Increased demand for in vitro diagnostics testing, new technologies and emerging markets have trumped the economic downturn, according to the seventh edition of Kalorama Information's biennial report.
The new report, "Worldwide Market for In Vitro Diagnostic Tests," found that in vitro diagnostics was a $44.3 billion market in 2009. Researchers expect growth to be at a rate of 6 percent over the next five years.
According to Kalorama's report, the in vitro market has already weathered price declines and, as a result, developed innovative technologies and approaches, including digital pathology, multiplex assays, automation and test service commercialization.
"The convention reflected what we've said in the report: that despite economic hard times, the IVD industry is on an upswing," said Shara Rosen, senior diagnostic analyst for Kalorama Information and author of the study. "A number of world events bode well for the future of testing."
Trends such as the use of biomarkers and molecular approaches have increased since the last edition of the report, Rosen said.
The report found that 72 percent of the revenue in 2009 was earned by 18 companies. "This hasn't stopped scores of new companies with unique approaches from competing in diagnostics," according to Kalorama.