Global IVD market: $69 billion industry by 2018

The global IVD market (in vitro diagnostics) is estimated to have reached a value of around $49.2 billion by the end of 2012, and is forecast to hit a total of $69.1 billion by 2017. This suggests a CAGR growth rate of 7% between 2012 and 2017.

In 2012, the Americas had accounted for the largest share of 41.8% in 2012 of the global IVD market. Europe was the second largest-market with the share of 31.0% in 2012. However, the BRIC countries represent the fastest-growing markets due to the economic growth, the rising number of chronic diseases, and an increasing awareness about the use of IVD tests to control the spread of diseases. Moreover, the economic slowdown, pricing pressures, and high competition in mature countries will compel companies to focus on emerging markets.

The IVD market is primarily driven by rising incidences of chronic and infectious diseases in emerging economies, a rapidly aging population, the rise in point-of-care testing, and the rising importance of personalized medicine. However, factors such as stringent regulatory frameworks and a shortage of budget and labor are restraining the growth of the market.

The factors likely to fuel the growth of the market include ongoing developments in analytical laboratory automation, swift progress in various fields of diagnosis such as point-of-care testing, molecular diagnosis, immunoassays, hematology, flow cytometry, and microbiology; and finally, the geographical market expansion within emerging countries.

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