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In-vitro diagnostic services market has evolved rapidly in the recent years as scientific understanding of health and well-being has drastically improved owing to the dynamic advancements in technology. For nearly half a century, there has been consistent and considerable innovation in the area of in-vitro diagnostic (IVD) as a result of which there has been remarkable increase of early recognition, diagnosis and management of disease.According to experts in the field of IVD, the in-vitro diagnostic services market is at the threshold of an explosion in the development of diagnostic technology as knowledge of the molecular interactions increases. In-vitro diagnostic services market has gained appreciable traction as healthcare specialists have begun discovering fundamental markers of disease and predisposition to disease that have been facilitated by advanced diagnostic tests. Better diagnostic tests have led to development of more targeted therapies, further developing the scope for better healthcare facilities and increasing investments in in-vitro diagnostic services industry.
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With the revolution in IVD technology, tests will be able to identify an individual’s predisposition to disease, detect the presence of the disease at a molecular level, identify the best therapy for the disease and then monitor compliance of patient’s health with the therapy. Efficacy for therapy for diseases like diabetes, that have come close to assume the characteristics of a global endemic, is fundamental to the success of controlling the such diseases and developing better solutions for them. With IVD technologies being able to discern better patient compliance, it is presumed that in-vitro diagnostic services industry will attract increased attention in the sphere of healthcare.
With the progress of the in-vitro diagnostic services industry, the patient will benefit from better support and education, gain access to better tests and receive faster delivery of care. In-vitro diagnostic services market has witnessed attention from healthcare providers as well due to the fact that improved customer satisfaction automatically leads to more efficient use of resources and more effectual services. With the rising awareness about the value of in-vitro diagnostic services, it is being anticipated that such services will come to be regarded as facilitators for the healthcare industry rather than a cost center bringing in greater investments in in-vitro diagnostic services market. With a broader view of resource allocation for patients and care-givers, in-vitro diagnostic services industry specialist hope that focus will be shifted from costs to outcomes, positive results from which will lead to greater contribution in the advancement of IVD.
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Europe is likely to emerge as a lucrative growth ground for in-vitro diagnostic services market. According to WHO Global Health Expenditure Database, healthcare costs account for more than 10% of GDP in Europe as advancement in healthcare technology has increased the life expectancy of the average European citizen by 30 years. But it has been estimated that IVD can make significant contribution towards addressing this problem and that too at a minimal cost.
It is a point to be noted that more than 40,000 different IVDs products are available in the in-vitro diagnostic services market at present that can provide doctors and patients reliable information on a huge range of conditions for a total expenditure of approximately €21 per person per year as has been cited by the European Federation of Pharmaceutical Associations and Industries. Apparently, people spend more than that amount on their mobile phones and it amounts to less than 1% of all healthcare expenditure of Europe. By comparison, healthcare expenditure on pharmaceuticals is almost €230 billion – more than €450 per head of population per year.
With the rising in awareness of the benefits of in vitro diagnostics, the value of the information that the tests provide and the positive benefit that it can have on decision-making, it is anticipated that in-vitro diagnostics services market will reap substantial proceeds and forge better growth avenues through patients who will approach doctors about availing such services. It is a fact of significance that the in-vitro diagnostic services industry players have been able to establish close contacts with the professional lab medicine associations to promote awareness about in-vitro diagnostics. With the backing of establishments such as the European Diagnostics Manufacturers Association (EDMA), a forum called European Laboratory Medicine (ELM) with the purpose for uniting many professional organizations in lab medicine to increase awareness of the value of in-vitro diagnostics and lab medicines it is expected that in-vitro diagnostic services market will attain hefty momentum over 2018-2024.
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Name: Arun Hegde
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Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com
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