Global Clinical Diagnostics Market to Reach $69 Billion by Ken_Powell
According to a new report from Research and Markets, the global In Vitro diagnostics (IVD) market is forecasted to grow at a compounded annual growth rate (CARG) of 7% to $69 billion by 2017. The report states that the value of the IVD market was $49.2 billion in 2012, although other reports often refer to figures of $52 to $55 billion. The interesting takeaway from this new estimate is that the 7% CAGR is higher than the decades old 5-6%. Several factors are driving this increase such as new technologies such as point-of-care testing, self-testing, gene sequencing and greater access to healthcare in developing countries.
The United States accounts for approximately 41% of the IVD market. Although clinical diagnostic results are responsible for over 70% of clinical decisions in the US, they account for less than 3% of annual healthcare spend. This illustrates the cost-efficient value of diagnostic tests and their essential position in the delivery of healthcare.
For more information on the IVD industry, high growth segments and leading competitors, please contact me through Zintro and schedule an individual discussion.