Asia Pacific IVD Market To Grow US$19,888 Million By 2023 | Biomerieux, Danaher Corporation, F. Hoffmann-La Roche AG
Pune, Maharashtra, India, February 5 2021 (Wiredrelease) Allied Analytics –:UPDATE AVAILABLE ON-DEMAND
Asia Pacific IVD Market by Product Type (Reagents, Instruments, and Software & Services), by Technique (Immunodiagnostics, Blood Testing, Molecular Diagnostics, Tissue Diagnostics, Clinical Chemistry, and Other IVD Techniques), by Application (Infectious Diseases, Cancer, Cardiac Diseases, Immune System Disorders, Nephrological Diseases, Gastrointestinal Diseases, and Other Indications), and by End Users (Standalone Laboratory, Hospitals, Academic and Medical Schools, Point of Care Testing, and Others) – Opportunity Analysis and Industry Forecast, 2017-2023. According to the report, the Asia-Pacific IVD Market accounted for $13,680 million in 2016, and is estimated to reach at $19,888 million by 2023, growing at a CAGR of 5.4% from 2017 to 2023.
Immunodiagnostics occupied the highest share of the market in 2016 and is expected to maintain the lead during the forecast period owing to increase in prevalence of infectious diseases and rise in trend of personalized medicines.
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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.
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. However, the wide scope of application in various biological and medical diagnostics industries to create lucrative opportunities in the near future.
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.
Key Findings of the Asia Pacific IVD Market:
The reagents segment dominated the market in 2016, and is projected to grow at the 4.4% CAGR.
The immunodiagnostics segment accounted for the highest share of two-ninths in 2016.
The infectious diseases segment holds a large market share in the Asia-Pacific IVD market by application 2016.
The standalone laboratory segment accounted for the highest share of two-ninths in 2016.
Japan was the major shareholder of Asia-Pacific IVD market in 2016.India is expected to grow at the highest CAGR in the Asia-Pacific IVD market.
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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 major players profiled in the Asia-Pacific IVD market:
Thermo Fisher Scientific Inc.
F. Hoffmann-La Roche AG
Becton Dickinson and Company
Bayer AG, Sysmex Corporation
Johnson & Johnson
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