106 Billion IVD Procedures and Counting
“Medical market researcher Kalorama Information forecasts exponential growth in both in vitro diagnostics (IVD) procedures and sales between 2021 and 2026.”
The global in vitro diagnostics (IVD) procedures market continues to grow off momentum originating at the height of the pandemic and lingering on today. There are currently 106,624 million (106 billion) in vitro diagnostics procedures annually, up from 76.1 billion in 2020. Procedure volume is forecast to grow annually by almost double digits through 2026. The next several years will also see worldwide sales of IVD products expanding annually to eventually exceed $131,286 million ($131 billion). Blood glucose monitoring activities is expected to account for the vast majority of testing volume and for about $26 billion of product sales. This is according to insights featured in IVD Procedure Volumes, 2021-2026, a new report by leading medical market research company Kalorama Information.
“The billions of annual procedures represent sources of revenue for IVD companies and laboratories, but they also represent gateway activities to a broad range of healthcare events including surgeries, pharmaceutical prescriptions imaging procedures and physician office visits,” says Daniel Granderson, associate editor for Kalorama Information. “COVID-19 drove growth in 2021. But population, aging, insurance levels and new test development are also important factors in the growth of IVD procedures.”
During 2021, COVID-19 continued to influence markets, adding significantly to procedure volumes in various segments and revenues. Diagnostic testing rebounded adding procedure volume increases to several segments including mass spectrometry and histology/cytology. Traditional testing also made solid advances. Further, among the most interesting trends to come out of the pandemic was a general acceptance of self-testing and an increase in point of care (POC) volumes and revenues.
IVD tests include well-established and newer, emerging technologies. Over the next several years, traditional tests based on clinical chemistry, immunoassays, hematology and conventional microbiology will account for the largest share of global procedural volume, or about 41% of non-glucose tests in 2026. These older technologies will continue to build up patient volume based on low cost, broad applications, improving methods, and increasing availability in POC laboratories.
For more information purchase IVD Procedure Volumes, 2021-2026, on our website at: https://kaloramainformation.com/product/ivd-procedure-volumes-2021-2026/.
Kalorama Information has also published a related report IVD Trends and Market Update, March 2022, for sale at: https://kaloramainformation.com/product/ivd-trends-and-market-update-2022/.