APAC In Vitro Diagnostic Market size is expected to reach USD 23.7 billion by 2027, according to a latest forecast report by Graphical Research.
Increasing adoption of personalized medicine in Asia Pacific region is one of the major factors that will accelerate the market growth. Personalized medicines are derived from studies of human genes using next generation sequencing tests, that detect a person's DNA in order to learn about their genomic variations and thus aid in the design of more effective treatments. Furthermore, rising incidence of cancer disorders coupled with increasing use of personalized medicines in treatment of various chronic diseases such as cancer will drive the market progression. For instance, according to data published by Korean Biomedical Review in 2017, the Korean government invested USD 55.7 million in developing personalized medicine. Thus, with increase in demand for personalized medicines, there has been a rise in the demand for in vitro diagnostics tests too.
The instruments segment in the Asia Pacific IVD market was over USD 4.5 billion revenue in 2020 attributed to growing usage of instruments in the region. Additionally, high accuracy and functionality provided by these instruments will increase its demand in the near future. Also, rapid investments offered by public and private sectors for the development of diagnostic laboratories and various product launches will accelerate the industry progression. For instance, in October 2021, Bio-Rad Laboratories, Inc. launched real-time PCR detection systems such as CFX Opus 96 Dx System and the CFX Opus 384 Dx System for IVD testing in Singapore. This automated instrument will help in reducing errors and improve the thermal cycler performance.
The hematology segment accounted for around 15.9% market share in 2020 credited to rising prevalence of blood disorders, such as thalassemia. For instance, according to the CDC report, in 2020, Hemophilia A affects one out of every 5,617 male births in the U.S. while haemophilia B affects one out of every 19,283 male births. Furthermore, major companies focusing towards advanced product launch to treat the life-threatening diseases will further boost the market growth. For instance, in September 2018, Sysmex Corporation announced the launch of an Automated Hematology Analyzer such as XS-500ix, in the China to strengthen its position as a leading company in the in vitro diagnostics domain in China.
Browse detailed statistical insights from the report, “Asia Pacific In Vitro Diagnostics (IVD) Market Forecast 2027 By Test Type (Clinical Chemistry, Immunoassay/Immunochemistry, Molecular Diagnostics, Hematology, Urinalysis), By Product (Reagents & Kits, Instruments), By Application (Oncology, Infectious Diseases, Diabetes, Cardiology, Nephrology, Autoimmune Diseases, Drug Testing/Pharmacogenomics), By End-Use (Hospitals, Diagnostic Laboratories, Academic & Research Institutes), Research Report, Country Outlook (China, Japan, India, South Korea, Australia, Indonesia, Singapore, Malaysia, Taiwan, Thailand, Philippines), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
The diabetes segment accounted more than USD 2 billion revenue in 2020 owing to the increasing prevalence of diabetes in this region. For instance, according to the International Diabetes Federation, it is estimated that in 2019, around 116 million people in China suffered from diabetes followed by India. This has created awareness among people for early diagnosis and treatment thereby increasing demand for in vitro diagnostic tests.
The diagnostics laboratories segment held nearly 43% APAC in vitro diagnostic market share in 2020 due to growing preference towards diagnostics laboratories due to the presence of advanced technology and in vitro diagnostics instruments in these that lab helps in obtaining proper diagnosis. Furthermore, with rapid growing healthcare industry in Asia Pacific, the number of diagnostic laboratories has also increased thereby fuel the market growth.
The China in vitro diagnostic market is anticipated to showcase around 5% CAGR during the analysis period owing to the growing geriatric population and the increasing burden of infectious and chronic diseases such as diabetes, COVID-19, and cancer. Furthermore, different factors have enabled market participants to improve and strengthen their current manufacturing and distribution capabilities.
The APAC in vitro diagnostic market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2027, for the following segments:
Asia Pacific Market, By Product Type
- Reagents & Kits
Asia Pacific Market, By Test Type
- Clinical Chemistry
- Molecular Diagnostics
Asia Pacific Market, By Application
- Infectious Diseases
- Autoimmune Diseases
- Drug Testing/Pharmacogenomics
Asia Pacific Market, By End-use
- Diagnostic Laboratories
- Academic & Research Institutes
The above information has been provided for the following countries:
- Asia Pacific
- South Korea