Asia Pacific IVD Market to Garner $19.0 Billion by 2023 at 5.6% CAGR
Pune, Maharashtra, India, December 4 2020 (Wiredrelease) Allied Analytics –:According to a new report published by Allied Market Research, the Asia Pacific In-vitro diagnostics market was valued at $12.9 billion in 2015, and is expected to reach $19.0 billion registering a CAGR of 5.6% during 2016 to 2023. The report offers a detailed analysis of the key segments, top investment pockets, changing dynamics, market size & estimations, and competitive scenario.
In vitro diagnostics (IVD) unlike most of the diagnostic tests, is performed on the samples from the body and do not involve contact with the patient, thereby reducing the risk of infections to the patients. Constant technological developments to improve efficacy of IVD, large pool of geriatric population, rise in incidence, and prevalence of communicable and non-communicable diseases, and increase in government healthcare expenditure in Asia-Pacific region drive the market growth. However, stringent government regulations related to the safety and efficacy of the IVD and unfavorable reimbursement policies are expected to restrain the market growth during the forecast period. Ongoing R&D associated with the IVD and increased disposable income of consumers provides huge growth potential for IVD market.
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Surge in government initiatives, rise in R&D activities for advanced diagnostics techniques, improvement in healthcare infrastructure, and rising per capita healthcare expenditure are the factors driving the growth of the Asia Pacific IVD market. The reagent segment is expected to maintain dominance, accounting for around three-fifth of the overall Asia-Pacific IVD market.
Based on product types, the reagents segment held the highest market share in 2016, owing to the recent introduction of new novel reagents in the market that are more effective.
Based on techniques, the immunodiagnostics segment contributed the highest market share in 2016, owing to the increase in prevalence of communicable and non-communicable diseases and rise in awareness of personalized medicine among the population.
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.
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.
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
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The major players profiled in the Asia-Pacific IVD market are Thermo Fisher Scientific Inc., Alere Inc., Biomerieux, Danaher Corporation, F. Hoffmann-La Roche AG, Becton Dickinson and Company, Bio-Rad Laboratories, Bayer AG, Sysmex Corporation, and Johnson & Johnson among others.
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