APAC IVD Market Size (2022 to 2027)
The Asia Pacific In-Vitro diagnostics Market has been estimated at USD 14.16 billion in 2022 and is predicted to grow to USD 19.31 billion in 2027, growing at a Compound Annual Growth Rate (CAGR) of 6.4%. The increasing population, especially older people across the Asia Pacific region, is driving growth.
There is a quiet increment in the scale of several diagnostics centers and hospitals in the Asia Pacific, which propels the demand for the in-vitro diagnostics market. Moreover, in-vitro diagnostics are viral, giving accurate results quickly and attracting many consumers. This attribute is expanding the size of the market to an extent. In addition, rising incidences of cancer and diabetes among many individuals are fuelling the market's growth rate.
Increasing research on developing new products with the latest technologies creates chances for the market to grow. On the other hand, the rise in investments from public and private organizations to improve services in diagnostics centers is likely to outshine the market demand. Besides, the growing demand for early diagnosis in most countries is leveling up the growth rate of the Asia Pacific in-vitro diagnostics market. Diagnosis of a disease is before a proper and efficient treatment procedure, significantly influencing the market's demand. Furthermore, escalating expenditure on healthcare in developed and developing countries is ascribed to bolster the market's growth rate in this region.
However, installing and maintaining some laboratory equipment is expensive, declining the market's growth rate. Fluctuations in the prices of various raw materials required to manufacture the devices also restrain the demand of the Asia Pacific in-vitro diagnostics market. Furthermore, government authorities are rigorous in approving new IVD products in concern for people's safety remains challenging for the market developers. The lack of professionals in monitoring the systems is hampering the market's growth rate in the Asia Pacific.
This research report on the APAC IVD Market has been segmented and sub-segmented into the following categories:
Reagents and Kits
Coagulation and Hemostasis
Other IVD technologies
Rest of APAC
Geographically, the Indian IVD market is one of the fastest-growing regional markets in the APAC region. In India, awareness about health, demand for good healthcare, and willingness to spend on healthcare are major factors for the market to grow. In addition, rising incidences of chronic diseases are propelling the demand of the market. Continually developing the clinical research market is a key factor driving market growth.
In vitro diagnostic market size is growing at a faster rate in China. This is because of chronic diseases like heart disease, cancer, and diabetes, especially among older people. All these diseases can be monitored using in-vitro diagnostic products and a willingness to pay for advanced technology.
In Japan, the market has been increasing in the past few years. Raising demand from educated patients or people for detailed health information greatly influences the market's demand in Japan.
In Australia, increasing chronic incidences and infectious diseases, elevation in the geriatric population, and advancing diagnostic technology accelerate the market's growth rate. In addition, age-related disorders like arthritis and dementia are also factors for market growth.
South Korea's market shares are projected to have inclined growth opportunities in the coming years due to increasing awareness of point-of-care diagnostic systems.
KEY MARKET PLAYERS:
Noteworthy companies operating in the APAC IVD Market are Abbott Laboratories, Johnson and Johnson, Siemens Healthcare, Becton Dickinson, Roche Diagnostic, Beckman Coulter Inc., Biomérieux, Ortho Clinical Diagnostics, Inc., Bio-Rad Laboratories, Inc., Danaher Corporation, Sysmex Corporation, and Thermo Fisher Scientific, Inc.
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