There’s no debate, in vitro diagnostics (IVDs) comprise a dynamic international industry with years of growth still ahead. The market already has more than $124 billion in worldwide sales and a presence in more than 20 key healthcare and medical segments ranging from molecular microbiology to infectious disease immunoassays to point-of-care (POC) to clinical chemistry. These findings are according to insights and analysis published by leading medical market research firm Kalorama Information in the best seller The Worldwide Market for In Vitro Diagnostic Tests, 15th Edition, which was recently updated with a March 2023 addendum.
The IVD market proved its resiliency in recent years by emerging as a key contributor in the fight against the COVID-19 pandemic and even as the coronavirus and its variants lingered throughout 2022 and into 2023.
“The pandemic impacted the world economy and created uncertainty in the stock market and affected supply chains all over the world. However, the IVD testing market was center stage for the fight against the coronavirus. IVD products have seen a rebound year over year and are now seeing solid growth,” says Bruce Carlson, senior vice president of publishing at Kalorama Information.
New products, changes in global health spending, regulatory changes in major markets and disease trends are among the factors that produce a constantly changing market picture for this resilient industry. There are some growing segments in the market that have attracted industry attention. Among these are POC, next-generation sequencing (NGS), cancer testing, and companion diagnostics technologies. Immunochemistry and molecular diagnostics are also segments of great market interest, anticipated to be a big part of the future of IVD.
The next five to ten years or so will see moderate and gradual change in IVD product markets. According to Kalorama Information, IVD manufacturers can expect:
- Modest IVD growth in developed countries, much faster growth in developing countries.
- In developing countries, concentration on infectious diseases and chronic conditions, worldwide. The prevalence of cancer, cardiac, and autoimmune diseases has increased.
- Increased privatization of healthcare services throughout the world, developed and emerging economies included, and thus, increased pricing pressure on all devices including IVDs.
ABOUT THE REPORT—NOW WITH MARCH 2023 ADDENDUM
Originally published August 2022, this 15th edition of Kalorama’s Worldwide Market for In Vitro Diagnostic Tests provides readers with 1,600+ pages and 300+ charts/figures of reliable estimates, real-world forecasts, and insights needed to understand the IVD market in its entirety. Always seeking to make the best even better, Kalorama Information in March 2023 included an addendum to the original 2022 report with updated data and insights.
For more information or to purchase the market research report The Worldwide Market for In Vitro Diagnostic Tests, 15th Edition, visit: https://kaloramainformation.com/product/the-worldwide-market-for-in-vitro-diagnostic-tests-15th-edition/.