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Strategic Analysis of the Global In Vitro Diagnostics Market
Frost & Sullivan, July 2010, Pages: 122
This research service analyzes the characteristics of the global in vitro diagnostics (IVD) market from 2007 to 2014, with the base year of 2009. It discusses the segmentation, key trends, technologies, drivers and restraints, competitive structure, and company market shares. It covers the immunochemistry, microbiology, point-of-care, molecular diagnostics, hemostasis, hematology, self monitoring blood glucose and tissue diagnostics markets. It discusses the current market segments in 2009 with projections for growth through 2014. The analysis also highlights emerging countries: China, Russia and Brazil.
This research service titled Strategic Analysis of the Global In Vitro Diagnostics Market provides an in-depth analysis of the market drivers and restraints, industry trends, and competitive environment in addition to the challenges and issues faced by market participants. In this research, Frost & Sullivan's expert analysts thoroughly examine the following: immunochemistry, microbiology, point-of-care testing, molecular diagnostics, hemostasis, tissue diagnostics, self-monitoring blood glucose (SMBG) testing, and hematology.
Market Overview
Widening Patient Base and Surge in Healthcare Expenditure Trigger Growth in the Global In Vitro Diagnostics Market
The expanding patient population and rising healthcare spending have given rise to new opportunities for the global in vitro diagnostics market. Moreover, greater access to healthcare and focus on healthcare improvement has enabled increasing utilization of testing in the emerging markets. Growing testing channels have driven test utilization, and new products continue to expand the areas where in vitro diagnostics testing can add value. For now, the in vitro diagnostics market continues to be largely driven by high growth segments such as molecular diagnostics and tissue diagnostics. Tissue diagnostics has grown dramatically due to the expanded techniques and use of cancer diagnostics. “The market has been supported by the strong growth of the mature immunochemistry segment in the emerging countries,” notes the analyst of this research service. “Virology testing, in particular for human papilloma virus (HPV), genetic testing, and bacteriology have also helped enhance market prospects.”
However, the global in vitro diagnostics market was hit by the economic decline in 2009. Faced with limited budgets, many organizations delayed purchase of new instruments until economic recovery was underway. Apart from this, the decline in the insured population drove down testing revenues. Patients lost their health benefits in the wake of job layoffs, causing delays in seeking treatment and expensive procedures. This had a direct impact on testing. Pricing pressures are also dampening market prospects. As health networks and hospitals continue to consolidate, the growing buying power of end users has resulted in price erosion. Despite these setbacks, the market had many high growth testing segments as well as strong growth in most emerging markets, which helped offset declines or minimal growth in the developed markets.
To ensure deep market penetration, participants in this space must demonstrate value to healthcare professionals and provide solutions tailored to specific end users. “There is a wide variety of end users and countries that participants sell to,” says the analyst. “Adoption of testing products will largely depend on the competitors’ proficiency in developing the appropriate solutions for specific end users and their ability to reach them.” Once this is established brand recognition and marketing and distribution strategies play a large role in determining product specific adoption. Companies must be alert to the needs of the varying end-user base. For instance, hospital requirements in the United States would differ considerably from those in China. After the appropriate solution has been developed, efforts must be intensified to strengthen relationships with end users and distributors. Distributors can provide a crucial link in regions in which the companies lack the wherewithal to independently connect with end users. Showcasing the products’ tangible advantages over competing methods will enable steady business traction.
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
- Immunochemistry
- Microbiology
- Point-of-care testing
- Molecular diagnostics
- Hemostasis
- Tissue diagnostics
- Self-monitoring blood glucose (SMBG) testing
- Hematology
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