Le Lézard
Classified in: Ebola virus, Business
Subject: SVY

$65 Billion Market in Medical Laboratory Tests


ROCKVILLE, Md., Sept. 5, 2018 /PRNewswire/ -- In vitro diagnostic tests, or non-imaging laboratory tests that doctors use to make critical health decisions, represent a $65 billion and growing healthcare market. Hundreds of companies participate, though key firms such as Roche Diagnostics, Abbott Diagnostics, Siemens Healthineers and Danaher dominate. This according to market research firm Kalorama Information, a New York City-based research firm that focuses on biotechnology and in vitro diagnostics, or IVD. Kalorama just released its 1800+ page market study, The Worldwide Market for In Vitro Diagnostics, 11th Edition.

Kalorama Information Logo.

Why is this market growing? Kalorama says threats to human health continue - obesity, diabetes, cancer, cardiac disease and infectious diseases, worldwide. These situations have created demand for highly specific, sensitive and sometimes expensive tests. IVD companies spend a lot more than other industries on research, and this fuels new testing products. Is there any limit to growth? Kalorama says that there are limits because testing is regulated by governments worldwide, and test reimbursements in developing countries are often reduced. 

"It's a paradox of sorts. As great technologies come out, as new genomics, microfluidics and IT appear, the appetite of world healthcare systems to pay for tests decreases," said Bruce Carlson.  "What's the way around it? Even more innovation, and public pressure for test funding, for starters. But even without any action on the industry's part, demand is fueled by aging world populations and disease trends." 

These specialized tests have come under scrutiny from payers and regulatory authorities. The study balances out regulations and payor information with new product innovations, disease statistics and clinical practice to arrive at market estimates. Kalorama surveys vendors and reviews published facts and medical journals in making assessments. The firm thinks in vitro diagnostics grow at 4% overall ? but that average is brought down by mature industries within IVD. There are biomarker segments that will double in 5-7 years, according to the report.

"Cancer and infectious disease lead growth," said Bruce Carlson, Publisher of Kalorama Information. "But we are closely watching the infectious disease categories in the wake of PAMA cuts and European lab consolidation and payment slowdowns."

Nevertheless, the market for IVD products is in good shape overall, according to the report. The market improved generally since the last edition of Kalorama's worldwide in vitro diagnostics report. 

The next five to ten years or so will see moderate and gradual change in IVD product markets.  IVD manufacturers can expect:

Infectious diseases are a category to watch in IVD, said Carlson. "Chagas, dengue, chikungunya and other emerging infectious diseases, along with the well-known Ebola and Zika virus have brought a reality that tropical infectious diseases know no borders."

But these aren't the only areas where testing is set to grow.

"Every time you hear about a significant health issue in the United States or worldwide, it's likely that testing has a role," Carlson said. "Substance abuse and opioids? Testing is helping there.  Over prescription of antibiotics? Testing is helping there. Reducing hospital stays? There again, testing can aid."

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. Reports can be purchased through Kalorama's website and are also available on www.marketresearch.com and www.profound.com.

We routinely assist the media with healthcare topics. Follow us on Twitter, LinkedIn and our blog on our company website: https://www.kaloramainformation.com/.   

Press Contact:                                                         
Bruce Carlson
212 807 2262
[email protected]

 

SOURCE Kalorama Information


These press releases may also interest you

at 06:05
Zura Bio Limited ("Zura Bio") a clinical-stage immunology company developing novel dual-pathway antibodies for autoimmune and inflammatory diseases, today reported full year 2023 financial results and recent business highlights. The Company has also...

at 06:05
REX American Resources Corporation ("REX" or the "Company") , a leading ethanol production company, today announced financial and operational results for the Company's full year and fiscal fourth quarter 2023. REX American Resources' Q4 and full...

at 06:05
Calibre Mining Corp. ("Calibre" or the "Company") is pleased to announce the Company has entered into a key pre-commissioning and commissioning contract with Reliable Controls Corporation of Salt Lake City ("RCC") for the Company's Valentine Gold...

at 06:00
Canada's construction sector experienced a slight contraction in 2023, as growth in the non-residential sector was offset by a moderate decline in activity in the residential sector. Despite this trend, the industry continues to perform at an...

at 06:00
Stallion Uranium Corp. (the "Company" or "Stallion") is pleased to announce that it has appointed Matthew Schwab, an acclaimed exploration geologist in the Athabasca Basin, to its Board of Directors. At the same time, the Company thanks Terry Wells...

at 06:00
Zymeworks Inc. , a clinical-stage biotechnology company developing a diverse pipeline of novel, multifunctional biotherapeutics to improve the standard of care for difficult-to-treat diseases, today announced the appointment of Dr. Neil Gallagher to...



News published on and distributed by: