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News

IVD market set to grow by six percent annually until 2012

Kalorama Information : 30 May, 2008  (Company News)
The world market for in vitro diagnostics, estimated at $42 billion in 2007, is expected to grow six percent annually through 2012 spurred on by new technologies and growth in emerging regions details a new report by Kalorama Information.
The report entitled ‘The Worldwide Market for In Vitro Diagnostic Tests, 6th Edition’ explains that after consolidation in the IVD industry, just 16 top tier companies own 86 percent of the market. In comparison, 18 top tier companies held 72 percent of the market in 2005. Of particular significance, 2007 witnessed Siemens Medical Diagnostics’ acquisition of DPC, Dade Behring and Bayer Diagnostics. While the top companies will continue to dominate, they will experience single digit growth. Industry growth will be driven by the second tier niche players.

On the technology front, the IVD market has also changed due to advances in functional genomics, bioinformatics, microelectronics, test device miniaturization and new features such as wireless capability. Also, the publication of the human genome project makes it possible to link specific genes to disease risks, creating a significant opportunity for IVD makers.

“Technological advances, specifically those in device miniaturisation, data digitisation and the Internet, form a technical synergy that will permit IVD tests and devices to maintain a central role in disease management,” noted Kalorama analyst Shara Rosen. “By 2015 many IVD analyses, both lab-based and those designed for point-of-care testing, will use some variation of miniaturisation and ‘chip’ techniques.”

IVD product development is being influenced by several factors, including the increasing need for accurate data and rapid test results, rising healthcare costs and Managed Care’s obsession with cost reductions, which is pushing the need for decentralised near patient testing. An emphasis on outcomes-based disease management dictates that new tests must prove their added value to patient care, affecting how many and which tests are recommended and thus reimbursed.

“Healthcare today is driven by data,” said Rosen. “Regardless of how novel an approach may be, there must be data to support its use.”

Kalorama Information’s report The Worldwide Market for In Vitro Diagnostic Tests, 6th Edition details the latest trends, developments, challenges, and consolidations in IVD testing. The report includes market size, forecasts through 2013, product reviews and over 270 company profiles.
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