Global In Vitro Diagnostics Market to Grow Rapidly in Investor-friendly Countries in APAC, to Reach US$74.2 bn by 2018

In vitro diagnostic products are medical devices in the form of a reagent, kit, instrument, equipment, apparatus or system and are used either alone or in combination with other diagnostic tools for gaining critical information for health and drug/therapy monitoring. The market landscape for in vitro diagnostics is changing rapidly due to surging demand for IVDs from regions such as Asia-Pacific and Latin America.

In 2011, majority share of the in vitro diagnostics market was held by North America and Europe owing to the high healthcare expenditure and structured network of clinical laboratories. However, this scenario is changing gradually since major market players in the in vitro diagnostics market are focusing on emerging economies to accelerate growth via capitalization of unmet opportunities available in these regions.

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Clinical chemistry IVDs held majority of the market share in 2011, across the U.S, India and China market. However, the molecular diagnostics segment is expected to have a robust growth during the forecast period owing to their ability to detect the disease at an early stage of development. Moreover, dramatic rise in the number of diabetes patients globally is driving the diabetes testing IVDs such as blood glucose meters and glucose testing strips.

Europe followed North America in terms of market share in 2011. This market is majorly driven by the presence of strong healthcare support from public as well as private healthcare spending. Some of the other major factors which drive the in vitro diagnostics market in Europe are:

-Rising number of infectious diseases such as pneumonia, tuberculosis, malaria, and sexually transmitted diseases, etc.
-Aging population and the related rise in the chronic diseases such as cardiovascular diseases (CVDs), diabetes mellitus, cancer, etc.
-Demand for advanced and automated diagnostics technologies
-Increasing demand for the rapid diagnostics and point-of-care testing

Significant differences in the reimbursement coverage throughout the region and the presence of ambiguous regulatory environment restraints the growth of this market. Although the healthcare system in Europe is better than many parts in the world, the increasing budgetary pressure is curbing the healthcare expenditure in this region.

This is resulting into slower growth rate of in vitro diagnostics market in Europe in comparison to that of the Asia-Pacific region.

The emergence of molecular diagnostics and the epigenomics-based diagnostics are expected to drive in vitro diagnostics market in Europe. In addition, a trend of diagnostic companies collaborating with pharmaceutical companies to launch companion diagnostics will open a premium segment of in vitro diagnostics market in the near future.

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