Asia Pacific In Vitro Diagnostics Market Is Expected To Propel Growth Based on Rising Incidence of Infectious And Chronic Diseases Till 2024 | Million Insights

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Asia Pacific In Vitro Diagnostics Market Is Expected To Propel Growth Based on Rising Incidence of Infectious And Chronic Diseases Till 2024 | Million Insights

September 02
06:40 2019
Asia Pacific In Vitro Diagnostics Market Is Expected To Propel Growth Based on Rising Incidence of Infectious And Chronic Diseases Till 2024 | Million Insights

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According to new report available with Million Insights, the Asia Pacific in vitro diagnostics (IVD) industry report provides in-depth market analysis by production, share, size, demand, economic trends, investment feasibility, major key players, SWOT analysis and forecast.

The Asia Pacific in Vitro Diagnostics 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.

Full Research Report On Asia Pacific In Vitro Diagnostics (IVD) Market Analysis available at: https://www.millioninsights.com/industry-reports/asia-pacific-in-vitro-diagnostics-ivd-market

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.

End Use Insights

On the basis of the end use, the IVD market in the Asia Pacific region is classified into the hospitals, laboratories, homecare diagnostics, and others. Being the primary healthcare center, hospital held the largest revenue share in 2015. 

Homecare diagnostics is anticipated to grow at the highest CAGR during the forecast period. Growing elderly population base, rising demand for rapid testing, and increasing initiatives for reducing prolonged hospital stays are some of the key factors supporting market growth.

Regional Insights

The regional IVD market is classified in to Japan, India, and China. China is projected to grow at the highest CAGR during the study period. The increasing per capita income and rising GDP are factors responsible for the growth of these markets.

Moreover, the developing economies such as that of India have attracted various companies to invest in these countries. The increasing population also has led to the increased demand of IVD in the Asia Pacific region.

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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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

Asia Pacific In Vitro Diagnostics End-User Outlook (Revenue, USD Million, 2013 – 2024)
        • Hospitals
        • Laboratories
        • Homecare Diagnostics
        • Others

Asia Pacific In Vitro Diagnostics Regional Outlook (Revenue, USD Million, 2013 – 2024)
        • India
        • China
        • Japan

Related Reports of This Category Available at Million Insights: https://www.millioninsights.com/industry/healthcare

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