As per our analysis report, the Global Asia Pacific In-Vitro Diagnostics Market is expected to reach USD 23.31 billion by 2028 from USD 17.06 billion in 2023, growing at a compound annual growth rate (CAGR) of 6.9% during the forecast period.
In-vitro diagnostics involves testing of blood and tissues to identify any diseases, infections, and chronic ailments in the body. The increase in the elderly population coupled with the rising awareness related to health is the primary factor driving the Asia Pacific in-vitro diagnostics market. Also, the spike in lifestyle diseases that augments the requirement of early diagnosis among people is another factor driving this business growth. There has been a huge rise in the cases of diabetes, obesity, and anemia in Asia Pacific countries like India, China, and other Southeast Asian nations. In addition, the advances in medical technology like point-of-care testing, molecular diagnostics, clinical sequencing, and quick turnaround time also create a positive outlook for the Asia Pacific in-vitro diagnostics market. The surge in investments from both private and public enterprises in healthcare solutions is predicted to increase demand in the Asia Pacific in-vitro diagnostics market in the coming years.
The major challenge to the Asia Pacific in-vitro diagnostics market is the high cost associated with some of the testing methods, limiting certain sections of the population. Although the governments are promoting the early detection of diseases, the strict regulations related to testing parameters are acting as a limitation for this business. In addition, the lack of proper insurance coverage and availability of diagnostic centers in villages and remote areas is also leading to a negative impact on the Asia Pacific in-vitro diagnostics market. Besides, the lack of awareness about the benefits of early identification of diseases is slowing down the developments in the local market.
Impact of COVID-19 on the Asia Pacific In-Vitro Diagnostics Market:
The COVID-19 pandemic had a mixed impact on the Asia Pacific in-vitro diagnostics market. The lockdown restrictions resulted in supply chain disruptions, leading to the delayed availability of raw materials, equipment, and reagents used in the testing process. The shutdown of several companies led to a pause in research and development activities. Also, the temporary shutdowns and contactless conditions constrained the blood and tissue sample collection process. On the other hand, the Asia Pacific in-vitro diagnostics market is touted to witness some positive demand with increased emphasis on immunity and detection of underlying ailments during COVID-19. Moreover, the increase in remote consulting and home sample collection will open new ways to conduct diagnostics.
This research report on the APAC IVD Market has been segmented and sub-segmented into the following categories:
Asia Pacific In-Vitro Diagnostics Market – By Product Type:
The reagents segment accounted for a significant share of the regional market owing to the use of chemicals in different diagnostic processes. The instruments segment is likely to increase in the forecast period due to the expanding applications of new equipment, machines, and automated solutions like readers, analyzers, and testing platforms in diagnostic procedures.
Asia Pacific In-Vitro Diagnostics Market – By Technique:
Clinical chemistry that involves the identification of diseases using blood samples, tissues, and body fluids recorded a prominent portion of the Asia Pacific in-vitro diagnostics market. However, the molecular diagnostics segment is supposed to expand at a considerable rate because of the spread of several infectious diseases and the need to detect changes in DNA or RNA.
Asia Pacific In-Vitro Diagnostics Market – By Application:
The infectious disease applications are anticipated to develop with the highest growth rate in the forecast period followed by the diagnostics related to oncology and diabetes.
Asia Pacific In-Vitro Diagnostics Market – By End User:
The hospitals segment dominated the Asia Pacific in-vitro diagnostics market and is likely to register a tremendous growth rate in the future with the increasing investments and advancements in the hospital infrastructure to offer efficient medical solutions to patients.
Asia Pacific In-Vitro Diagnostics Market - By Region:
China dominated the regional in-vitro diagnostic business owing to the rising adoption of the IVD process in hospitals, growth in the older population, and increased awareness among patients. The favorable government initiatives, investments in the medical sector research and development activities, and collaborations in pharmaceutical, healthcare, and biotechnology industries are promoting the Chinese IVD market.
India is an emerging nation in terms of in-vitro diagnostics supported by the rapidly
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.
The APAC IVD Market is expected to be valued at USD 15.06 billion in 2023.
Japan, China, and India are the leading contributors to the APAC IVD market share
Increasing adoption of advanced diagnostic technologies, rising healthcare awareness, and a growing aging population are among the key trends fueling APAC IVD market growth.
The pandemic has accelerated the demand for diagnostic solutions, leading to a surge in the adoption of in vitro diagnostics (IVD) in the APAC region.
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