One important part in the improved value chain in the field of healthcare is diagnostics which will help accurately detect disease and health risks at their early stages in order to improve the disease management and treatment while preventing more health problems and cutting down on the costs at the same time. It is important to take note that the costs of healthcare will go up together with the improvement of economic indicators. Even if diagnostic tests will only comprise a small percentage in the total medical expenses, they still account to as much as 60 to 70 percent of the treatment decisions. But because of molecular diagnostics, a lot of diseases can now be detected earlier by diagnostic tests.
The healthcare industry is now growing fast and is expected to be one of the most dominant parts of the economy.
That is why pathology and diagnostic healthcare services would account for $2.5 billion in the year 2012Of the sum, it surpasses the double of its estimated size of $1 billion. The growth in this area is expected to be the cause of the consolidation in the healthcare service industry and the growth of insurance penetration within the population of the country. You should know that healthcare facilities such as private and public hospitals, the core sector where the healthcare serctor is centered, will continue to provide as much as 70% of the total sector and will reach as much as $54.7 billion in the year 2012. You need to know that the market of pathology and diagnostics testing is considered as some of the most lucrative markets all over the world. For the past few years, the market has had a lot of growth.
You should also take note that the In Vitro Diagnostic market is estimated to reach 300 million US dollars as of 2008 – 2009. Additionally, the IVD market scene has had a huge growth in the past 4 to 5 years which is why it is expected to even up some of the other markets around the world. The IVD revenue is mainly driven by labs that contribute 65%, while the hospitals have a 35% share. The industry is made up of the unorganized players, the corporate sector, and the MNCs while the market is made up of private and public customers. There are actually big players today that are interested in the IVD business because of the many great opportunities it can offer.
You should also know that molecular diagnostic is growing strongly for the past five years at a speed of 15%. The molecular diagnostics or the analysis of the RNA and DNA at a molecular level is a fast developing market which is driven by the growing awareness of the human genome. That is the reason why many universities and institutes today are doing their own research about this aspect in the healthcare service industry.