IVD Market Set For Continued Growth
A new report released by Boston Biomedical Consultants, Inc. (BBC) at the AACC Annual Meeting in July found that the in vitro diagnostics market (IVD) grew by 6% from 2008 to 2009, putting the total worldwide market at $42 billion. The consulting group predicts continued steady growth for the industry over the next several years, especially from emerging areas of the world.
In the report, “Worldwide In Vitro Diagnostics Tests, Products, Industry Update and Review,” analysts at BBC projected a 5% compound annual growth rate for the IVD market over the next 4 years to $54.5 billion. Growth estimates ranged from a low of +1% for diabetes diagnostics to a high of +11% for the emerging/other/novel IVD test category. Growth for other major IVD segments included: immune disease (+4%), hematology and coagulation (+5%), immunoassay (+8%), clinical chemistry (+3%), and infectious disease (+9%).
Overall, laboratory testing constitutes the largest end-user segment of the total IVD market. Currently this segment stands at 75% of the $42 billion market, followed by patient self testing (20%), and ambulatory (5%).
“New technologies have enabled a better understanding of critical disease processes, resulting in new markers useful in the diagnosis, treatment, and monitoring of diseases affecting the world’s aging populations, including heart disease, cancer, and diabetes, all of which is driving the diagnostic testing demand,” said David O’Bryan, chief executive officer and president of BBC. “Test unit growth is also increasing everywhere.” O’Bryan also points to the spread of automation as a driver of market growth.
The health of the IVD industry was reflected in the attendance at this year’s AACC Annual Meeting and Clinical Lab Expo, the largest ever with more than 21,000 attendees, a 17% increase over 2009.