Increased demand for testing, new technologies and emerging markets have trumped the economic situation in the world in vitro diagnostics (IVD) market, according to the seventh edition of Kalorama Information’s biennial report, "Worldwide Market for In Vitro Diagnostic Tests, 7th Edition." The healthcare market research publisher reported a $44.3 billion market in 2009, and expects growth to be at a rate of six percent for the next five years.
According to Kalorama the market has already weathered price declines and as a result developed innovative technologies and approaches. This has dulled the impact of a recession which has hurt other industries. Digital pathology, multiplex assays, automation and test service commercialization represent areas where the industry has developed new approaches. The market changes described in the report were on display at the American Association for Clinical Chemistry (AACC) convention in Anaheim, CA this week.
"The convention reflected what we’ve said in the report; that despite economic hard times, the IVD industry is on an upswing," said Shara Rosen, senior diagnostic analyst for Kalorama Information and author of the study. "A number of world events bode well for the future of testing."
Trends such as the use of biomarkers and molecular approaches to testing have only increased since the last edition of the report. Consolidation has been a factor in an industry that is dominated by Roche, Siemens, and Abbott. The report notes that 72 percent of the revenue in 2009 was earned by just 18 companies. This hasn’t stopped scores of new companies with unique approaches from competing in diagnostics, according to Kalorama.
Source: Kalorama Information
