The global IVD market is expected to reach a market value of US$77 billion by 2022, showing a growth of over 54 percent as compared to a market value of $50 billion in 2011.
Fremont, CA: According to a report, 60 to 70 percent of medical decisions are made based on in-vitro diagnostics (IVD) testing. Using the evaluation of specimens derived directly from the human body, in vitro diagnostics are used to diagnose illness and disease. Market segments for the in vitro diagnostics comprises of instruments, reagents, and software related to diagnostics. The rapid market growth of IVD technologies, and specific trends, has spurred medical device makers to keep expanding their portfolio of innovative clinical solutions.
The industry is responding to many widespread developments, which then has triggered innovations and expansion in IVD technologies. Here are some of the large-scale trends.
Prevalence of chronic diseases
While the increasing segment of older people is more vulnerable to chronic diseases like diabetes, cancer, and cardiovascular disease, they negatively affect patients of all ages. Many factors, such as a sedentary lifestyle, poor eating habits, smoking, and high alcohol consumption among large swaths, have contributed to the increase in these conditions.
Aging global population
People in the world are living longer. The United Nations had estimated in 2016 that 962 million people or 13 percent of the world's population are 60 years or older. The numbers are expected to multiply by 2050. This population segment comprises of the key consumers of cardiovascular, diabetes, and other chronic disease tests.
Influence of prominent tech innovators
Giants in information technology like Google, Apple, IBM, Dell, and others are finding ways to transform raw IVD data into actionable medical knowledge.
Increase in the occurrence of infectious diseases
Diseases such as HIV, streptococcal infections, Methicillin-resistant Staphylococcus aureus (MRSA), influenza, Zika virus, hepatitis, and other diseases have created a high disease burden worldwide. However, early detection of infectious diseases can make the difference between life and death in many cases.
Acceptance of personalized care
Consumers have now started accepting the idea of DNA testing in health care. They want to be able to track their conditions more closely and take control of when and where they receive diagnostic testing.