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Cautious optimism in IVD growth potential
IQVIA MedTech’s Global IVD Market Review webinar uncovered a cautious optimism in the growth potential of the IVD market as the post-pandemic period kicks into gear.
Nov 27, 2024
There is a cautious optimism in the growth potential of the IVD market according to a poll of MedTech IVD executives who attended IQVIA MedTech’s recent Global IVD Market Review webinar, with 39% expecting the market to grow faster than the 3-5% growth seen since the pandemic ended.
There had been a significant rebound in the core IVD market post-COVID-19, according to Mark Girardi, Principal and Head of IVD Consulting, IQVIA MedTech, who noted that while COVID-19 testing dominated the market during the pandemic, its share had “dramatically decreased from 45% in 2021 to just 11% in 2023”, allowing the core IVD market to recover and grow at a more sustainable rate of 3-5% annually.
Asked about their expectations for IVD market growth post-pandemic, the webinar audience were cautiously optimistic, with 39.4% expecting faster growth, 42% expecting similar growth, and only 18.3% expecting a slower rate of growth.
Figure 1: Industry executive response to the question – Post-pandemic, do you expect the IVD market to grow at a faster rate than pre-pandemic
Commenting on the results, Girardi emphasized that while growth rates would vary across different segments of the IVD market, noting that advancements in staining and digital technologies would enable some segments such as pathology and digital pathology to grow faster than the market overall.
In terms of the company’s leading the IVD market, Girardi said that while Roche continued to lead - followed by Abbott, Danaher, Siemens, and Sysmex – it was noteworthy that Mindray, a China-based company, had made “significant inroads, particularly in the APAC and Latin American regions, pushing Thermo Fisher out of the top ten”.
Regionally, the IVD market was expected to grow at different rates, he pointed out, with North America projected to see a 2% CAGR, while Latin America and Asia Pacific are anticipated to grow at around 5%. This regional variation had been influenced by factors such as regulatory environments and market access challenges; Girardi explained.
Rapid diagnostics will improve patient outcomes
Diving into the trends driving the molecular diagnostics market, Divya Ravishankar, Senior Manager of Global Strategy at Cepheid, pointed out the importance of access to testing, reducing unnecessary antibiotic use, and precision care for complex patient presentations. "Rapid diagnostics play a crucial role in improving patient outcomes,” Ravishankar said, “particularly in outpatient settings where quick turnaround times are essential.”
Asked about growth in the US decentralized testing market, the webinar audience remained cautiously optimistic, with the majority, 78.9%, expected growth of up to 9%, while a fifth of respondents to the poll questions were more bullish, expecting +10% growth in the next few years. Responding to the results, Ravishankar noted that growth would be dependent on the “delicate balance between reimbursement, patient flow, and technology adoption” in the space.
Figure 2: Industry executive response to the question – How much do you think US decentralized testing market will grow in the next few years?
The market was also seeing a shift in some areas from single-target assays to panel-based testing, she pointed out, with respiratory panels being a prime example, driven by the need for more comprehensive diagnostic information, especially in managing respiratory infections like COVID-19, flu, and RSV.
Respiratory key category for decentralized testing
Respiratory was also where the audience felt that decentralized testing would be most impactful going forward, with 80% selecting the category when asked ‘In what areas do you feel decentralized testing would be the most applicable?’, followed by sexual health at 60%, and hospital-acquired infections at 40%. Ravishankar noted that these areas aligned with current trends and the need for rapid, accurate diagnostics in various clinical settings.
Figure 3: Industry executive response to the question – In what areas do you feel decentralized testing would be most applicable?
Both Girardi and Ravishankar highlighted the importance of point-of-care testing (POCT) in the future of IVD. POCT offers the advantage of immediate results, which is critical for timely decision-making in clinical settings, they noted, with the pandemic having accelerated the adoption of POCT, demonstrating its value in managing patient care more effectively.
Looking ahead, the IVD market faces several drivers and barriers, Girardi and Ravishankar pointed out, with increased regulation, particularly in the US and EU, continuing to re-shape the market. At the same time, the burgeoning China market presented both opportunities and challenges, with initiatives like volume-based pricing and anti-corruption efforts impacting market dynamics, they added, while the continued shift to POCT, advancements in precision medicine, and the integration of digital pathology and AI are expected to drive growth in the IVD market.
Key Takeaways:
- The core IVD market is rebounding post-COVID, with sustainable growth rates expected in the coming years.
- Point-of-care testing is becoming increasingly important, driven by the need for rapid and accurate diagnostics.
- Advancements in digital pathology and precision medicine are set to transform the IVD landscape, offering new opportunities for growth and innovation.
To view the full webinar, follow this LINK and for more information on how IQVIA MedTech can help drive your IVD business forward click on the Contact Us button on this page.