The 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.
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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.
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View Research, Inc. is a U.S. based market research and consulting company,
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