The 80-Billion Dollar IVD Market: Five Fast Facts from New Report

ARLINGTON, Va., Sept. 14, 2020 /PRNewswire-PRWeb/ -- Kalorama Information recently released its report on the 80+ billion dollar in vitro diagnostic market. Among other information and intense market segmentation in the 1,800+ page report was the following:

    --  1) A Market Growing at Five Percent Per Year: In Vitro Diagnostics are
        essential to patient care and that is known in 2020 more than any other
        year with the onset of COVID-19. While it's too early to predict what
        will happen with specific testing for COVID, it is estimated that it
        will be with us into next year and perhaps beyond. Besides that, testing
        in other areas - new liquid biopsy tests for cancer, new and popular
        genetic tests, hematology, insect bite tests, hbA1c, not to mention
        increased use of respiratory panels to rule out COVID-19 and detect
        other bugs will boost the market.
    --  2) IVD Influences $8 Trillion+ Dollars of Other Markets: While the IVD
        market is large enough on its own, IVD industry also influences other
        markets. It is a gatekeeper on at least five markets, and likely more -
        most notably the pharmaceutical market, where companion tests are used
        to optimize and monitor therapy. It is also important for the physician
        and hospital service markets, which represent six to eight trillion
        dollars in revenue depending on estimates. Markets for clinical lab
        services, biotech research and healthcare IT are also influenced by what
        happens in in vitro diagnostics.
    --  3) COVID-19 Testing Added Nine Billion Dollars to the Market, Most of it
        PCR: The bulk of growth in 2020 is expected to come from
        pandemic-related testing for COVID-19. This testing is estimated at $9+
        billion dollars. Most of this is molecular RT-PCR tests for the virus.
        It is beyond the ability of our analysts or most predictors of
        healthcare markets to predict the path of the virus or treatment
        outcomes. Some attention must be given to these factors for short-term
        forecasts. Given the number of variables - vaccine development, an
        effective anti viral drug or a significant reduction in cases worldwide
        for other reasons - it is not clear how far into the future this
        accelerated PCR and antibody testing volume and market will continue.
    --  4) Cancer Testing is Down But Long-Term Still Represents Growth
        Opportunity:. Many areas of testing took a hit with the COVID-19
        pandemic. One of those segments hard-hit was cancer preventative and
        detection tests, particularly histology. Cancer tests, particularly
        those performed in histology labs, were negatively impacted by COVID-19.
        Kalorama believes the market for these tests is down 8.3% between 2019
        and 2020. However, the lost test procedures and physician visits are
        slowly being compensated for with re-openings and remote work; growth in
        in situ hybridization will remain above IVD market average at 6% growth.
        HPV molecular testing was impacted by coronavirus-related causes per
        Kalorama's surveys but we project this market at 13%. Cancer prevention
        must and will continue and any decreases are temporary.
    --  5) Few Companies Own Most of the Market, But Opportunity for Others: IVD
        is a market controlled by a few top companies; Kalorama estimates that
        19 companies earned most of the revenue. Among these are IVD leader
        Roche Diagnostics but also Abbott, Siemens Healthineers, Danaher,
        bioMerieux, Qiagen, Quidel, Bio-Rad, Thermo Fisher Scientific and
        others. These companies are profiled and detailed in Kalorama
        Information's report:
        https://kaloramainformation.com/product/the-worldwide-market-for-in-vitr
        o-diagnostics-13th-edition/. Even in COVID-19 testing, consolidation is
        reflected. About ten companies (Roche, Abbott, Cepheid, bioMerieux among
        them) were among labs favored tests, at least in the United States per a
        recent Association for Molecular Pathology survey. Due to perfection of
        production, expert distribution and acquisition of companies, a select
        group of companies dominate IVD.

What does that mean? Less than one might think. There's still opportunity in this industry. The remainder of the market is held by 100s of companies; some, of which, specialize in specific test segments and others serve their local markets. IVD remains dynamic. There are constant innovations. This report documents these innovations in each segment market chapter. The IVD industry is a high R&D spend industry, and there is routine interest from venture capital firms in diagnostic products

More information can be found in The Worldwide Market for In Vitro Diagnostic Tests, 13th Edition: https://kaloramainformation.com/product/the-worldwide-market-for-in-vitro-diagnostics-13th-edition/

About Kalorama Information:
Kalorama Information, part of Science and Medicine Group, is the leading publisher of market research in healthcare areas, including in vitro diagnostics (IVD), biotechnology, healthcare, medical devices, and pharmaceuticals. Science and Medicine Group supports companies seeking to commercialize the rapidly changing marketplace at the intersection of science, medicine, and technology. Comprised of industry-leading brands, Science and Medicine Group serves analytical instrument, life science, imaging, and clinical diagnostic companies by helping them create strategies and products to win markets and provide platforms to digitally engage their markets through a variety of innovative solutions. Kalorama Information produces 30 reports a year. The firm offers a Knowledge Center, which provides access to all published reports.

SOURCE Kalorama Information