ROCKVILLE, Md., Oct. 24, 2018 /PRNewswire/ — Market Researcher Kalorama finds an IVD market with growth, but not without limits. Developed markets will be challenged by a perception that testing needs to be rationed and cost-controlled, while emerging markets are promising IVD revenue growth five times that of developed markets. In its recent 11th edition of its worldwide in vitro diagnostics market report, the firm said product innovation will drive up pricing, reimbursement cuts will drive down markets and new emerging markets will fuel growth.
The world market for diagnostics is estimated at $65 billion in 2018 and is expected to grow 4% annually to $77.8 billionby 2023.
This includes all laboratory and hospital-based products, and OTC product sales. Major markets North America, Europeand Japan make up 73% of the market for in vitro diagnostic products. By 2023, their portion of the market held in the major markets is expected to decrease to 67%.
Pricing pressure in the three major markets will play a role in IVD market growth rates of not more than 2%.
Overall, emerging markets will experience over 10% annual growth while the developed world will see annual growth of approximately 1-2%. Previous reports estimated that emerging markets would grow 10-20%; however with the prospect of IVD growth, local suppliers have improved their offering of routine tests that account for at least 70% of the diagnostic test menu and do so at very cost effective pricing.
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