Shibuya-ku, Tokyo, Japan, Japan, Jun 16, 2022, 13:11 /Comserve / -- Asia-Pacific In-Vitro Diagnostics Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The Asia-Pacific In-Vitro Diagnostics Market is projected to register a CAGR of about 5.68%, during the forecast period with a revenue of approximately USD 17,812.62 million in 2020 and expected to reach USD 25,744.58 million by 2026.
The COVID-19 pandemic has turned a spotlight on the in vitro diagnostics industry in the Asia region, with the rapid development of diagnostics, fast-tracked regulatory clearances, and ramped up distribution in various regions to help curb the spread of the virus.
In-vitro diagnostics (IVDs) have always been essential in the detection of infectious diseases. Currently, many molecular assays and immunoassays are in place to detect COVID-19. However, quality diagnostics that provide faster and accurate test results is the need of the hour.
Asia-Pacific is a region with a growing middle-class population, a stabilizing economy, an increasingly urban population, and a supportive government. The country is showing a major shift in the private healthcare sector, which is a supporting factor for the in vitro diagnostic (IVD) market.
The prevalence of various chronic diseases has significantly increased in the Asia-Pacific countries over the past decade. The threat from these diseases to public health has increased significantly, which has resulted in the growing adoption of new diagnostic techniques, including point-of-care testing.
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In Asia-Pacific countries like India, Japan, and China, there has been an increase in the demand for IVD devices, on account of the aging population, escalating prevalence of lifestyle diseases, and growth in the healthcare sector. Additionally, the market is impacted by the establishment of standalone centers, independent diagnostics chains, and academic institutes.
Based on end-user, hospital-based centers currently represent the leading end-users of in vitro diagnostics. In recent years, there has been a steep increase in the number of Public-Private Partnership (PPP) opportunities in the Asia-Pacific countries. This is expected to drive the ongoing smart hospital projects, contributing to the growth of the overall market.
Moreover, many governments are taking several initiatives with respect to in vitro diagnostics, which is also fueling the overall market growth. The Indian government is taking positive steps to boost the capacities of the domestic IVD sector. The formulation of the Medical Devices Rule (2017), which came into effect from January 1, 2018, was a key measure expected to direct investment inflows in the sector and reduce the production cost of devices. These benefits, in turn, can be passed on to the end-user.
Key Market Trends
Clinical Chemistry Segment is Expected to have a Highest Growth in the Forecast Period
Clinical chemistry is a combination of analytics, instrumentation, information technology, and management of workflow. The technological advancements have led to increased automation of detection techniques of biologically important ions (salts and minerals), small organic molecules, and large molecules, such as enzymes, transport proteins, lipoproteins, among others.
Analyzers are the instruments that analyze samples, such as blood, serum, and urine. Clinical chemistry analyzers are witnessing a high growth owing to the developed technologies employed in these instruments. For instance, in July 2019, in India, Trivitron Healthcare launched a clinical chemistry analyzer, the Nanolab 200, which is a fully-automated, compact, bench-top clinical chemistry analyzer, with a throughput of 200 tests per hour. This system includes multi-functional sample and reagent probes, with collision protection and liquid level detection technology. Furthermore, the increasing prevalence of target diseases like liver diseases, thyroid functions, cancers, etc boost the segment growth
Competitive Landscape
The Asia-Pacific in-vitro diagnostic market is highly competitive and consists of several major players. In terms of market share, a few of the major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by introducing new products at lesser prices. Some of the major players in the region are Abbott Laboratories, Siemens Healthineers AG, Thermo Fisher Scientific, F. Hoffmann-La Roche Ltd. etc.
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Table of Content
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 High Prevalence of Chronic Diseases
4.2.2 Increasing Use of Point-of-care (POC) Diagnostics
4.2.3 Advanced Technologies in In Vitro Diagnostic Products
4.2.4 Increasing Awareness and Acceptance of Personalized Medicine and Companion Diagnostics
4.3 Market Restraints
4.3.1 Stringent Regulations Regarding Product Approvals
4.3.2 Cumbersome Reimbursement Procedures
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Test Type
5.1.1 Clinical Chemistry
5.1.2 Molecular Diagnostics
5.1.3 Immuno Diagnostics
5.1.4 Hematology
5.1.5 Other Test Types
5.2 By Product
5.2.1 Instruments
5.2.2 Reagents
5.2.3 Other Products
5.3 By Usability
5.3.1 Disposable IVD Devices
5.3.2 Reusable IVD Devices
5.4 By Application
5.4.1 Infectious Diseases
5.4.2 Diabetes
5.4.3 Cancer/Oncology
5.4.4 Cardiology
5.4.5 Autoimmune Diseases
5.4.6 Nephrology
5.4.7 Other Applications
5.5 By End-User
5.5.1 Diagnostic Laboratories
5.5.2 Hospitals and Clinics
5.5.3 Other End Users
5.6 Geography
5.6.1 China
5.6.2 Japan
5.6.3 India
5.6.4 Australia
5.6.5 South Korea
5.6.6 Rest of Asia-Pacific
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 BioMerieux SA
6.1.2 Danaher (Beckman Coulter)
6.1.3 F Hoffmann-La Roche Ltd
6.1.4 Becton, Dickinson and Company
6.1.5 Bio-Rad Laboratories Inc.
6.1.6 Abbott Laboratories
6.1.7 Arkray Inc.
6.1.8 Sysmex Corporation
6.1.9 Ortho Clinical Diagnostics
6.1.10 Siemens Healthineers
6.1.11 Thermo Fischer Scientific Inc.
6.1.12 Qiagen NV
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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