Advancing IVD technologies are increasing the range of diseases and disorders adaptable to physicians’ office testing.
ARLINGTON, Va. (PRWEB) February 06, 2023
The in vitro diagnostics (IVD) market follows patients where technologies allow. There’s no greater evidence of the need for IVD product makers to find a market in physician office labs than the declining hospital bed count. With declining hospital beds in developed countries and slow growth in hospital bed volume even in developing nations, it makes sense that more testing will be shifted in venue to the point of care.
Physicians’ offices have evolved into a sizable specialty market served by IVD. Physician Office In Vitro Diagnostic (IVD) Test Markets, a January 2023 report published by leading medical market research firm Kalorama Information, projects IVD product sales of over $8.3 billion in 2022. Over the next several years, the notable trends and factors will impact the value and volume of physicians’ office testing activities implemented worldwide.
The availability and accessibility of hospitals within a country are best measured by the number of inpatient beds in operation. Most developed countries incorporate an adequate supply and distribution of hospital beds, with some, such as France, Germany, Japan, and South Korea maintaining a surplus capacity. By contrast, the majority of developing countries experience shortages and imbalances in hospital beds. Exceptions include Russia and a number of other East European countries, Brazil, China, and Turkey. These countries have a comparatively high number of hospital beds measured against population. However, a large percentage of these beds are located in old, technologically deficient facilities with limited treatment capabilities. The number of acute care hospital beds in operation worldwide is projected to total slightly more than 19.9 million in 2027, up just under 1.0% annually from 2022. This is anemic growth, if it were not for the availability of other venues such as the physician office, the outpatient center and the home.
The report, "Physician Office In Vitro Diagnostic (IVD) Test Markets," reveals that 770 million world physician office visits will occur in 2023, providing ample opportunity for testing. This figure does not include urgent care centers, though Kalorama’s report computes a separate market size and forecast for that figure.
Driving physician office lab IVD revenue growth is:
- the increase in numbers of diseases for which the physician office is often first to test – COVID-19, cancer, hepatitis, influenza, malaria, chlamydia, HIV, tuberculosis and pneumonia.
- advancing IVD technologies will increase the range of diseases and disorders adaptable to physicians’ office testing.
- a gradual easing of pandemic pressures declining, along with increasing competition from self-testing products, will lead to a steady reduction in the number of COVID-19 tests implemented by physicians’ offices.
- the increasing availability of point-of-care (POC) IVD testing in retail establishments and hospital outpatient departments will hold down the overall global volume of traditional physicians’ office testing.
Factors limiting the market include:
- cost pressures from government health programs and health insurance providers will limit coverage and reimbursement rates for physicians’ office tests.
- although growing, the volume of physicians’ office tests implemented in most developing countries will remain comparatively low due to imbalances in the availability and accessibility of healthcare.
- the expanding use of wearable healthcare devices and telehealth services, especially in the developed countries, will hold down the overall volume of physicians’ testing by reducing the number of unnecessary tests.
The report also found that COVID-19 testing products will continue to account for the largest share of global sales, but their overall sales value will decrease steadily as the volume of new cases declines and alternative self-testing products capture away potential applications. Non-COVID infectious diseases tests, particularly new diseases or diseases for which new tests are introduced, will post the second-largest worldwide sales value among IVD products used in physicians’ office laboratories next five years.
In addition, based on an increasing use in patient physical examinations and wellness checkups, IVD reagents and instruments that measure or detect blood gases, blood-related functions, cancer and cardiac markers, coagulation factors, cholesterol electrolytes, and glucose (including HbA1c) are projected to post steady growth or better in worldwide physicians’ office laboratories.
PURCHASE THE REPORT
This report analyzes trends in global demand for in vitro diagnostic (IVD) products used in physicians’ office laboratories. Specific products consist of reagents, test kits, standards and controls, and instruments and systems based on immunoassay, clinical chemistry, hematology, molecular, microbiology, and coagulation technologies. Physicians’ office laboratories are defined as point-of-care (POC) testing sites within traditional practices or urgent care centers staffed by one or more physicians. Most of these laboratories implement IVD procedures through one or more portable desktop instruments that yield rapid diagnostic results.
For more information or to purchase the market research report "Physician Office In Vitro Diagnostic (IVD) Test Markets," visit: https://kaloramainformation.com/product/physician-office-in-vitro-diagnostic-ivd-test-markets/.
ABOUT KALORAMA INFORMATION
Kalorama Information, part of Science and Medicine Group, is the leading publisher of market research in healthcare areas, including in vitro diagnostics (IVD), biotechnology, medical devices, and pharmaceuticals. Science and Medicine Group supports companies seeking to commercialize the rapidly changing marketplace at the intersection of science, medicine, and technology. Comprised of industry-leading brands, Science and Medicine Group serves analytical instrument, life science, imaging, and clinical diagnostic companies by helping them create strategies and products to win markets and provide platforms to digitally engage their markets through a variety of innovative solutions. Kalorama Information produces 30 reports a year. The firm offers a Knowledge Center, which provides access to all published reports.