IVD Market Exceeded USD 50 Billion in 2011

AACC 2012: A market research company reports that the world market for in vitro diagnostics (IVD) is estimated at USD 50.9 billion for 2011.

According to a report by the healthcare market research publisher, Kalorama Information (New York, NY, USA) growth in the IVD market is driven by an aging population, product innovations, and sales to emerging markets. Kalorama revealed its findings as the industry meets and assesses its progress at the annual 2012 meeting of the American Association for Clinical Chemistry (AACC), which is being held in Los Angeles (CA, USA) from July 15-July 19, 2012.

The revenue estimate for 2011 includes all laboratory and hospital-based products, and over-the-counter (OTC) product sales. The report found that the IVD market has grown but it will be challenged with a sharp decline in pricing for diagnostic tests in Europe and consolidation in the US, which could lead to price erosion.

“A number of world events bode well for the future of medical devices: an aging worldwide population and demand for new hospitals in developing countries,” said Shara Rosen, Kalorama diagnostic analyst and author of the report. “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.”

Some of the total market growth expected in the coming years could derive from increased test usage in emerging countries. Significant growth is expected in Brazil, China, and India, which are investing in healthcare infrastructure and insurance coverage for a growing, more affluent middle class.

The new availability of choices, undoubtedly good for medical care, poses problems for the physician who must choose correctly from among the numerous new IVD products, and for payers to pay for new technologies that may still be unproven.

Some of the total market growth expected in the coming years could derive from increased test usage in emerging countries. Significant growth is expected in Brazil, China, and India, which are investing in healthcare infrastructure and insurance coverage for a growing, more affluent middle class.

“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,” remarked Shara Rosen.

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