The BRIC IVD market and other emerging countries are expected to reach USD 15.71 billion by 2022 from USD 10.60 billion in 2017, at a CAGR of 8.2 percent, predicts MarketsandMarkets. The key factors driving the growth of the market are growing patient awareness of personalized medicine, increasing prevalence of lifestyle and chronic diseases, growth in the number of private diagnostic centers, and improving healthcare system in emerging countries. However, market growth is restrained by the lack of reimbursement and the slow growth of the economy in some emerging countries.
The infectious diseases segment accounted for the largest share of the market in 2016, owing to the rising incidence of tuberculosis (TB), hepatitis, and hospital-acquired infections. The molecular diagnostics segment is estimated to register the highest CAGR during 2017–2022. The rising prevalence of infectious diseases, cancer, and various genetic disorders; growing demand for blood screening; and increasing application of molecular diagnostic technologies in pharmacogenetics and point-of-care testing are expected to drive the growth of the market during the forecast period.
Geographically, China dominated the BRIC IVD market and other emerging countries in 2016. The large share of this country can be attributed to rising healthcare expenditure, increasing acceptance of personalized medicine, and increasing awareness toward technologically advanced products in this country. China is also expected to register the highest CAGR, due to the growth in research activities and increasing investments by leading players and government agencies in the country.