By Stewart Eisenhart, Emergo Group
The global in vitro diagnostic (IVD) market will grow from $49.2 billion in 2012 to $69.1 billion in 2017, fueled primarily by increasing demand for self-test IVD products.
According to a report by Research and Markets, issues including laboratory automation, more rapid point-of-care testing capabilities and emerging market opportunities will also drive IVD market growth. Although North America and Europe make up the largest share of the IVD market, report authors expect fastest growth rates in Brazil, Russia, India and China.
Challenges that will likely keep global IVD market CAGR in the single digits over the next four years mirror those often cited by other IVD and medical device industry observers and participants: complex regulatory frameworks in some countries, saturation in bigger IVD markets such as the US and Europe, and labor and budget shortages. How closely the global IVD market develops alongside the medical device market, however, depends significantly on how individual market regulators treat such products. Some market regulators apply the same or similar requirements to IVDs and medical devices, while other regulators maintain distinct frameworks for IVDs.
Stewart Eisenhart covers medical device regulatory affairs for Emergo Group.