25 November 2019 - Asia Pacific In Vitro Diagnostics (IVD)
Market was estimated at USD 12.5 billion in the year 2015. The
increasing incidence of infectious and chronic diseases, rising awareness
regarding advanced diagnostics solutions as well as technological advancements
are expected to boost the in vitro diagnostic market in the Asia Pacific
region.
The increasing need for rapid diagnostics, rise in
healthcare spending, and rapid adoption of advanced technologies in the
countries like India and China attributes to the escalating growth rate of the
in vitro diagnostics in the region. Moreover, the increasing per capita income
in these countries also has led to boost in the in vitro diagnostics market.
The other major factors responsible for the growth of the market are increasing
gross domestic products, and disposable income.
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High population, cheap labor, unmet needs of targeted
population, as well as escalating incidence and prevalence of infectious
diseases have triggered major global players to enter the regional market. The
increasing number of funds and more investments in the emerging economies has
also helped to boost the demand for IVD products in the region. However, the
strict regulatory policies are expected to the restraint the market growth of
IVD.
Product Insights
On the basis of products, the segmentation includes
reagents, instruments, and services. As of 2015, the reagents and kits segment
accounted for the largest share in the region. Repetitive purchase of reagents
and kits has led to the increasing demand of these products.
The instruments segment is anticipated to witness growth at
significant rate during the study period. Introduction of advanced analyzers
with low turnaround time is expected to flourish the regional market in the
near future. For instance, in April 2017, bioMérieux announced that its new
fully automated blood culture system, BacT/ALERT VIRTUO, received 510(k)
clearance from the U.S. Food and Drug Administration.
Application
Insights
On the basis of application, the market is classified into
oncology, infectious diseases, HIV, cardiology, autoimmune diseases,
nephrology, and drug testing. The infectious segment is estimated to be the
largest among all due to high incidence rate of the infectious diseases in the
Asia Pacific region.
Moreover, the increasing incidence of HIV has further led to
the increase in demand for rapid IVD tests. In addition, the increasing
awareness among the people regarding the new test methods has led to augment
the in vitro diagnostics market in the Asia Pacific region.
Market Segment:
Asia Pacific In Vitro
Diagnostics Product Outlook (Revenue, USD Million, 2013 - 2024)
• Reagents
• Instruments
• Services
Asia Pacific In Vitro
Diagnostics Technology Outlook (Revenue, USD Million, 2013 - 2024)
• Immunoassays
• Clinical
Chemistry
• Hematology
• Molecular
Diagnosis
• Microbiology
• Coagulation
• Others
Asia Pacific In Vitro
Diagnostics Application Outlook (Revenue, USD Million, 2013 - 2024)
• Infectious
Diseases
• Diabetes
• Oncology
• Cardiology
• Nephrology
• Autoimmune
Diseases
• Drug Testing
• Others
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Competitive market
Share Insights
The major players include Affymetrix, Inc., Danaher
Corporation, Alere, Inc, Abbott Laboratories, Roche Diagnostics, Bio-Rad
Laboratories, Inc., Becton, Dickinson and Company, BioMerieux, Inc., Vela
Diagnostics, Inc., Siemens Healthcare Diagnostics, Inc., among others.
In order to gain a competitive edge in the market, major
players have undertaken several organic as well as inorganic strategies. Some
of the key strategies include new product launch and development, geographic
expansion, mergers, acquisition, and agreement among others.
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