Global demand to increase 6.1% annually through 2014
The Freedonia Group projects world demand for in vitro diagnostic (IVD) products increasing 6.1 percent annually to nearly $68 billion in 2014. Based on the advanced nature of medical delivery systems and widespread insurance coverage for primary health care procedures, the developed countries combined will absorb more than two-thirds of this total. Demand in the developing countries as a whole will expand faster as medical delivery systems are expanded and upgraded and the availability and accessibility of basic health care services improve.
Nucleic acid testing to be fastest growing type
Clinical chemistry and immunoassay will remain the top two IVD methodologies, the former based on sales of personal blood glucose monitors and test strips and the latter due to the penetration of high value-added chemiluminescent products into infectious disease and drug testing markets. Nucleic acid testing products will post the fastest growth in global demand gains among all IVD products based on throughput, accuracy and speed advantages, especially in the detection of infectious diseases and cancer markers. Because of increasing blood glucose monitoring among diabetic patients, endocrine condition testing will remain the largest IVD application through 2014 and beyond. Due to their ability to quantify heart attack and embolism risk prior to occurrence, hemostasis tests for D-dimer and other cardiac parameters will provide the best growth opportunities among IVD blood testing products. Demand for nucleic acid diagnostics will expand at a strong pace as next- generation PCR (polymerase chain reaction) and microarray technologies penetrate applications involving the analysis and characterization of complex infections and tumors. DNA-based forensic, genetic and identity testing will comprise the fastest growing IVD application through 2014 as the vast potential of law enforcement and genetic screening markets begins to translate into significant revenues. Among other IVD products, cellular analysis and anatomical pathology reagents and instruments will post the best global sales gains. Cellular analysis techniques will continue to dominate cervical cancer testing and penetrate additional cancer diagnostic applications. Anatomical pathology will remain the leading IVD technique for biopsy-based cancer and infectious disease detection.
Most IVD products to benefit from evolving trends
Evolving epidemiological trends and patient care approaches will impact favorably on worldwide growth opportunities for most types of IVD products. The market for clinical chemistry reagents and instruments will benefit from an increasing number of diabetic patients engaging in self-blood glucose monitoring and the expanding use of general health screening in routine patient examinations. The widening availability of chemiluminescent tests with inherent sensitivity and selectivity advantages will broaden applications for immunoassays in therapeutic drug monitoring, drugs of abuse detection and infectious disease testing.
World Demand for In Vitro Diagnostic Products to Reach $61.8 Billion in 2015
World demand for in vitro diagnostic (IVD) products will increase 7.1 percent annually to $61.8 billion in 2015. Based on the advanced nature of medical delivery systems and the widespread health insurance coverage of residents, the developed countries combined will absorb about three-fourths of the total. Demand in the developing countries as a whole will advance faster as medical delivery systems are expanded and upgraded and the accessibility of basic patient testing services improves. Molecular diagnostic products will post the fastest growth in global demand among all IVD products based on throughput, accuracy and speed advantages, especially in the detection of infectious diseases and cancer markers. These and other trends are presented in World In Vitro Diagnostic Products, a new study from The Freedonia Group, Inc., a Cleveland-based industry market research firm.
The US will remain the largest market for IVD products, absorbing nearly 36 percent of global demand in 2015, or $22 billion. The country will maintain this leading position because of aging demographic patterns, a high health care spending intensity, the favorable receptiveness of medical providers to new reagents and instruments, and overall trends promoting the use of patient tests to detect diseases in early, more treatable stages. Western Europe, Japan and other developed economies will also continue to provide a high and diverse volume of IVD testing. However, tighter insurance-imposed cost controls will keep per capita demand for related reagents and instruments below US levels.
Developing world demand for IVD products will rise much faster than developed world demand as countries upgrade and expand health care systems. These improvements will boost the volume of patient tests, especially in China and other emerging economies. Nonetheless, the ongoing constraints on health care spending and less advanced nature of medical delivery systems in most developing countries will keep IVD product demand largely in low cost reagents and instruments for basic health screening.