MRO Magazine

Emerging Economies Driving Big Growth in Global IVD Market, According to BCC Research

December 1, 2015
By Marketwire News

WELLESLEY, MA –(Marketwired – December 01, 2015) – Since 2014, the growth of the Asian in vitro diagnostic (IVD) market has increasingly outpaced Europe’s. BCC Research reveals in its new report that Asia should join the LAAM region (Latin America, Africa, Middle East) as the two fastest-growing regions of the global IVD market during the period 2015-2020.In vitro diagnostic tests performed on biological samples such as blood, urine, saliva, spinal fluid and DNA, are a key component of health care delivery. The information provided by IVD tests enable medical care providers to manage several diseases through timely prevention, diagnosis and decision making, and by administering patient-specific treatment modalities.The global in vitro diagnostics markets should total nearly $60.3 billion and $81.1 billion in 2015 and 2020, respectively, reflecting a five-year CAGR of 6.1%. North America (43%) and Europe (22%) accounted for 65% of the total IVD market in 2014. However, by 2020 their total market share is expected to fall to 54% as Asia and the LAAM (Latin America, Africa and Middle East) regions grow their portions of the total market, courtesy of five-year 2015-2020 CAGRs of 12.9% and 7%, respectively. Five-year CAGRs for North America and Europe are expected to reach 3.1% and 1.7%, respectively. Despite North America and Europe as the most developed and major IVD revenue centers, their slowdown in recent years has prompted manufacturers to shift their focus to the emerging regions of Asia-Pacific and Latin America. These regions, growing at double-digit growth rates, are becoming a lucrative destination, with the potential to drive the growth of IVD revenues. Improvements in health care budgets, laboratory and hospital infrastructure, and government initiatives are expected to stabilize IVD growth in the emerging markets. However, poor levels of technology research and innovation, and lack of expertise in local manufacturing, may dampen growth.In Asia, the volume of clinical laboratory tests continues to expand significantly due to an aging population. Japan currently dominates the region, in terms of revenues. However, emerging economies such as China and India, both of which should attain five-year CAGRs greater than 15% by 2020, should be key drivers of the market during the forecast period.”In the LAAM region, Latin America has the highest revenues due to better growth prospects in countries such as Brazil and Mexico, both of which have a favorable regulatory landscape for IVD devices,” says BCC Research analyst Sangeetha Prabakar. “Rising healthcare needs, private health plans and modernization of health infrastructure will help drive growth in LAAM, especially in Latin America and the Middle East. But again, as with Asia, lack of technology and local manufacturing expertise may dampen growth, however.”In Vitro Diagnostics: Technologies and Global Markets (HLC186A) examines key technologies and their applications, the regulatory environment, major players, and emerging markets. The report also identifies market dynamics, growth drivers, opportunities, and forecasts CAGRs through 2020.About BCC ResearchBCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today’s major industrial and technology sectors, including emerging markets. For more than 40 years we’ve helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key market participants. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Recently selected as the world’s greatest market research company, BCC Research is a unit of Eli Global, LLC. Visit our website at Contact us: (+1) 781-489-7301 (U.S. Eastern Time), or email Information: Editors and reporters who wish to speak with the analyst should contact:Steven