The emerging countries of Brazil, Russia,
India
and China (BRIC) represent a promising region for the diagnostic testing
industry, as population growth and unhealthy lifestyles mean the patient
population is growing rapidly, according to a new report from healthcare
experts GlobalData.
The new report* predicts that the in
vitro diagnostics (IVD) market will be driven by new technological
advancements, a shift towards Point of Care (POC) testing and the adoption of
cost cutting measures over the coming years. The ever increasing patient pool,
improving healthcare infrastructure, and enhanced health awareness and
affordability will also keep the IVD market buoyant in BRIC countries.
The increasing prevalence of lifestyle
disorders and emergence of infectious diseases are expected to fuel future
growth. In 2009, the Chinese government initiated healthcare reforms that
invested $123 billion in the construction of hospitals and healthcare centers
within rural areas, providing for many underserved citizens and opening new
markets for medical device manufacturers. In addition, with the population of India estimated to exceed 1.7 billion by 2050,
surpassing China,
the underlying demand for healthcare is anticipated to display a strong boom.
The immunochemistry market accounted for
32% of the total revenue generated by the in vitro diagnostics market of
emerging countries last year. Immunochemistry rapid tests are in high demand in
the emergency departments of hospitals, as their use is imperative in emergency
situations where practitioners must be able to obtain faster test results. BRIC
countries are facing the double burden of a high incidence of infectious
diseases and an increasing burden of non communicable diseases (NCDs) such as
cancer and cardiovascular disorders. The increasing incidence of these diseases
in BRIC countries provides opportunity for growth in the immunochemistry
industry to cater to increased demand for testing for tumor markers and cardiac
markers.
The market for In Vitro Diagnostics (IVD)
in the BRIC countries is expected to grow at a compound annual growth rate
(CAGR) of 16% to reach a revenue of $11.7 billion in 2018. China is the
largest in vitro diagnostics market among emerging countries, with a 56%
contribution valuing $2.2 billion in 2011; this is expected to reach $7.1
billion by 2018. Brazil
was the second largest in vitro diagnostics market among the emerging countries
in 2011, valued at $946.1m. During the same year, the Indian in vitro
diagnostics market was worth $581.4m, and the Russian in vitro diagnostics
market was valued at $267.4m.
*In Vitro Diagnostics (IVD) - Emerging Countries (Brazil, Russia, India, China) Opportunity Assessment, Competitive Landscape and Market Forecasts to 2018
This report provides key data,
information and analysis on the In Vitro Diagnostics (IVD) market in emerging
countries. It provides market landscape, competitive landscape and market
trends information on the IVD market in emerging countries. The report also
provides comprehensive information on the key trends affecting the market, and
key analytical content on the market dynamics, while reviewing the competitive
landscape and technology offerings.
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