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In Vitro Diagnostics Players Go Global Says Frost & Sullivan, as U.S and Europe Markets Slow Down - Fast-rising Asia-Pacific emerges as latest hotspot for IVD manufacturers - LifeSciences.Frost.com
In Vitro Diagnostics Players Go Global Says Frost & Sullivan, as U.S and Europe Markets Slow Down

 

NewswireToday - /newswire/ - Mountain View, CA, United States, 2014/10/09 - Fast-rising Asia-Pacific emerges as latest hotspot for IVD manufacturers - LifeSciences.Frost.com.

   
 
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Despite economic and industry challenges, the global in vitro diagnostics (IVD) market is growing robustly at double the rate of the global pharmaceutical industry. The market will remain buoyant as the recent success of cost-saving companion diagnostics tests and personalized medicine is driving the uptake of various IVD tests and opening up the opportunity to expand test menus. While the U.S. and European markets remain important, their slowdown is demanding an alignment with the global market. As a result, the Asia-Pacific region is becoming a lucrative destination for IVD manufacturers.

New analysis from Frost & Sullivan’s Analysis of the Global In Vitro Diagnostics Market finds the market earned $47.27 billion in revenue in 2013 and estimates this to reach $62.63 billion in 2017. The study covers immunochemistry, self-monitoring blood glucose (SMBG), point-of-care testing (POCT), molecular diagnostics, hematology, clinical microbiology, hemostasis and tissue diagnostics.

“The broad application potential, combined with downward pricing trends enabled by microfluidics integration, is fuelling the long-term growth of the point of care testing (POCT) segment. In spite of market uncertainties, the hematology segment too is gaining traction through the launch of new products, support of an existing installed base, and needs of emerging markets,” said Frost & Sullivan Life Sciences Senior Industry Analyst Divyaa Ravishankar. “In addition to these segments, the molecular diagnostics space holds promise due to continued demand from the developed U.S. and European markets.”

However, low public health reimbursement for SMBG products in the U.S. and Europe is adversely affecting the development of this segment. IVD companies are pursuing emerging markets to compensate for the drop in market pace in developed nations. With pricing pressures and intensifying competition pervading emerging markets, IVD companies need to operate strategically in these territories.

Further, strained laboratory budgets, workforce shortages, and fewer visits to the doctor by people who have lost their employer-sponsored health insurance are hindering the sale of IVD tests globally. Insufficient connectivity in healthcare facilities is limiting the ability to provide diagnostic testing, adding to market woes.

“Nevertheless, as diagnostic testing moves towards process simplicity and decentralization, demand will rise,” noted Ravishankar. “Not only will this encourage entry into the molecular diagnostic market through acquisitions but it will also increase penetration of biomarkers that can be tested at a point of care level.”

Market participants need to employ a diverse set of strategies rather than rely on comprehensive product portfolios to expand their businesses. A mix of the following strategies are expected to be implemented:

• Investing in next-generation sequencing;
• Strengthening product portfolio in a specific area;
• Venturing into emerging markets by establishing partnerships with local companies;
• Acquiring a clinical laboratory improvement amendments (CLIA)-certified laboratory to rapidly commercialize new diagnostic tests;
• Out-licensing of proprietary technology platforms or collaborations with major research institutes;
• Integrating big data into product development and increasing connectivity of devices;
• Offering pared down personalized machines to improve access and clinical development.

Analysis of the Global In Vitro Diagnostics Market is part of the Life Sciences (lifesciences.frost.com) Growth Partnership Service program. Frost & Sullivan’s related studies include: US Hematology Diagnostics Market, US Next-generation Sequencing Market, Global Next-generation Sequencing Market, European Next Generation Sequencing Markets, Analysis of the Global Tissue Diagnostics Market, and upcoming research, US Immunochemistry Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.

About Frost & Sullivan
Frost & Sullivan (frost.com), the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.

Our “Growth Partnership” supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.

The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.

For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

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Analysis of the Global In Vitro Diagnostics Market / NE3E-52

 
 
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In Vitro Diagnostics Players Go Global Says Frost & Sullivan, as U.S and Europe Markets Slow Down

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Frost & Sullivan | In Vitro Diagnostics
Publisher Contact: Jennifer Carson - Frost.com 
210-247-2450 jennifer.carson[.]frost.com
 
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