The global in vitro diagnostic (IVD) market has been forecast to increase at a compound annual growth rate (CAGR) of 4.2% over the five years to 2017, having reached over 19 billion procedures in 2012.
Over the next 24 months the IVD market is estimated to exceed $50-billion in revenues.
The aging of the global population, high and rising incidence of disease, ongoing technological development and the introduction of labour-saving systems are all factors driving growth within the IVD market.
IVD tests are medical devices intended to perform diagnoses from assays in a test tube, or more generally in a controlled environment outside a living organism.
Common tests include blood tests for glucose, liver enzymes, levels of electrolytes such as calcium, sodium, and potassium, and tests for drugs.
Purposes of testing include protecting the blood supply, monitoring the levels of drugs given and providing information to assist in the diagnosis and treatment of disease.
These tests are generally run in hospital pathology laboratories and can in specific instances also be carried out in doctors' surgeries, in high street pharmacies or by patients themselves.
Core lab tests, including low cost clinical chemistry tests and more advanced immunoassays, represented approximately most of the procedure volume with a growing share in the developing nations.
Approximately 80% of physicians' diagnoses are a result of laboratory tests. In addition to disease diagnosis, clinical lab testing is also performed to evaluate disease progression, monitor drug treatment and conditions, determine individual therapy, and several other reasons.
Several favourable trends support the predictions of continued growth in sales of IVD products. For instance, the growing demand for diagnostic testing by Europe's over-60 population will increase IVD sales 69.5% by 2018, to $22.2 billion annually.
For more information on the in vitro diagnostic market, see the latest research: In Vitro Diagnostic Market
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