New Technologies Fuel EU Diagnostics Market

Sparked by new technologies and other medical advances, the European in vitro diagnostics (IVD) market is expected to reach U.S.$43 billion in 2011, up from $28.7 billion in 2004, according to a new report from Frost & Sullivan (Palo Alto, CA, USA), an international consulting firm.

The expanding aged population and molecular diagnostics will also help boost the IVD market, although cost containment and changing economic conditions worldwide are hindering the uptake of IVD technologies. This is particularly true in developing nations in Asia, Latin America, and Africa, where poor healthcare infrastructures and struggling economies impede modernization and create environments that are extremely price sensitive. Distribution, local suppliers, and minimal expenditures for healthcare also create hurdles to market growth.

Recently, healthcare awareness programs and government initiatives to increase spending have stimulated improvements in European countries, creating opportunities for future growth. As markets become more competitive and consumers raise demands, low prices, multiple tests on a single platform, and customer service gain importance. Understanding specific markets and clinical needs is increasingly important to promote adoption of new technologies, according to Silvia Cerqueira, an analyst with Frost & Sullivan. "New IVD systems must also address unmet needs and provide substantial added value.” Smaller companies can combat regulatory challenges by collaborating with larger companies and benefiting from their experience and economic resources.

Discoveries and innovations in molecular diagnostics are propelling the advancement of personalized medicine and creating new growth opportunities for IVDs. As manufacturers concentrate on providing greater benefits such as early diagnosis, improved decision-making, and better monitoring of treatment, the market will maintain its strong growth trajectory. Rising insurance coverage in such countries as France, Spain, and Germany will also contribute to positive trends in the market.




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