Transparency Market Research (TMR) has announced a new market study in their catalog of market reports on the medical devices industry. The report covers the market for in vitro diagnostics in BRIC countries (Brazil, Russia, India, and China) and presents complete forecasts regarding the market’s trajectory in the forecast period from 2012 to 2018. The report is titled ‘BRIC In-Vitro Diagnostics (IVD) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2012 - 2018’ and is available for sale on TMR’s official website.
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In vitro diagnostics comprises various diagnostic tests done on samples in a controlled environment. In contrast to in vivo testing, in vitro diagnostics is marked by the testing being conducted outside a living organism. The market for in vitro diagnostics is growing in BRIC economies along with the booming medical devices and healthcare industry in the dynamic countries. This is a major growth driver for the BRIC in vitro diagnostics market and is expected to remain so in the coming years.
The booming economies of BRIC countries have led to an increase in healthcare expenditure, along with a steady expansion of medical facilities to extend the availability of top-notch medical services in rural regions. This is a prime driver for the BRIC in vitro diagnostics market. The booming economies of these countries have also given the masses the disposable income required to avail advanced medical services, driving the demand for in vitro diagnostics. The increasing awareness about healthcare among the increasing urban population in these countries has also provided a major boost to the in vitro diagnostics market.
The lack of widespread medical services in BRIC countries at present has been recognized by global healthcare market players as a promising opportunity in the coming years. As a result, investment in the healthcare market in BRIC countries from foreign multinational companies is increasing rapidly. This is another crucial driver for the BRIC in vitro diagnostics market.
On the other hand, the undeveloped healthcare sector in these regions means the regulatory framework will need some time to incorporate the various guidelines and contingencies arising in in vitro diagnostics. This is expected to be a key restraint on the BRIC in vitro diagnostics market in the forecast period.
By application, clinical chemistry emerged as the largest segment of the BRIC in vitro diagnostics market in 2011. However, molecular diagnostics is expected to exhibit the fastest growth rate of all application segments of the BRIC in vitro diagnostics market in the forecast period. Apart from these two, other major applications of in vitro diagnostics are cytology, immunology, hematology, cardiac markers, and microbiology.
Regionally, China is expected to be the largest segment of the BRIC in vitro diagnostics market in the coming years. Major players profiled in the report include Becton, Dickinson, and Co., Beckman Coulter Inc., Abbott Diagnostics, and Roche Diagnostics Ltd.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.