Global In Vitro Diagnostic Market Outlook

Abstract

Global Cost Containment Efforts and Economic Constraints Limit Growth of Market

While the In Vitro Diagnostics (IVD) segment represents only 2-3% of total healthcare expenses, it is still greatly affected by global healthcare cost containment efforts. These efforts have been and will continue constraining market growth. In developing countries, particularly those in Asia, Latin America, and Africa, poor healthcare infrastructures and struggling economies have greatly impeded modernization resulting in price sensitive environments. Fortunately, healthcare awareness programs and government initiatives to increase spending are stimulating improvements in medical care and broadening healthcare coverage in these countries. This is opening up major opportunities for future growth. As a result, understanding individual markets and clinical needs is imperative to overcoming obstacles and promoting the adoption of new technologies. Manufacturers are currently focusing on consolidation and maintaining low prices, and keep in mind that new systems must address significant unmet needs and provide substantial added value.

This Frost & Sullivan research service evaluates current and future trends in the global IVD market. It identifies key drivers and restraints, and provides strategic recommendations for overcoming challenges and maximizing opportunities. This study focuses on 16 leading country markets as well as 10 segments of the IVD industry.

New Technology Creates Opportunities for Growth in IVD Markets

There currently exists great market potential for IVDs, especially considering that they account for a small percentage of total healthcare costs. In particular, the development of molecular diagnostic assays used to test newly identified disease targets is fueling excitement over the promise of personalized medicine and theranostics.

Additionally, demand for nearer to patient testing is driving major growth in point of care (POC) systems. Successfully igniting growth will depend on the effective promotion of the unquestionable role IVDs play in achieving greater patient success rates and optimizing patient management. Traditionally, healthcare providers have neglected to recognize the overall cost benefits that diagnostics offer, but new developments are highlighting their ability to provide early diagnosis, improve decision-making, and monitor treatment.

The Global IVD Market Geared Up for Considerable and Steadily Increasing Future Growth

As technical breakthroughs continue to drive the IVD market, the healthcare industry is becoming aware of their increasingly important impact on the way medicine is practiced. By focusing on predicting patient outcomes, targeted medicine, earlier disease detection and more advanced automation, diagnostics has secured considerable market growth potential. This promises to contribute to significant healthcare cost savings in the near future.