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The Asia-Pacific IVD market was valued at $13,680 million in 2016, and is projected to reach at $19,888 million by 2023, growing at a CAGR of 5.4% from 2017 to 2023. The immunodiagnostics segment accounted for more than two-ninths share of the total market in 2016. The report offers a detailed analysis of the key segments, top investment pockets, changing dynamics, market size & estimations, and competitive scenario.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.
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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 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.
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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.
Japan accounted for more than one-third share in 2016, and is expected to dominate the market throughout the forecast period and is attributed to increase in incidence of communicable and non-communicable diseases such as tuberculosis, diabetes, and cancer and rise in geriatric population, which is susceptible to these diseases and well-established healthcare systems. In addition, lucrative growth opportunities in the economic emerging countries is anticipated to provide new growth opportunities for the key players in the market. However, India is estimated to register the highest growth rate during the forecast period, owing to rise in government healthcare expenditure, increase in per capita income, growth in demand for healthcare devices from large pool of patient population, and improvement in healthcare infrastructure.
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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.
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. They have adopted different strategies such as mergers & acquisitions, partnerships, collaborations, new product launches, and others to gain a strong position in the global industry.
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