Asia Pacific In Vitro Diagnostics Market To Reach $33.4 Billion By 2024: Grand View Research, Inc.
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.
Asia Pacific IVD Market, by Country, 2013 - 2024 (USD
Million)
Browse full research report on Asia
Pacific In Vitro Diagnostics Market
Analysis:
Further key findings from the report 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.
Comments
Post a Comment