$28 Billion IVD Industry Comes Alive with Innovations and New Markets
The worldwide market for in vitro diagnostic (IVD) tests was nearly $28 billion in 2003, according to a new study released today from Kalorama Information. Spurred on by innovations in several segments and by an increasing demand from the developing world, the market will approach $40 billion.
The new study, "The Worldwide Market for In Vitro Diagnostic Tests, 4th Edition," predicts modest growth across most diagnostic segments in the developed world, but that growth as high as 20% or more can be expected in parts of Asia and Latin America. In addition, several segments of the IVD market are displaying rapid growth. Molecular testing, particularly in genetic diseases, oncology, and infectious disease, will display growth in the 20% to 30% range over the next 5 years.
"Since the mid 1990s, in vitro diagnostics had been lumbering along at only 3% to 5% annual growth and major segments such as clinical chemistry, immunoassays and hematology had actually staled," notes Shara Rosen, the author of the report. "Over the next five years the situation will change. In addition to molecular assays, the over-the-counter (OTC) diagnostic sector, flow cytometry, and some immunoassay segments have come alive."
The study analyzes nine segments: point-of-care, clinical chemistry, immunoassays, molecular assays, hematology, coagulation, microbiology and virology, blood banking, and histology and cytology. In addition, an analysis of geographic markets and a review of business and clinical trends shaping the industry are included. The report profiles the top 15 IVD companies and reviews more than 80 niche and emerging players.
"We are extremely pleased with the expanded coverage this edition of "The Worldwide Market for In Vitro Diagnostic Tests" provides," notes Steven Heffner, acquisitions editor for Kalorama Information. "We believe that new sections, such as the discussion of non-clinical applications and strategies for sales outside of the United States, are vital to understanding the future of the IVD industry."
Source: Kalorama Information View latest company information
Posted: October 21, 2004
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