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An Ageing Population Boosts Demand for IVD Testing, Finds Frost & Sullivan

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An Ageing Population Boosts Demand for IVD Testing, Finds Frost & Sullivan PR Newswire LONDON, June 26, 2012 - Market Prospects Being Propelled by Adoption of Automation in Laboratories LONDON, June 26, 2012 /PRNewswire/ -- Western Europe's greying population, coupled with the growing shift towards laboratory automation, are spelling good news for the in vitro diagnostics (IVD) market. New analysis from Frost & Sullivan (http://www.drugdiscovery.frost.com), Western European In Vitro Diagnostics (IVD) Market, finds that the market earned $13,110.3 million in 2011 and estimates this to reach $22,211.3 million in 2018 at a compound annual growth rate (CAGR) of 7.8 per cent from 2011-2018. The research covers key segments such as immunochemistry, microbiology, molecular diagnostics, point-of-care testing (POCT), self- monitoring of blood glucose (SMBG), tissue diagnostics, haematology and haemostasis. "An increasingly ageing population and the rising prevalence of diseases are set to boost the number of routine health checks and disease diagnosis," notes Frost & Sullivan Senior Research Analyst K. Srinivas Sashidhar. "Improved awareness among this ageing demographic pool is also poised to enhance the demand for screening and diagnosis in the future." The growing shift towards automation in laboratories is also boosting the prospects of the IVD market. Automation enables faster diagnostic results, shorter turnaround time and increased testing volumes.
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An Ageing Population Boosts Demand for IVD
Testing, Finds Frost & Sullivan
PR Newswire
LONDON, June 26, 2012
- Market Prospects Being Propelled by Adoption of Automation in
Laboratories
LONDON
,
June 26, 2012
/PRNewswire/ --
Western Europe
's greying population,
coupled with the growing shift towards laboratory automation, are spelling
good news for the in vitro diagnostics (IVD) market.
New analysis from Frost & Sullivan (http://www.drugdiscovery.frost.com),
Western European In Vitro Diagnostics (IVD) Market
, finds that the
market earned
$13,110.3 million
in 2011 and estimates this to reach
$22,211.3
million
in 2018 at a compound annual growth rate (CAGR) of 7.8 per cent from
2011-2018. The research covers key segments such as immunochemistry,
microbiology, molecular diagnostics, point-of-care testing (POCT), self-
monitoring of blood glucose (SMBG), tissue diagnostics, haematology and
haemostasis.
"An increasingly ageing population and the rising prevalence of diseases are set
to boost the number of routine health checks and disease diagnosis," notes
Frost & Sullivan Senior Research Analyst K. Srinivas Sashidhar. "Improved
awareness among this ageing demographic pool is also poised to enhance the
demand for screening and diagnosis in the future."
The growing shift towards automation in laboratories is also boosting the
prospects of the IVD market. Automation enables faster diagnostic results,
shorter turnaround time and increased testing volumes
.
This driver is expected
to have a very high impact in the long-term.
Another key trend has been industry consolidation as a result of high R&D and
marketing costs. Market participants need to constantly improve their products
and technology to stay competitive. This necessitates considerable R&D
investments. As companies attempt to reinforce their finances and technical
strengths, the outcome has been a greater number of partnerships and
acquisitions.
"Such consolidation is resulting in fewer participants dominating the market,
with smaller companies finding it more challenging to exist," comments
Sashidhar. "This factor is expected to have a significantly high impact on the
market during the forecast period."
Another trend set to impact market prospects is the shifting focus towards
personalised medicine and customised solutions. Personalised medicine is on
the verge of expansion throughout
Western Europe
, with efforts ongoing to
optimally combine therapeutics with diagnostics.
"Diagnostic companies need to work with pharmaceutical companies to
improve treatment solutions for patients," remarks Sashidhar. "The
development of IVD products and solutions best suited to meet customer needs
represents the way forward."
The IVD market is technology-driven. The escalating demand for IVD testing will
require improved products and long-term, post-sales service. Market
participants will need to develop solutions best suited to customer needs to