The emerging countries of Brazil, Russia, India and China (BRIC) represent a promising region for the diagnostic testing industry, as population growth and unhealthy lifestyles mean the patient population is growing rapidly, according to a new report from healthcare experts GlobalData.
The new report predicts that the in vitro diagnostics (IVD) market will be driven by new technological advancements, a shift towards Point of Care (POC) testing and the adoption of cost cutting measures over the coming years.
The ever increasing patient pool, improving healthcare infrastructure, and enhanced health awareness and affordability will also keep the IVD market buoyant in BRIC countries.
The increasing prevalence of lifestyle disorders and emergence of infectious diseases are expected to fuel future growth.
In 2009, the Chinese government initiated healthcare reforms that invested $123 billion in the construction of hospitals and healthcare centers within rural areas, providing for many underserved citizens and opening new markets for medical device manufacturers.
In addition, with the population of India estimated to exceed 1.7 billion by 2050, surpassing China, the underlying demand for healthcare is anticipated to display a strong boom.
The immunochemistry market accounted for 32% of the total revenue generated by the in vitro diagnostics market of emerging countries last year.
Immunochemistry rapid tests are in high demand in the emergency departments of hospitals, as their use is imperative in emergency situations where practitioners must be able to obtain faster test results.
BRIC countries are facing the double burden of a high incidence of infectious diseases and an increasing burden of non communicable diseases (NCDs) such as cancer and cardiovascular disorders.
The increasing incidence of these diseases in BRIC countries provides opportunity for growth in the immunochemistry industry to cater to increased demand for testing for tumor markers and cardiac markers.
The market for In Vitro Diagnostics (IVD) in the BRIC countries is expected to grow at a compound annual growth rate (CAGR) of 16% to reach a revenue of $11.7 billion in 2018.
China is the largest in vitro diagnostics market among emerging countries, with a 56% contribution valuing $2.2 billion in 2011; this is expected to reach $7.1 billion by 2018.
Brazil was the second largest in vitro diagnostics market among the emerging countries in 2011, valued at $946.1m.
During the same year, the Indian in vitro diagnostics market was worth $581.4m, and the Russian in vitro diagnostics market was valued at $267.4m.