127.4 Billion-Dollar IVD Market Blooms
Abbott Leads, Roche Close Second. COVID -19 Tests Largest Share, But Growth Comes from non-COVID
The world in vitro diagnostic (IVD) market will reach $127.4 billion dollars in 2022, according to LabPulse.com’s sister publication Kalorama Information. That’s the finding from the firm’s market research report, The Worldwide Market for In Vitro Diagnostics, 15th edition. REPORT: https://kaloramainformation.com/product/the-worldwide-market-for-in-vitro-diagnostic-tests-15th-edition/
COVID-19 testing is a contributor to the market, and $32.6 billion will originate from COVID-19 tests. But the bulk of the market, $94.8 billion is from non-COVID-19 IVD tests.
The COVID-19 pandemic took focus and publicity away from cancer testing but testing continued. The market, Kalorama projects will thrive: In 2022, Kalorama projects that Segments related to cancer testing are among the fastest growing revenue segments: these include in situ hybridization tissue DNA tests, blood tests for molecular cancer markers, immunohistochemistry, HPV molecular tests.
But it’s not just cancer diagnostic testing that will find demand – drug of abuse tests (the IVD terminology for tests outside of criminal or employment testing), cardiac markers, fecal occult blood tests, and glucose tests will show greater than average growth. Inherited tests and molecular tests for organ transplants are areas of high market growth.
Who earns this revenue? Kalorama says most of revenues in the market is about a dozen dominant companies. Abbott Diagnostics Leads the IVD Market, followed by Roche. Abbott’s position in point-of-care from its Alere acquisition in 2017 and the COVID-19 epidemic and the continued presence of a testing market for infectious disease where the company’s product offering is strong. Glucose test sales have also contributed. Roche’s presence in large hosptial systems in the U.S. and other areas, partnerships with pharmaceutical companies and tissue diagnostics offering keep it in a top position. Siemens Healthineers, Beckman Coulter, biomerieux, Quidel, Bio-Rad, Sysmex, Cepheid and Becton Dickinson are among other market leaders.
Kalorama’s report is a global report, and the report seeks China and Korea as key growth areas. China no longer is the double-digit grower of the past, but its market still will grow about twice as fast as the worldwide IVD market. The country still has yet to spend up to developed company levels on IVD, the report finds. Many companies are seeking out Eastern Europe as a place to make gains. EDMA, for instance, reports that new members, generally Eastern European nations, spend more three times a percentage of their healthcare spend on IVD than do their newer members, generally the Western European nations. The IVD market in India is considered complex in its regulatory process and has a fragmented system for device registration and geographical market penetration. Despite the challenges, the IVD market is growing and showing a steady flow of foreign investments. India is highly dependent on medical imports and continues to grow despite the increasing number of domestic medical equipment suppliers.
These factors will combine to support a robust world market.