In vitro diagnostic market revenues will reach $81bn in 2017

Thursday 2 May 2013, Amsterdam

A new report predicts that world in vitro diagnostic market revenues overall will reach $81.0bn in 2017. That market generated $51.6bn in 2012, according to Medical Device Leader Series: Top In Vitro Diagnostics Companies 2013-2023, published in March 2013. That study analyses the leading companies shaping that market from 2013 onwards, showing their activities, technologies and potential revenues.

The world market for in vitro diagnostic (IVD) products is a large and profitable segment of the healthcare industry. The IVD market is dominated by leading pharma companies, with Roche, Abbott and J&J occupying three of the top 10 IVD market positions. The competitors are a diverse group including large conglomerates Siemens and Danaher, as well as smaller specialist companies (bioMérieux, Bio-Rad and Sysmex) focused entirely on diagnostic products. In 2011, the top 10 in vitro diagnostics manufacturers accounted for 71.3% of global revenues for that overall industry. US-based manufacturers led the worldwide in vitro diagnostics market, with six companies in the top 10 list.

Our forecasts that the overall market for in vitro diagnostic products will grow steadily to 2023. From 2013, revenue growth in that market will be stimulated by technological advances. These will provide improved diagnostic tools offering better treatment monitoring and faster response times. The future will also bring increased availability of over-the-counter (OTC) tests, which patients can perform in the comfort and convenience of their homes.

Dr Syed Ahmed, a senior healthcare industry analyst said: “The in vitro diagnostics market is driven by an increasing prevalence of age-related disorders such as cardiovascular diseases, diabetes, cancer and infectious diseases. A key market driver promoting growth in the IVD sector is the regular requirement for diagnostic testing of infections such MRSA in hospital settings. Also, with new pathogens such as seasonal influenza strains developing each year, the demand for diagnostic testing is on the rise. It is estimated that diagnostic tests provide over 60% of information held in patient accounts. The rising awareness in the public and the growing pressures on healthcare providers for improved diagnostic products and technologies that can provide early and correct clinical diagnosis for management of disease is delivering sustained growth in the IVD sector.

“The demand for IVD products will continue to grow in the coming decade. The market is highly competitive with several hundred players competing for market share. Roche continues to dominate the industry via its wide product portfolio. IVD manufacturers are striving to develop novel, accurate, easy-to-use, safe and convenient products that can provide patients with diagnostic testing options.”

That new study analyses 18 prominent IVD developers and manufacturers, with separate chapters on leading US, European and Japanese companies, and emerging firms. That work also explores associated organisations. It analyses how sales of IVD tests can increase and producers’ revenues grow. That investigation shows IVD revenue forecasts to 2023 for 11 companies, and the overall industry, with historical data, growth rates and market shares. Also, it assesses business outlooks and research and development (R&D).