The size of the Immunoassay Market in the Asia Pacific was worth USD 4.37 Billion in 2022 and is estimated to reach USD 7.08 billion by the end of 2027, growing at a CAGR of 10.12% during the forecast period. The Asia-pacific market is expected to show the highest growth over the forecast period due to the increasing development of new biologics, drugs, and vaccines.
The frequency of chronic illnesses has been rising in this region; as a result, diagnostic tests that give essential insights at every step of medical care, including prevention, detection, diagnosis, treatment, and successful management of health issues, are in high demand. The increase in point-of-care diagnostics with the rise in the advanced developments and technologies and the increase in the market for in-vitro diagnostics in Australia is anticipated to be driven by growing chronic illness occurrences.
To strengthen their market position, companies are boosting their R&D spending and regularly bringing integrated and closed systems to the market, which is expected to accelerate its growth rate. Additionally, due to economies of scale, outsourcing in instrumentation is rapidly replacing in-house instrumentation, owing to greater efficiency, speed, and reduced operational costs, which is expected to act favorably to the APAC immunoassays market.
As well as the increase in the market players with mergers and acquisitions, with new innovative ideas of product creation, are examples of competitive tactics. Also, an increase in the spreading awareness and importance regarding immunoassay among people can drive the market growth of the APAC immunoassay market.
However, the strict legal framework, a lack of adequate reimbursements as these processes are too tedious and consume lots of time; also due to the strict regulations make the process of the entry of the products complicated are the major restraints that are affecting the market growth of the immunoassay market in the APAC region. On the other hand, due to the increase in the new advancements in the immunoassay market, an increase in the market players like Roche Diagnostics, Beckman Coulter, Abbott Laboratories and may give rise to substitute products.
This research report on the Asia-Pacific Immunoassay Market has been segmented & sub-segmented the market into the following categories:
By End User:
Geographically, the Indian immunoassay market is expected to develop significantly over the next five years, owing to the rising prevalence of chronic and infectious illnesses in the nation. Furthermore, improvements in healthcare facilities and constant product improvements by major competitors in the market are some additional aspects that are expected to boost the market growth. Additionally, through FY2027, the growing use of immunoassay-based point-of-care testing solutions in both home care and the hospital is projected to enhance the demand.
The Chinese immunoassay market is forecasted to be growing at a promising CAGR during the forecast period. Due to the increase in chronic illnesses such as cancer, diabetes, and cardiovascular disease are on the rise among China's aging population. Therefore, In- Vitro Diagnostics devices can be used to diagnose and monitor all of these illnesses.
The Japanese immunoassay market is another lucrative regional market in the APAC market. It is projected to showcase a healthy growth rate during the forecast period as Japan's population is increasingly aging and has a major geriatric population. Due to which in recent years, the healthy life expectancy has risen dramatically. Thus, it is projected to move the medical device industry's focus away from treatment and how it can be prevented.
The Australian immunoassay market is estimated to be growing at a moderate growth rate during the forecast period. In 2016, the Australian Institute of Health and Welfare estimated that the 3.7 million Australians that is the 15 percent of its population, were 65 or older. With the increase in the growing elderly population, age-related health issues may become more prevalent (arthritis, dementia, and cancer).
KEY MARKET PLAYERS:
Companies playing a prominent role in the Asia-Pacific immunoassay market analyzed in this report are Roche Diagnostics, DiaSorin S.p.A, Beckman Coulter, Siemens Healthcare, Ortho Clinical Diagnostics, bioMerieux, Thermo Fisher Scientific and Abbott Laboratories, Akers Biosciences, Inc, Becton Dickinson and Company, Devon Medical Products, EDP Biotech Corporation, Hologic (Gen-Probe) and Intrinsic LifeSciences.
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