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November 3, 2014
Healthcare professionals understand that early detection is key to not only optimizing the treatment of patients' diseases, but also to minimizing medical expenses. Biopharmaceutical and medical device companies recognize this and continue to develop innovative in vitro diagnostics capable of analyzing patients' blood, urine and other samples to both diagnose and treat patients.
Recently, IQ4I Research & Consultancy released a study indicating that the global IVD market will be worth $88 billion by the year 2020, as reported by Genetic Engineering & Biotechnology News.
Personalized medicine a major driver
According to the authors, the projected expansion in the IVD market is attributable to several factors, including a growing interest in personalized medicine. This healthcare strategy treats patients based on their individual disease biomarkers rather than whole disease population segments, thereby making treatment more targeted and reducing the likelihood that they be given medications that are either ineffective or stimulate negative reactions.
Additionally, the IVD market is expanding because of advances in technology that enable more targeted treatments, growing awareness of the value in personalized medicine, and the growing prevalence of both infectious and chronic diseases. According to the U.S. Centers for Disease Control and Prevention, half of adults in 2012 were living with a chronic illness, such as heart disease, diabetes, osteoarthritis, obesity, cancer and stroke. That totaled 117 million individuals in the U.S. alone. In 2010, seven of the top 10 leading causes of death were chronic illnesses, with heart disease and cancer accounting for nearly 48 percent of mortality.
"Based on techniques used in IVD, the market is segmented into clinical chemistry, immunology, hematology, coagulation, microbiology, molecular diagnostics and other clinical instruments," Satish Birudukota of IQ4I Research & Consultancy wrote in the news source. "The immunology segment had the largest revenue in 2013 and is poised to reach $35.3 billion by 2020. The molecular diagnostics market segment is expected to grow at the highest CAGR (more than 8 percent) during the forecast period. Among various IVD products, reagents commanded the largest market in 2013, followed by the instruments segment."
In 2013, hospitals accounted for the largest customer share of the IVD market. Birudukota and colleagues expect hospitals to make up at least half the market by 2020. They expect North America to maintain a hold on the largest market share, but predict that the Asia-Pacific region will experience the largest compound annual growth rate. By contrast, growth may potentially be hampered by factors such as reimbursement issues and affordability.