July 2008 Clinical Laboratory News: IVD Market Growth
IVD Market Growth Looks Favorable
The global market for in vitro diagnostics (IVD) devices is expected to grow 6% annually in the next 5 years, according to a report from Kalorama Information, a market research company based in New York. In 2007, total IVD sales worldwide were almost $42 billion and are projected to reach more than $56 billion by 2012, the company reported.
This forecast of significant growth for the technology is due in part to the projected rise in the 45- to 75-year-old population of many countries. Emerging markets will experience 10%–20% annual growth in IVD device sales, compared with 3%–6% for the rest of the world.
Other trends will also promote rapid growth in the IVD market, the report noted. Developing countries will shift their diagnostic emphasis from infectious diseases to chronic conditions. However, ongoing surveillance will require IVD devices to diagnose H5N1, SARS, and WNV, as well as HIV and other infectious diseases. Rising incomes and living standards in developing countries will also increase demand. China in particular, with its recent entry into the World Trade Organization, is expected to double its use of IVD devices in the next 5 years. Increased privatization of healthcare will likewise add to demand. Future sources of additional demand include research related to the Human Genome Project, as well as patient home monitoring.
North America, excluding Mexico, currently leads in sales, with 44% of market share, followed by the European Union, which has nearly a third of the market.