Projected growth for the U.S. IVD market totals 2.4% on average annually through 2027, forecasts Kalorama Information.
ARLINGTON, Va., April 5, 2023 /PRNewswire-PRWeb/ -- The United States is the largest healthcare market in the world and also the largest market for in vitro diagnostic products. Its IVD market reached $53 billion or approximately 40%-45% of the global IVD market. This is according to medical market researcher Kalorama Information in the newly released 30-Country IVD Market Atlas (US, China, Germany, UK, Saudi Arabia, India, UAE, France, Vietnam, Turkey and 20 Other Countries).
The report says that projected growth for the U.S. IVD market totals 2.4% on average annually through 2027. As growth rates in international markets shrink from the double-digits of a decade ago, the US is back on the table for many IVD business planners as a growth opportunity.
Factors that may dampen IVD market growth include economic downturns; frequent government targeting of clinical testing for overall Medicare and Medicaid cost savings; related private payer insistence on test payment rates in line or lower than government reimbursement rates; the vulnerability of U.S. economic growth in an increasingly globalized economy; and the extensive approval processes (both for marketing and coverage) applied to new IVD technologies and tests.
Another factor to note, the report says, is that the US is a "Growth Stage." Where there is a novel market, or a new testing technology, it is often launched in developed markets. Tests that do not treat core diseases may not be funded everywhere, but they will get a hearing in developed nations.
Kalorama Information's conservative projection of a $53 billion U.S. IVD market in 2022 acknowledges its recently demonstrated vulnerabilities of the volatile COVID-19 market. The U.S. IVD market is highly developed and, in some segments, dominated by a handful of leading market players.
In addition to fecal occult blood diagnostics, diabetes testing and cancer are key areas of the growth for which the report provides specific projections.
For more information on Kalorama Information's "30-Country IVD Market Atlas (US, China, Germany, UK, Saudi Arabia, India, UAE, France, Vietnam, Turkey and 20 Other Countries)" - please see https://kaloramainformation.com/product/30-country-in-vitro-diagnostics-ivd-market-atlas/.
Media Contact
Daniel Granderson, Kalorama Information, (703) 783-1721, [email protected]
SOURCE Kalorama Information
Share this article