APAC In Vitro Diagnostics (IVD) Market Size, Share, Growth and Forecast Report, 2024
by Susan Hill Business ConsultantThe Asia Pacific In Vitro Diagnostics (IVD) market is
expected to reach USD 33.4 billion by 2024, according to a new report by Grand
View Research, Inc. The Asia Pacific IVD market is anticipated to witness
lucrative growth during the period 2016 to 2024. The growth of the market is
attributed to an increase in the number of infectious and chronic diseases as
well as technological advancements in the field of in vitro diagnostics.
Additionally,
factors such as an increase in per capita income, the swiftly growing economies
of India and China, increase in gross domestic product, and the rising
disposable income are expected to be opportunistic for the industry growth.
However, the presence of stringent regulatory policies, inadequate budget, and
reimbursement issues are likely to hinder the growth of the market in the near
future.
The Asia
Pacific IVD market is segmented into technology, application, end-user, and
region. Based on the product type, the industry is categorized into reagents,
instruments, and services. The reagents market is estimated to hold the largest
revenue share owing to the extensive use of reagents in diagnostics.
The molecular
diagnostics segment is anticipated to be the fastest growing segment.
On the basis of application, the market is categorized into infectious
diseases, oncology, cardiology, nephrology, autoimmune diseases, HIV and drug
testing. The large market share of this segment is attributed to the rising
prevalence of infectious diseases. End-user applications include hospitals, laboratories,
homecare diagnostics, and research institutes among others.
Further key
findings from the study suggest:
- In terms of
growth, the Chinese in vitro diagnostics industry is anticipated to
witness rapid growth in the next few years. Factors attributing to the
growth of this industry in China include the increasing healthcare
expenditure, GDP growth, rising population base, and more favorable health
insurance coverage.
- Infectious
diseases segment was identified as the largest revenue generating category
in the application segment and is estimated to maintain its position due
to the continual rise in the number of diseases estimated for the next few
years.
- The in
vitro diagnostics industry comprises several local as well as
global players. Some of the major players in this industry include Danaher
Corporation, Affymetrix, Inc., Abbott Laboratories, Alere, Inc., Roche
Diagnostics among others.
- In order to
gain a major share in the industry, the companies adopted both organic as
well as inorganic growth strategies. The key strategies undertaken by the
companies are new product development, mergers, collaborations,
partnerships, geographical expansions, and acquisitions. For instance, in
October 2015, Cepheid announced the launch of its newly developed, FDA
approved test ‘Xpert TV’, an in-vitro diagnostic test for the accurate
identification of Trichomoniasis in female patients.
Access full
research report on global Asia Pacific in vitro diagnostics (IVD) market:
www.grandviewresearch.com/industry-analysis/asia-pacific-in-vitro-diagnostics-ivd-market
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Created on Aug 29th 2019 08:25. Viewed 315 times.