Global Market for Medical Diagnostic Kits Worth $18.5 Billion by 2013
May 19, 2008
Wellesley, Mass—According to a new technical market research report, Medical Diagnostic Kits (HLC007G) from BCC Research, the U.S. market for medical diagnostic kits (MDKs) was worth $11.2 billion in 2007. This is expected to rise to $12.2 billion in 2008 and reach over $18.5 billion in 2013, a compound annual growth rate (CAGR) of 8.5%.
The market is broken down into applications of clinical laboratory testing, home-use, research and veterinary testing. Of these, the home-use segment has the largest share of the market. Worth an estimated $6.2 billion in 2008, this segment should reach $10.3 billion by the end of 2013, for a CAGR of 9.8%. The home-use segment continues to grow with the influx of home-use substance abuse tests and the continued rise of point-of-care (POC) diabetes testing units.
The research segment is currently a $2.5 billion segment that is expected to reach $2.8 billion in 2008 and $4.3 billion in 2013, a CAGR of 9.5%. While the research market has remained fairly stable during the past six years, the field of molecular diagnostics has rapidly expanded. Research into genetic diseases and cancers has given this segment added momentum, and many companies that conduct molecular research either produce pharmaceuticals as the result of their research or partner with pharmaceutical companies to produce appropriate treatments.
The third largest segment, clinical laboratory testing, will be worth an estimated $2.5 billion in 2008 and reach $3.0 billion in 2013, for a CAGR of 3.7%. The use of MDKs in physicians’ offices will slow due to the inroads made by the introduction of POC instruments.
PROJECTED U.S. MDK MARKET BY END-USE SEGMENT, 2007- 2013
Source: BCC Research
The veterinary MDK segment is also affected by the introduction of automated suites of instruments for the veterinary clinic. Sales in this segment reached $588.0 million in 2007 and are expected to increase to $640.0 million in 2008. This segment’s CAGR is projected to be 8.9% through 2013, when its value will be $979.0 million.
Medical Diagnostic Kits ( HLC007G )
Publish Date: May 2008
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