Singapore, July 16, 2010: The global IVD market has shown consistent growth of 6.72 percent annually, a trend that is expected to continue until 2012. Point-of-care (POC), the largest segment, is estimated to grow into an $18 bn market by 2012, according to the latest report by Research and Markets.

The report noted that the growth is being driven by a shift in focus away from acute care and late stage interventions to earlier and minimally invasive treatments. In the drive to reduce time spent in hospital, more tests are being carried out in a variety of settings - hospital, ambulance, doctor's office and even at home.

The growth is being facilitated by the development of innovative technologies such as lab-on-a-chip (LOAC). LOAC technology aims to bring together the different steps in a laboratory setting onto one chip. Because of the simplified process, physicians can easily perform the tests at POC, negating the necessity for sending samples to high-tech laboratories and waiting days for the results.

'The purpose of point-of-care testing is the provision of a test result at the most appropriate point in time; enabling a decision on action to be taken that will result in an improved health outcome, without incurring additional costs,” noted Dr Christopher P Price, Visiting Professor, Clinical Biochemistry, University of Oxford, UK.