Asia-Pacific IVD Market Overview:
The Asia-Pacific IVD Market accounted for $13,680 million in 2016, and is estimated to reach at $19,888 million by 2023, growing at a CAGR of 5.4% from 2017 to 2023. IVD are the medical diagnostic devices comprised of any reagent, calibrator, control material, kit, specimen receptacle, software, instrument, apparatus, equipment or system; used alone or in combination with other diagnostic devices, specifically designed for in-vitro examination of specimens of human body.
Increase in prevalence of communicable and non-communicable diseases and large pool of geriatric population in Asia-Pacific primarily drives the Asia-Pacific IVD market. In addition, growth in trend toward personalized medicine and use of companion diagnostics devices have increased the IVD market growth. Furthermore, growth in investment in healthcare sector by government is anticipated to boost the market growth. However, stringent government regulations associated with production and sale of IVD are expected to hamper the market growth. Ongoing R&D activities related to IVD are anticipated to present new opportunities for the market. Moreover, the Asia-Pacific region offers lucrative growth opportunities to the Asia-Pacific IVD market players owing to the increase in economies of the countries such as India, South Korea, China, and others.
Asia-Pacific IVD Market Segmentation
Based on product type, the market is categorized into reagents, instruments, and software & services. The reagent segment accounted for the highest market share in 2016, and the software and services is expected to grow at the highest growth rate during the forecast period. The growth of the reagent market is attributed to the recent introduction of new novel reagents and wide availability of effective and cost-efficient reagents. On the basis of techniques, the immunodiagnostics segment captured the highest market share in 2016, due to the increase in demand for personalized medicines. On the basis of application, infectious diseases segment captured the highest market share in 2016, owing to the increase in prevalence of infectious diseases and rise in increase in preventive healthcare awareness among the population. Based on end users, the standalone laboratory segment captured the highest market share in 2016, primarily due to non-availability of complex tests in hospitals and commercial clinics.
Top Investment Pocket
Country Wise Review
Country wise, it is analyzed across India, China, Japan, South Korea, Australia, and Rest of Asia-Pacific. Japan accounted for the highest share of the market in 2016, followed by China. India is anticipated to witness the highest growth rate during the forecast period. In addition, this region is expected to emerge as the area with maximum growth potential due to the focus of key players in the emerging economies and improvement in the healthcare infrastructure.
Australia IVD Market ($Million), 2017-2023
Increase in Prevalence of Non-communicable and Communicable Diseases
According to WHO, number of deaths due to non-communicable diseases (NCDs) is estimated to increase from 36 million deaths in 2010 to 44 million deaths in 2020; out of which the highest prevalence of NCDs is accounted in Western Pacific (12.3 million deaths) and South-East-Asia (10.4 million deaths) regions. According to OECD, Tuberculosis is the leading cause of death from infectious disease in the Asia-Pacific region. In 2014, OECD reported that four out of five countries in world; with the highest number of incident cases of tuberculosis, were in the Asia-Pacific region.
Increase in Geriatric Population
Geriatric population in Asia-Pacific has increased significantly and is vulnerable to various communicable and non-communicable diseases. According to the U.S. Census Bureau report “An Aging World: 2015” currently 7.9% of Asia population comprises of population aged 65 and over and this percentage is predicted to increase nearly 12.1% by 2030 and is anticipated to further increase to nearly 18.8% by 2050. Currently, Asia leads the world in speed of aging and size of older population and continue to lead during the forecast period. Therefore, the escalation in rate of the geriatric population is expected to raise the demand for diagnosis, thereby driving the IVD market.
Increasing Government Expenditures on Healthcare
There is a widespread awareness about spread of disease in Asia-Pacific countries and its impacts on the health. Hence, the government of all the regions have increased their healthcare expenditures for reducing the disease rate in the countries. According to the IMF World Economic Outlook database projections, the GDP of Asia is anticipated to increase from 5.3% in 2016 to 5.4% in 2018. Whereas, it also estimated that GDP of Pacific Island countries and other small states increased from 3.4% in 2016 to 3.8% in 2018. According to the WHO, the Japans’ government healthcare expenditure has increased from 20.12% in 2013 to 20.28% in 2014. The increase in Asia-Pacific economic conditions are expected to increase government funding in healthcare sector, which in turn contributes to the increase in the IVD market growth.
Major companies operating in this market adopted product launch as their key development strategy. Companies profiled in this market include, Thermo Fisher Scientific Inc., Alere Inc., Biomerieux, Danaher Corporation, F. Hoffmann-La Roche AG, Becton Dickinson and Company, Bio-Rad Laboratories, Bayer AG, Sysmex Corporation, and Johnson & Johnson among others.
- The study provides in-depth analysis of the Asia-Pacific IVD market along with current trends and future estimations to elucidate the imminent investment pockets.
- Quantitative analysis of the industry is provided for the period of 2016‐2023 to enable the stakeholders to capitalize on the prevailing market opportunities.
- Extensive analysis by technology and application helps understand various trends and prevailing opportunities in the market.
- Comprehensive analysis of all geographical regions is provided, which determines the main opportunities in these geographies.
- The key market players are profiled and their strategies are analyzed to predict the competitive outlook of the market.
Asia-Pacific IVD Market Key Segments:
By Product Type
- Software and Services
- Enzyme-Linked Immunosorbent Assay (ELISA)
- Chemiluminescence Immunoassays (CLIAS)
- Fluorescence Immunoassays (FIAS)
- Colorimetric Immunoassays (CIS)
- Rapid Tests
- Enzyme-Linked Immunospot Assays (ELISPOT)
- Western Blot
- Enzyme-Linked Immunosorbent Assay (ELISA)
- Blood Testing
- Molecular Diagnostics
- Polymerase Chain Reaction (PCR)
- Isothermal Nucleic Acid Amplification Technology (INAAT)
- DNA Diagnostics
- Tissue Diagnostics
- Clinical Chemistry
- Basic Metabolic Panel
- Liver Panel
- Lipid Profile
- Thyroid Function Panel
- Renal Profile
- Electrolyte Panel
- Specialty Chemicals
- Other IVD Techniques
- Infectious Diseases
- Cardiac Diseases
- Immune System Disorders
- Nephrological Diseases
- Gastrointestinal Diseases
- Other Indications
By End Users
- Standalone Laboratory
- Academic and Medical Schools
- Point of Care Testing
- South Korea
- Rest of Asia-Pacific