This analysis predicts the IVD market will grow mainly because of rising incidence of infectious diseases and age-related disorders in the developed world. That IVD sales growth will happen despite restricted healthcare budgets. In addition to growth in developed markets, revenue increases in developing national markets will occur, especially China and India. Revenue growth in emerging countries will benefit from wider affluence, expanding healthcare budgets and the rise of chronic illnesses, such as cardiovascular disorders and diabetes. That shift in interest from the developed to developing world is also reflected by companies focusing efforts in newer, faster-growing markets. These include Eastern Europe, Latin America, India and China.
Hamza Baig, a pharmaceutical industry analyst, said: “The global IVD market will show strong growth over the next five years. This will occur despite a tough economic climate in much of the developed world. The dominant types of IVD tools – point-of-care (POC) products, immunochemistry agents and clinical chemistry products – will still account for the bulk of sales in five years’ time. However, genetic testing will grow the quickest. We are already seeing the way the market will change, with increased focus on the development of companion diagnostics.
“Our study also finds that developed world markets make up the majority of the global IVD market, but that emerging markets will also show strong growth over the next 10 years. Growth in developing national markets is driven mainly by improving healthcare infrastructure, which in turn is driven by high investment. IVD companies and other healthcare stakeholders will benefit, especially with prospects for wider use of personalised medicine, including theranostic products.”
That new report shows revenue forecasts to 2023 at overall world IVD market, submarket and national level. In particular, it forecasts revenues of these world-level submarkets: