According to our new analytical study, “Global In Vitro Diagnostic Market Analysis”, the current market size of global IVD market is estimated at over US$ 36 Billion, which is forecasted to grow at a CAGR of around 9% through 2012. Molecular Diagnostic, based on its unmatched ability to detect the primary reasons of diseases, is emerging as the fastest growing segment in the In Vitro Diagnostic market. Our research anticipates this growth to be fueled by certain technological advancements which have expanded the segment into new area of diagnosis like genetic screening tests, genetic disorders and many more.
We have found that new developing molecular diagnostic techniques are promising cost reduction in the expenditure in future. This will also help the companies to reduce the cost of tests. Also, high growth projection in this market is attracting more and more companies to make new tests development, which are being done in diagnosis of several drastic diseases.
Anticipating the current market developments and future prospects, molecular diagnostic market is forecasted to grow at a CAGR of more than 13% during 2009-2012. Our research thoroughly analyzes the key markets coupled with factors which are fueling growth into the IVD market. For instance, it says that much of the future growth will be driven by American and European countries as there is more awareness about the tests as compared to Asian countries like India and China. But considering the disease prevalence in these countries, molecular diagnostic segment has a bright future in these countries also.
Looking at the competitive landscape, the larger companies currently dominate most of the molecular testing market. This is because of their immense capability of research. However, introduction of concepts like Intellectual property is expected to encourage the smaller firms to develop and introduce some new tests in the market, to utilize the potential of the segment. Besides this, our report also briefs the segments-wise and region-wise breakup of the global IVD market. The report highlights the key growth factors of other segments as well.
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RNCOS, incorporated in the year 2002, is an industry research firm. We are a team of industry experts who analyze data collected from credible sources. We provide industry insights and analysis that helps corporations to take timely and accurate business decision in today’s globally competitive environment.
