The health toll taken by incorrect or delayed clinical diagnoses will help IVD sales to grow by more than double over the next 10 years, says a London-based market research company
. In a new report Visiongain predicts a global IVD market of $126.9 billion by 2022. Sales in 2011 of all devices, reagents, and systems totaled $47.6 billion, according to the report.
Several trends are fueling growing use of IVDs, according to Hemant Mistry, a healthcare industry analyst with Visiongain. These include technological advancements, improved diagnostic tools, treatment monitoring, and increased availability of OTC tests. Globalization may also prove a boon to the market because of government-backed initiatives, growing economies, and the increased healthcare budgets of Brazil, Russia, India, and China. (See our May 10 2012 blog post on BRIC nations
and economies for more info on this topic.) The research firm also notes that healthcare investment in China, India, and other developing countries is expected to double in the next seven years.