In vitro diagnostic (IVD) tests analyze blood, urine, or tissues to determine the patient’s condition and influences around 70 percent of clinical decisions. In vitro blood tests facilitate the early diagnosis of diseases, allergies, infections and other medical issues.
Though the United States is the largest IVD market in the world, with $24.1 billion in annual revenue, its growth has been slower than in other parts of the world due to financial restrictions, limited reimbursements, uncertainty regarding healthcare reform, healthcare budget cuts, and market saturation.
However, a new report from Frost & Sullivan finds that despite economic and industry challenges, the global in vitro diagnostics (IVD) market is growing robustly. The study covers immunochemistry, self-monitoring blood glucose (SMBG), point-of-care testing (POCT), molecular diagnostics, hematology, clinical microbiology, hemostasis and tissue diagnostics. The study finds that the market earned $47.27 billion in revenue in 2013 and estimated that this to reach $62.63 billion in 2017.
This new analysis reports that
- Development in immunochemistry, microbiology, hematology and self-monitoring blood glucose (SMBG) are focused on automation and growth in these segments results primarily from the increased demand for testing.
- Molecular diagnostics is expected to be the fastest growing segment.
- POCT (Point-of-Care Testing) is an emerging segment that has a very conditioned growth potential and the development is dependent on improvements in cost effectiveness.
- Low public health reimbursement for SMBG products in the U.S. and Europe is adversely affecting the development of this segment.
According to the report, IVD market participants need to employ a diverse set of strategies to expand their businesses that include investing in next-generation sequencing, strengthening product portfolio in a specific area, venturing into emerging markets by establishing partnerships with local companies, acquiring a clinical laboratory improvement amendments (CLIA)-certified laboratory to rapidly commercialize new diagnostic tests, out-licensing of proprietary technology platforms or collaborations with major research institutes, integrating big data into product development and increasing connectivity of devices, and offering pared down personalized machines to improve access and clinical development.