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New Kalorama Report Says In Vitro Diagnostic Market Reaches 54.6 Billion
Date:8/14/2014

NEW YORK, Aug. 14, 2014 /PRNewswire/ -- The world market for diagnostics is estimated at $54.6 billion in 2013, according to Kalorama Information.  The market is expected to grow 4% annually and reach $65 billion by 2018.  This 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 at  http://www.kaloramainformation.com/redirect.asp?progid=86544&productid=8326563

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," said 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
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