Global IVD test market could exceed USD 10 billion by 2021; Philips likely to be market leader
According to a research and consulting firm, Global Data, the global in vitro diagnostics test market may overreach USD 10 billion by 2021. Philips is stipulated to have the largest chunk of the market in terms of revenue. A hand-held blood test being developed by Philips to diagnose mild concussions could boost Royal Philips’ share. Philips is developing the device in association with Banyan Biomarkers. The device is estimated to hit the market by 2022. The device uses two brain-specific protein biomarkers that rapidly appear in the blood after a traumatic brain injury. Both, mild and severe traumatic brain injuries (TBIs) can cause disability, but the milder versions (mTBIs) are more complex to diagnose. The device will be particularly useful for the young athletes, as it may protect them from effects of TBIs as well as disabling cognitive conditions. Banyan Biomarkers MD & CEO Jackson Streeter said, “A rapid and objective point-of-care test to evaluate traumatic brain injury will help millions of patients throughout the world.” Philips is working hard to refine its medtech portfolio and is working with MIT to transfigure the way brain injuries are observed.