Published Date: 2022-09-27
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APAC In Vitro Diagnostics (IVD) Market size is poised to surpass USD 24 billion by 2028, according to a latest forecast report by Graphical Research.
Increasing adoption of personalized medicine in Asia Pacific region is a major factor influencing the market growth. Since many personalized medicines rely on next generation sequencing tests, growing research funding will fuel IVD development. Recently, the government of Australia announced that it will expand the access of its Zero Childhood Cancer Program to every child in the nation from 2023 onward. The program involves the use of personalized medicine for curbing cancer prevalence amongst children.
The reagents and kits segment accounted for USD 12 billion revenue in 2021. High accuracy and functionality provided by these systems will push the product uptake. over the last few years, more companies are strengthening their investments in R&D initiatives for developing innovative devices. According to the Association of Indian Medical Device Industry, the nation recorded a rise of nearly 41% in medical device imports between 2021 and 2022. In order to promote domestic production of IVD reagents, disposables, consumables, and electronic medical equipment, the regional government will allocate funding for supporting local manufacturers of IVD kits and reagents.
The hematology tests segment will register a CAGR of 3.5% from 2022 to 2028, due to the rising prevalence of blood disorders, such as thalassemia, is encouraging industry participants to introduce updates to their existing products and develop new ones. For instance, experts suggest that India continues to rank amongst the top countries with high incidence of blood disorders, with thalassemia affecting about 100,000 to 150,000 patients throughout the country.
The diabetes segment will reach USD 3.5 billion by 2028, with the increasing disease prevalence across nations such as China and Australia. According to Diabetes Australia, of the over 1.8 million Australians suffering from the disorder, more than 500,000 cases are believed to be undiagnosed forms of type 2 diabetes. This has created awareness among people for early diagnosis and treatment, thereby increasing the use of in vitro diagnostic tests for diabetes screening.
Browse detailed statistical insights from the report, “Asia Pacific In Vitro Diagnostics (IVD) Market Forecast 2028 By Product (Reagents & Kits, Instruments), By Test Type (Clinical Chemistry, Immunoassay/Immunochemistry, Molecular Diagnostics, Hematology, Urinalysis), By Application (Oncology, Infectious Diseases, Diabetes, Cardiology, Nephrology, Autoimmune Diseases, Drug Testing/Pharmacogenomics), By End-use (Hospitals, Diagnostics 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) @
https://www.graphicalresearch.com/industry-insights/1012/apac-in-vitro-diagnostics-market
The diagnostics laboratories end-use segment held over USD 7.5 billion revenue in 2021. The preference for well-equipped diagnostic laboratories is growing due to the availability of latest in vitro diagnostics instruments at these facilities. With rapidly growing healthcare infrastructure in Asia Pacific, the number of laboratories has substantially increased. Investments in diagnostic labs has surge at a notable pace since the beginning of the COVID-19 emergency in 2020.
China in vitro diagnostics industry was anticipated to represent about 25% revenue share in 2021, driven by the growing number of public and private initiatives. The increasing burden of infectious and chronic diseases such as diabetes, COVID-19, and cancer, will further drive the product adoption. In order to gain an edge over overseas market players, regional manufacturers are improving their manufacturing and distribution capabilities.
The in vitro diagnostics in APAC market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2017 to 2028, for the following segments:
Asia Pacific Market, By Product Type
Asia Pacific Market, By Test Type
Asia Pacific Market, By Application
Asia Pacific Market, By End-user
The above information has been provided for the following countries:
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