucidating possible genetic or hereditary links to a particular disease”
This report investigates commercial trends and revenues of the IVD market from 2016 to 2026, as well as including data from 2015. This report discusses sales potentials of:
• The IVD industry further divided 6 submarkets
o Clinical chemistry
o Genetic testing
• 11 leading individual national markets including:
o EU5 (Germany, France, UK, Italy and Spain)
o BRIC (Brazil, Russia, India and China)
• Leading IVD manufacturers including:
o Abbott Laboratories
o Thermo Fisher Scientific
• Strengths, weaknesses, opportunities and threats of the global IVD market. Discussions include
o Innovation for IVD including robotics and automation
o Changes in legislation including updates by the US FDA on genetic screening and Japan’s PMD Act
o How changing patient demographics will favour IVD use
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