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Diagnostic market growth expected to reach $65 billion by 2018

Human genome project, advances in functional genomics, bioinformatics, and miniaturization helping to grow market, says Kalorama report.

The world market for diagnostics is estimated at $54.6 billion in 2013, according to Kalorama Information, a publisher of market research in biotechnology, diagnostics, healthcare, medical device, and pharmaceutical industries.

The diagnostic market is expected to grow 4% annually and reach $65 billion by 2018. The market includes all laboratory and hospital-based products, and OTC product sales.

Kalorama revealed the market estimates in its biennial survey of the IVD industry, “The Worldwide Market for In Vitro Diagnostic Tests, 9th Edition.” The survey can be obtained here.

New technology is leading the charge, according to Kalorama. Diagnostic laboratory technology has changed dramatically in the past few years, due to the publication of the human genome project and advances in functional genomics, bioinformatics, miniaturization, and microelectronics.

"Not three years ago it would have been almost inconceivable to see research technologies such as genome sequencing and mass spectroscopy play a pivotal role in improving lab medicine," says Shara Rosen, Kalorama's Lead Diagnostic Analyst and the author of the report. "Their influence is felt in personalized medicine, inherited diseases, pathogen detection, antibiotic resistance testing, blood banking, and much more to come."

According to the report, this phenomenon has seen the major vendors of these technologies enter the IVD market: Life Technologies, Illumina, Affymetrix, Bruker Daltonics, PerkinElmer/Caliper, and others have all launched clinical tests and test services.

Another finding in the report is that emerging markets have taken off. All of the major IVD companies reported at least 25% increase in their sales in China and growth in the top seven emerging markets: Brazil, Turkey, Korea, India, Russia, and Mexico.

"We knew that these were target markets but the double-digit results in China were surprising," says Bruce Carlson, Publisher of Kalorama Information. "These countries continue to invest in healthcare infrastructure and insurance coverage and IVD is part of that."

On the supply side, labs are challenged to add new tests with little increase in financial and human resources. For most labs it may even mean doing more with less.

“The Worldwide Market for In Vitro Diagnostic Tests, 9th Edition” presents the trends, technologies, customer needs, and major suppliers with an eye on how they are shaping the IVD industry.

New entrants, new technologies have entered the stage and all important events are cataloged in this report. Published every two years, this volume includes market estimates for 2013 base year and forecasts to 2018 for the most important aspects of all of the major segments of clinical lab testing.

The research for this report is compiled along with the opinion, observations, and insights of industry experts to produce an unparalleled vision of the industry as it is in 2014. The report includes data in a sizeable number of IVD segments and detailed discussion of the trends that are impacting the industry. The report also provides a realistic forecast five years into the future for companies already participating in or considering entry into this growing industry.

At 1200 pages, this comprehensive report is used by top IVD companies for business planning, which means that this volume can provide a uniform standard for in vitro diagnostic market numbers. This edition expands coverage of the field and tracks the most important developments.

From the first edition, this report has been intended to create a global picture for readers. Clinical testing is a worldwide business. This has always been true, but today emerging markets are part of the growth strategy of companies large and small. Kalorama has adjusted to these industry trends with enhanced geographic segmentation. While the U.S. is a large healthcare market, many of the most interesting opportunities for companies are occurring in emerging markets.

As part of its coverage, the report breaks down the entire IVD market for North America, Europe (with total IVD market sizes for EU countries), Asia (China, Japan, India), Latin America, and Rest of World.

The report does not merely report figures absent context. It describes the competitive workings of the diagnostics industry, combining a competitor, product, regulatory, and payor decision analysis. In addition to providing authoritative market estimates for IVD market segments, this report seeks to explain why market events are occurring. The report delves into fast- breaking trends in in vitro diagnostics and distinguishes between company PR and actual market reality.

The report contains detailed profiles of the top players in IVD. Profiling in this report describes the developments in each significant division of their business. A number of secondary players are also extensively profiled, as well as specialty companies with expertise in one testing area.

All market data are based on factory sales to the end user and not retail pricing or reimbursement payments. Data for the in vitro diagnostic market are presented in U.S. dollar market size for categories of tests, and for specific analytes where possible. The dollar value of a market segment is directly proportional to the number of tests performed, because the cost of the instrumentation is generally buried in the per test price.

The information presented in this report is derived on publicly available information sources such as company, government, and medical organization reports. The analysis is based on the author's industry knowledge combined with literature searches and interviews with industry professionals and experts in the IVD industry.

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.

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