Asia Pacific In-vitro Diagnostics Market to be at Forefront by 6.0% CAGR During 2019-2024
Category: #headlines  By Shashie Pawar  Date: 2020-02-14
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Asia Pacific In-vitro Diagnostics Market to be at Forefront by 6.0% CAGR During 2019-2024

According to the Graphical Research new growth forecast report titled “ Asia Pacific In-vitro Diagnostics Market analysis based on Product Type, Service Type, Technology, Application,  End-User, Industry Analysis Report, Country Outlook, Application Potential, Competitive Market Share & Forecast, 2018 – 2024”, estimated to exceed USD 18.5 billion by 2024. Increasing geriatric population in emerging economies such as India, China and Japan prone to chronic infections will drive the in-vitro diagnostics industry growth. Growing prevalence of Microspordia infection amongst geriatric population residing in Japan will augment demand for in-vitro diagnostic procedures enhancing market growth in upcoming years. According a Chinese publication, in 2014, there were around 202 million people in age group of 65 years and above among that, more than 100 million people suffered from non-communicable disease and more than 23 million were older than 80 years. Aforementioned factor coupled with high preference for technology integrated in-vitro diagnostic (IVD) devices will positively impact in-vitro diagnostics industry growth over the forecast timeframe.

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However, high costs associated with in-vitro diagnostic procedures will affect industry growth. Integration of advanced technology within the diagnostic devices will increase its cost and will directly have an impact on the industry growth.

Reagents & kits will grow at 6.9% CAGR over the forecast period and is projected to grow in future owing to escalating demand for reagents & kits used in diagnosis of viral, fungal and bacterial diseases. Rising number of viral and fungal infections specifically in emerging countries such as India with poor hygiene conditions will drive demand for in-vitro diagnostics services thereby should escalate the in-vitro diagnostics market growth.

Data management software segment was valued over USD 1.7 billion in 2017 and will witness similar growth trends. Segmental growth can be attributed to software that enables analysis of gene sequencing information derived from the quantification analysis and diffraction techniques. Collaborations of companies such as Roche with Microsoft and Cleidon will help in broadening its software offerings and thereby will escalate the segmental growth.

Urinalysis segment will grow at 6.1% over estimated timeframe and should witness a huge demand in upcoming years due to high prevalence of kidney disorders. According to NCBI, in 2014, 119.5 million people were affected by chronic kidney disorders in China that will drive the segmental growth. Moreover, growing geriatric population suffering from defective metabolism rates will augment demand for urinalysis technology.

Diabetes segment was valued at USD 1.7 billion in 2017 and is expected to have high growth rate as a result of growing prevalence of diabetes. Also, growing geriatric population in the Asia Pacific countries will boost the segmental growth.

Point-of-care segment accounted 23.7% revenue share in 2017 and high growth of the segment will be as a result of increasing prevalence of diabetes specifically. For instance, in India more than 5% population suffers from diabetes and around 72 million people require critical monitoring that will upsurge the segmental growth.

India in-vitro diagnostics industry was valued USD 2.0 billion in 2017 and industry growth as a result of growing elderly population base in under developed economies such as India. India’s geriatric population base is around 60 million and that is projected to be doubled by end of 2030. Elderly population is more prone to chronic diseases such as diabetes and cancer will thereby increase the preference for point-of-care diagnostic devices elevating the business growth in forthcoming years.

Key industry competitors operating in Asia Pacific in-vitro diagnostics market are Abbott, Becton Dickinson, BioRad, BioMerieux, Cephied, Danaher, Grifols, Johnson & Johnson, Luminex, Roche Diagnostics, Siemens, Sorin, Thermo Fisher and Qiagen. Key industry competitors implement strategic initiatives to sustain market competition. For instance, in March 2018, Roche announced launch of Ventana DP 200 Slide scanner for digital pathology. This newly launched slide scanner provides the faster & better diagnosis & treatment of cancer, thereby increases its product portfolio.

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Segments we Cover:

Asia Pacific In-vitro Diagnostics Market, By Product Type (USD million)

  • Reagents & kits
  • Instruments

Asia Pacific In-vitro Diagnostics Market, By Service Type (USD million)

  • Data management software
  • Services

Asia Pacific In-vitro Diagnostics Market, By Technology (USD million)

  • Clinical chemistry 
  • Immunoassay/immunochemistry 
  • Molecular diagnostics
  • Hematology 
  • Microbiology 
  • Coagulation and hemostasis 
  • Urinalysis 
  • Other

Asia Pacific In-vitro Diagnostics Market, By Application (USD million)

  • Oncology 

  • Infectious diseases
  • Diabetes 
  • Cardiology 
  • Nephrology 
  • Autoimmune diseases 
  • Drug testing/pharmacogenomics 
  • Other

Asia Pacific In-vitro Diagnostics Market, By End-user (USD million)

  • Hospitals 

  • Point-Of-Care Testing 
  • Laboratories 
  • Academic institutes 
  • Other

Browse key industry insights along with Full TOC @ https://www.graphicalresearch.com/table-of-content/1012/apac-in-vitro-diagnostics-market

About Graphical Research:

Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.

Contact Us:

Parikhit B. 
Corporate sales, 
Graphical Research 
Email: [email protected] 
Web: https://www.graphicalresearch.com

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About Author

Shashie Pawar

Shashie Pawar    

Shashie Pawar is a tech blogger and a digital marketing pro since 3 years and writes for Ground alerts. A Electronics & communication Engineering graduate by education, Shashie offers his analysis on the tech market research landscape. His strong suit is analyzing the...

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