The Canada in vitro diagnostics market in emerging economies was estimated at USD 3,391.10 million in 2017. The market is expected to reach USD 5,890.54 million by 2023, at a CAGR of 9.64% during 2018-2023 (the forecast period). Currently, North America dominates the global market, with the market yet to reach saturation. The Canadian market is the leading market, both globally and in North America.
The rapid adoption of the numerous innovative IVD methods, such as digital PCR, mass spectrophotometry, chromosome analysis, tissue microarrays, next-gen sequencing, and cell signaling pathway testing are currently driving the growth of the market. In the next-gen sequencing-based IVDs, several sequencing-based diagnostic tests and test services have been recently launched, including Althea Diagnostics’ BRAF mutations test, Sequenta’s LymphoSIGHT, and Enzo’s MultiGEN multiplex DNA sequencing.
The increasing incidences of chronic and infectious diseases, and rise in the geriatric population are also the some of the factors, which drives the IVD market in Canada. Furthermore, the increase in investments for advancement of the healthcare sector by the government, is also anticipated to boost the growth of the market.
The common trend that is being observed is that the leading players are acquiring smaller technological companies, to produce the companion diagnostic tests; while the pharmaceutical companies, attracted by the opportunities in the IVD market, are both investing and collaborating with diagnostic devices companies, to extend their drug market, after major patent expirations. Roche Diagnostics and Abbott Laboratories are examples of major companies in the market that are focusing on achieving synergy between their diagnostic solutions and pharmaceutical solutions.
Some of the factors limiting the growth of the market are the lack of proper reimbursements policies and stringent regulatory framework.
Canada is the gradually becoming the market leader in both the global and North American markets. Canada is the upcoming biggest market in North America, for in-vitro diagnostics. This is due to the advances on the technology forefront and the higher GDP of the nation. This growth is developing the need to analyze, review, and forecast the growth of the in vitro diagnostics market.
Major Players: ABBOTT DIAGNOSTICS, BAYER DIABETES CARE/PANASONIC HEALTHCARE, BECTON DICKINSON AND COMPANY, BIOMERIEUX, BIORAD LABORATORIES INC., DANAHER CORPORATION, HOLOGIC, ROCHE DIAGNOSTICS, among others.