In vitro diagnostics is a suite of several diagnostic tests performed on collected samples in an artificial and controlled environment such as beakers and petri dishes. In direct contrast to in vivo testing, in vitro diagnostics is conducted outside the organism. The booming healthcare industry in BRIC countries has driven the in vitro diagnostics market in these regions. This is expected to be an influential market driver for the BRIC in vitro diagnostics market in the coming years. Here’s a brief analysis of the three key factors affecting the trajectory of the in vitro diagnostics market in BRIC countries.
- The rampant economic development observed in BRIC countries (Brazil, Russia, India, and China) has resulted in a steady increase in healthcare expenditure. This is set to remain an important driver for the BRIC in vitro diagnostics market in the coming years. The presence of an increasingly health-conscious urban population in these emerging economies has given significant impetus to the in vitro diagnostics market.
- Though the lack of uniform availability of healthcare is the prime restraint on the BRIC in vitro diagnostics market at present, the increasing population of and improving living standards in these countries have forced major market players to increase their operations in these regions with an eye on the future. Due to this, multinational healthcare giants are increasing their investment in BRIC countries, driving the BRIC in vitro diagnostics market.
- Nevertheless, the lack of a technologically advanced healthcare sector in BRIC countries means that some time will need to elapse before regional healthcare authorities can fully embrace the incorporation of in vitro diagnostics. This will hold the BRIC in vitro diagnostics market back in the coming years.
Molecular Diagnostics to Exhibit Increasing Demand for In Vitro Diagnostics
Clinical chemistry was the largest application of in vitro diagnostics in the BRIC market in 2011. Nevertheless, the molecular diagnostics segment is likely to be the fastest growing application segment of the BRIC in vitro diagnostics market. Other major application segments of the in vitro diagnostics market are immunology, cytology, cardiac markers, microbiology, and hematology.
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Geographically, China is likely to remain the largest regional segment of the BRIC in vitro diagnostics market. Key players examined in the report include Beckman Coulter Inc., Roche Diagnostics Ltd., Abbott Diagnostics, and Becton, Dickinson, and Co.