SOURCE: MarketResearch.com

MarketResearch.com

April 02, 2012 06:08 ET

Market Research Forecasts In Vitro Diagnostics Market Growth at 6.8% CAGR Through 2018

ROCKVILLE, MD--(Marketwire - Apr 2, 2012) - MarketResearch.com has announced the addition of the new report "In Vitro Diagnostics Market to 2018 - Consolidation, Decentralization and Demand for Genetic Testing to Shape the Competitive Landscape," to their collection of In Vitro Diagnostics market reports. For more information, visit http://www.marketresearch.com/GBI-Research-v3759/Vitro-Diagnostics-Consolidation-Decentralization-Demand-6871130/

The global In Vitro Diagnostics (IVD) market is forecast to grow at a Compounded Annual Growth Rate (CAGR) of 6.8% during 2011-2018 to reach a value of $72.3 billion by 2018. The IVD market will be driven by the shift to preventive healthcare from curative healthcare, the increase in the incidence of infectious diseases, the increase in the percentage of elderly people and technological advances.

Technological advances such as automation, biosensor technology, miniaturization, integration of workstations, and Information Technology (IT) optimizing laboratory workflow will lead to an increased demand for innovative technologies and drive the growth of the overall IVD market.

Factors such as an increase in income levels, growing awareness among patients, an increase in the patient pool and the increased adoption of Point of Care (POC) testing will drive the market growth in these countries. The advantages of POC testing include reduced Turnaround Time (TAT), minimal infrastructure requirements and accessibility. These advantages will be major factors contributing to the increased demand for POC tests and will drive the growth of the overall IVD market.

The immunochemistry market is expected to grow at a CAGR of 6.8% during 2011-2018. It will be the largest revenue generator in the IVD market with an expected value of $25.5 billion by 2018. Many factors, such as the increasing incidence of infectious diseases, the fast Turn Around Time (TAT) of these tests and the introduction of innovative tests, will drive the market growth.

Companies are focusing on introducing new tests to meet the growing demand for immunochemistry testing across the world. The immunochemistry market has the highest number of pipeline products in the IVD market. There are a total of 1,726 pipeline products, which accounts for 59% of the total pipeline products in the IVD market.

The increasing prevalence of infectious diseases and cardiac disorders and the increasing elderly population is driving the demand for immunochemistry tests. Physicians are opting for immunochemistry products over other traditional tests due to the short TAT and high specificity of the tests. This has resulted in an increased usage of immunoassays for the diagnosis of various diseases such as infectious diseases, oncology and other disorders. In order to leverage this, the companies are focusing on developing advanced immunochemistry products.

For more information, visit http://www.marketresearch.com/GBI-Research-v3759/Vitro-Diagnostics-Consolidation-Decentralization-Demand-6871130/

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