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IVD Market Reaches $69.2 Billion: Kalorama Information Report
ARLINGTON, Va., Aug. 30, 2019 /PRNewswire/ -- The world market for diagnostics is estimated at $69.2 billion in 2019 and is expected to grow a little more than 4% annually to reach $85.2 billion by 2024. This is according to a new report by market researcher Kalorama Information, part of Science and Medicine Group. This includes all laboratory and hospital-based in vitro diagnostic (IVD) tests, instruments, and reagents, as well as over-the-counter (OTC) product sales.
Kalorama Information released its 12th edition of the 2,000-page "Worldwide Market for In Vitro Diagnostic Tests" report, available now: https://kaloramainformation.com/product/the-world-market-for-in-vitro-diagnostic-tests-12th-edition/.
Some of the key the findings of the report include the following:
- The demand for early detection of cancer and infectious diseases is driving the IVD market globally.
- The market is also boosted by the aging world population and the stream of new test innovations – this is a field where double-digit percentages of sales invested back in R&D is not uncommon.
- Sales to China, Korea, Brazil, and other emerging nations are driving markets, but there is also some recovery in European markets and in Japan.
- Mass spectrometry has arrived, the report said, and it is included in market totals for its superior microorganism identification capability, among other applications.
- Roche dominates the market, but Abbott Diagnostics has gained ground recently. Siemens Healthcare, Danaher, Thermo Fisher Scientific, bioMérieux, and Ortho Clinical Diagnostics are among the top-tier competitors.
- Hundreds of companies compete in the market, and investment is brisk.
The report covers every aspect of in vitro diagnostic testing from point-of-care tests to molecular genetic testing to tissue-based tests. Companies are profiled, trends tracked, and their impact discussed. Kalorama now publishes the comprehensive report yearly, and the firm is consulted by top diagnostic companies for business planning.
About Kalorama Information
For more than 30 years, Kalorama Information has been a leading publisher of market research in healthcare areas, including in vitro diagnostics (IVD), imaging, biotechnology, healthcare, medical devices, and pharmaceuticals.
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SOURCE Kalorama Information