The Future of the In-Vitro Diagnostics Market to 2016 - Increasing Diagnostic Procedures Drive Demand
02/05/2010

Global In-Vitro Diagnostics (IVD) market set to boom in the next seven years driven by ageing population

Online PR News – 05-February-2010 – – The global IVD market is forecast to grow to $49,843.5m by 2016 at the rate of 4.3% over the next seven years. Clinical chemistry and the immuno chemistry markets will be the largest IVD categories, accounting for more than 60% of the total revenues. These markets are expected to grow at 4.5% and 4.7% CAGR (Compounded Annual Growth Rate) between 2009 and 2016 to reach $16,425.3m and $14,136.1m respectively. The genetic testing market will be the fastest growing market at a CAGR of 6.7% during 2009–2016 to become an over the billion dollar market. The global IVD market will be driven by new technological advancements, a shift towards more complex immunochemistry tests to Point of Care (POC), and the adoption of cost cutting measures such as increased automation and self testing. Major technological advancements such as next generation DNA sequencing, molecular imaging, and microfluidics-based diagnostic devices are expected to drive growth in categories such as immunochemistry and genetic testing.

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Cost reduction has become the primary theme of healthcare reforms globally. To survive and succeed in these challenging conditions, it is imperative for laboratories to look for ways to adapt and implement new strategies to help them save on costs. In today’s competitive environment, revenues per test are continually falling, requiring testing centers to increase their productivity for survival. The paradigm shift towards improved quality, error free services, and the need to ensure patient satisfaction to retain their allegiance has prompted laboratories to adopt novel technologies such as automation, and point of care in order to reduce their expenses. The acceptance of new technologies is expected to drastically improve among those who are currently reluctant to invest to achieve long term cost reduction goals.

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F. Hoffmann-La Roche Ltd (Roche), Siemens Medical Solutions (Siemens), Abbott Laboratories (Abbott) and Beckman Coulter were the leading companies in the global IVD market in 2008. These top four companies accounted for more than 40% of the total market share. Roche was the market leader and accounted for 16% of the market in 2008. Siemens, Abbott, and Beckman Coulter accounted for 12%, 9%, and 7% respectively. The global market for IVD is quite fragmented due to the presence of a number of small local players. However, a large number of acquisitions of the smaller players by the market leaders are resulting in consolidation of the market. For instance, during 2005-2007, Siemens acquired Diagnostic Products Corporation, Dade Behring, and Bayer Diagnostics Division. Another leading trend is the entry of diagnostic imaging companies such as Siemens and Philips into the IVD market.

GBI Research’s new report, “The Future of the In-Vitro Diagnostics Market to 2016 - Increasing Diagnostic Procedures Drive Demand” provides key data, information and analysis on the global in-vitro diagnostics market. The report provides market landscape, competitive landscape and market trends information on seven in-vitro diagnostics market categories - Clinical Chemistry, Genetic Testing, Histology and Cytology, Immuno Chemistry, Infectious Immunology, Microbiology Culture and Haematology. The report provides comprehensive information on the key trends affecting these categories, and key analytical content on the market dynamics. The report also reviews the competitive landscape, key pipeline products and technology offerings. This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GBI Research’s team of industry experts.

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