Asia Pacific In Vitro Diagnostics (IVD) Market Segmentation, Opportunities, Trends & Future Scope to 2024

Asia Pacific In Vitro Diagnostics (IVD) Market Segmentation,
Opportunities, Trends & Future Scope to 2024
“Asia Pacific In Vitro Diagnostics (IVD) Market report includes in-depth analysis
of industry by recent technologies, trends, opportunities, challenges, key players
and business strategies considering types, segment and future analysis.”
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.
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.
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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.
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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.
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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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