Despite regulatory roadblocks and nagging reimbursement issues, the in vitro diagnostics (IVD) market is expected to grow at a nearly 5.5% compound annual growth rate (CAGR) to reach a value of $74.65 billion by 2020, according to a market report published by Allied Market Research (Portland, OR). The sector currently is valued at approximately $55 billion.
The rise in chronic and infectious diseases and technological advances are driving the growth of the IVD market, notes the report, In Vitro Diagnostics (IVD) Market - Global Industry Analysis, Growth, Trends, Opportunities, Size, Share and Forecast, 2012 - 2020. Asia-Pacific is the fastest growing market and will generate the highest revenues by 2020. Rising demand for technologically advanced diagnostic devices and the growing ability of consumers to access advanced healthcare present significant opportunities for IVD companies in the Asia-Pacific region, write the authors of the report.
The report segments the market based on immunoassays, clinical chemistry, point-of-care devices, molecular diagnostics, hematology, coagulation, microbiology and other clinical techniques. Point of care is the highest revenue-generating segment, while molecular diagnostics is the fastest growing technique thanks to its capability of accurately detecting primary disease causes.
Raw materials suppliers are an integral part of the supply chain, and plastics have a 90% market share in point-of-care devices, Dr. Benjamin Roussel, an analyst at Yole Développement (Lyon, France), recently told PlasticsToday. "We project that its share will continue to rise, mostly because of cost pressure," said Roussel. Poly methyl methacrylate (PMMA) and cyclic olefin copolymer (COC) are the preferred materials for POC applications, according to Yole.
The report from Allied Market Research includes an analysis of the IVD market by product type, application area, and geography. It also profiles the key players and offers insights into new entrants into the marketplace and their business strategies. The 152-page report can be purchased on the Big Market Research website.