Asia Pacific In-vitro diagnostics market is expected to register a CAGR of 5.6% during 2016 to 2022. The reagent segment is expected to maintain dominance, accounting for around 60% of the overall Asia-Pacific IVD market.
In vitro diagnostics is a technique used to identify several diseases and health conditions in a controlled artificial environment. The wide scope of application in various biological and medical diagnostics industries offers a competitive edge to the IVD device and reagents manufacturers. Likewise, factors such as, increasing government initiatives, growing R&D activities for advanced diagnostics techniques, improving healthcare infrastructure, and rising per capita healthcare expenditure largely drive the Asia Pacific IVD market growth. On the other hand, lack of harmonization in regulatory guidelines coupled with inadequate reimbursement policies and technological barriers are hindering the market growth.
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The Asia-Pacific IVD market is categorized into several diagnostic techniques, among which, the immunodiagnostic and clinical chemistry segments hold the dominant share collectively accounting for half of the market share in 2015. The growing trend of diagnostic tools such as, clinical chemistry and molecular diagnostic would largely drive the market growth during the forecast period. However, blood testing is projected to be the fastest growing segment, owing to its frequent application and inherent convenience of using blood samples.
In 2015, the immune system disorder and infectious diseases application segments together held a dominant share, of around 50% of the Asia-Pacific IVD market. This is attributed to the growing incidence and prevalence of infectious diseases namely, HIV/AIDS and Hepatitis; and immune systems disorders namely, diabetes, and immune deficiency. The Stand-alone laboratories and hospital end user segments dominated the market in 2015 owing to frequent and primary use of in vitro diagnostic techniques for the detection of several diseases and disorders.
Key findings of the study:
- Infectious diseases segment is expected to maintain its foothold in the Asia-Pacific IVD market.
- Cancer is projected to be the fastest growing application segment during the forecast period.
- In 2015, infectious diseases and immune system disorders collectively accounted for about half of the Asia-Pacific IVD indication market.
- Asia-Pacific IVD Instruments market is projected to witness the highest CAGR of 7.1% during the forecast period.
- India is forecasted to be the fastest growing market, growing at a CAGR of 7.1% from 2016 to 2022.
- In 2015, China and Japan collectively accounted for around two-third of the Asia Pacific IVD market revenue.
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In 2015, China and Japan, collectively accounted for about two-third of the Asia-Pacific IVD market and the growth is largely supplemented by heavy R&D investments by companies and the increased adoption of innovative IVD techniques. Australia and India would emerge as lucrative markets, owing to the growing awareness related to the chronic diseases and increasing disposable income of these economies
The leading companies profiled in this report are, F. Hoffmann-La Roche AGR, Abbott Laboratories, Danaher Corporation, Johnson & Johnson, Sysmex Corporation, Becton Dickinson and Company, bioMrieux, Thermo Fisher Scientific, Inc., Ortho-Clinical Diagnostics, Siemens AG, and Alere Inc, Vela Diagnostics, Affymetrix, Alere Inc., Bio-Rad Laboratories, Arkray Inc., Sysmex Corporation, and Trans Asia BioMedicals Ltd.