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 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," said 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. The survey can be found along with other industry renowned research from Kalorama at http://www.kaloramainformation.com/.
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. We routinely assist the media with healthcare topics. Follow us on Twitter, LinkedIn and our blog.
|SOURCE Kalorama Information|
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