IVD Market Reaches $65 Billion: Kalorama Information
ROCKVILLE, Md., Aug. 27, 2018 /PRNewswire/ -- The world market for diagnostics is estimated at $65 billion in 2018 and is expected to grow 4% annually to $77.8 billion by 2023. This includes all laboratory and hospital-based products, and OTC product sales. The market is boosted by the aging world population and the stream of new test innovations – this is a field where 15% of sales invested back in R&D is not uncommon – and the market is offset by reimbursement cuts worldwide and slower buying in mature sectors.
Kalorama Information releases its 11th edition of The Worldwide Market for In Vitro Diagnostic Tests today. The New York City-based publisher with a focus on in vitro diagnostics and biotechnology markets has published this report for nearly two decades and the report is used by Top 20 firms to validate business planning. Kalorama said that this year good outweighs bad.
"More testing, more patients, new types of tests and platforms balanced by wary governments and payors," said Bruce Carlson, Publisher of Kalorama Information. "Growth was as high as 7% when we did our edition 15 years ago. Will this be possible in the future? It is possible; watch the potential of sequencing and personalized medicine testing is fully seen that such rates might return. But right now, you are seeing stable moderate growth."
Kalorama's report said there are some limiters to growth. For the next five years, slowdowns in instrument purchasing decisions, the effects of PAMA legislation in the United States, cold markets in Europe, decreasing reimbursement for glucose and low-cost competition (in an essential IVD market), as well as the migration of previously low volume tests to integrated analyzers (that decreases the cost per test) must be weighed against the positives of an aging population, increasing procedures and test improvements. The consolidation of lab customers is also a concern.
"Both customers in the labs and vendors in the IVD industry are combining around for more efficiency," said Carlson.
The market continues to grow, but what the dollars represent is changing. The traditional core lab test segments – chemistry/immunoassay, hematology and coagulation – make up 43% of the dollar value of the IVD market in 2018 and about 65% of the market test wise. As molecular, infectious disease, and cancer tests increase in importance the market share of these core tests decreases to 43% in 2023.
"Customers are focused on where growth is and right now that is in testing for cancer and testing for infectious disease," said Carlson.
Kalorama Information's report has specific growth forecasts for scores of testing areas. The report is available HERE and will be released later today.
About Kalorama Information
Kalorama Information, a division of MarketResearch.com, supplies the latest in independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare; as well as a full range of custom research services. Reports can be purchased through Kalorama's website and are also available on www.marketresearch.com and www.profound.com.
We routinely assist the media with healthcare topics. Follow us on Twitter, LinkedIn and our blog on our company website: https://www.kaloramainformation.com/.
Press Contact:
Bruce Carlson
212 807 2262
[email protected]
SOURCE Kalorama Information
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