Asia Pacific In-vitro Diagnostics Market Size, Share & COVID-19 Impact Analysis, By Product Type (Instruments and Reagents & Consumables), By Technique (Immunodiagnostics, Clinical Chemistry, Molecular Diagnostics, Hematology, and Others), By Setting (Laboratories and Point of Care), By Application (Infectious Diseases, Cardiology, Oncology, Gastroenterology, and Others), By End-user (Clinical Laboratories, Hospitals, Physicians Offices, and Others), and Regional Forecast, 2023-2030

Asia Pacific leverages several opportunities to register the fastest growth in the global in-vitro diagnostic market. The Asia Pacific in-vitro diagnostics market size is projected to record a CAGR of 7.9% during the forecast period. The global market for in-vitro diagnostics is projected to grow from USD 94.67 billion in 2022 to USD 157.02 billion by 2030.

The factors driving the Asia Pacific in-vitro diagnostics market growth are the growing elderly population, increasing awareness of early disease diagnosis, rising use of point-of-care diagnostics, growing support for improved patient care & management, and business expansions by key market players.

• For instance, in April 2022, Trinity Biotech plc announced a strategic investment of USD 45 million and its partnership with MiCo Ltd., a biotechnology company that focuses on in-vitro diagnostics. The partnership aimed to serve the companies’ global customers by using the testing technologies of MiCo Ltd.

The Asia Pacific market report covers the following countries/regions – China, Japan, India, Australia, Southeast Asia, and the Rest of Asia Pacific.

LATEST TRENDS

Increasing Awareness of Early Disease Diagnosis to Offer Growth Opportunities to Market Players

Early disease diagnosis ensures patient longevity and reduces healthcare burden and cost. For instance, according to the Union for International Cancer Control, 30 - 50% of cancers are preventable, and several can be screened by using in-vitro diagnostics. Many studies have revealed that late diagnosis significantly drives the cancer treatment costs of many countries. For instance, research by the Cancer Council NSW has shown the cost of cancer to the Australian health system to be over USD 6 billion annually. The increasing cost has prompted governments and associations to take the initiative to create awareness about early disease diagnosis, thereby reducing the healthcare burden.

• For instance, in February 2023, the Indian Cancer Society (ICS) launched a campaign to create awareness about early diagnosis and treatment. As a part of the campaign, ICS collaborated with Wockhardt Foundation to screen 100,000 people for oral cancer in the next 3 months.


• Similarly, in September 2022, Kao Group, a Japanese company, organized a Pink Ribbon Campaign for 2 months in October and November. The campaign aimed to create awareness about the significance of early breast cancer diagnosis and promote the screening rate in Japan.

Early diagnosis can play a crucial role in slowing down or preventing the progression of diseases. Liver disease, especially prevalent in the Asia Pacific, is known as a ‘silent killer’ as the condition is often diagnosed after it has deteriorated significantly. By detecting the disease early, complications, such as liver cancer can be better managed and even prevented, increasing the chances of survival. The mortality rate of Hepatocellular Carcinoma (HCC), a type of cancer, has been found to decrease by 37% as a result of early diagnosis and usage of advanced diagnostics.

DRIVING FACTORS

Rising Number of Product Launches and Approvals by Key Countries to Drive Market Growth

Asia Pacific is the most populated region in the world, which indicates greater risk of contracting chronic diseases. This will consequently increase the number of people requiring medical treatment, thereby boosting the demand for diagnostics. Due to this high demand, market players in Asia Pacific are investing heavily in emerging technologies that derive the thrust for portable, more accessible devices.

• For instance, in January 2023, Cipla Inc. announced the launch of Cippoint, a point of care testing device. The product enabled testing of diabetes, cardiac markers, thyroid function, infectious diseases, metabolic & coagulation markers, and inflammation.


• Similarly, in April 2022, Seegene, Inc., a South Korean company specializing in molecular diagnostics, received approval from the Therapeutic Goods Administration (TGA) and obtained the European CE-IVD mark for its Allplex RV Master Assay. The product can identify 21 targets for 19 different respiratory viruses.

Moreover, the prevalence of HIV in lower and middle-income countries in Asia Pacific provided a sturdy support for growth of the regional market.

RESTRAINING FACTORS

Unequal Access to Healthcare and Unclear Reimbursement Policies on Medical Care to Limit Market Growth

The developed and developing nations of Asia Pacific are witnessing unequal access to diagnosis and medical care. The issue arises from lack of regulatory compliance, absence of high-quality products, obstacles faced by foreign companies while entering the low-end in-vitro diagnostics products market, and limited reimbursement provisions within the region.

• For instance, according to an article published by the International Labor Organization (ILO) in 2021, an estimated 1.6 billion people in Asia Pacific lacked adequate access to social health protection.


• Similarly, a news article revealed that most markets in Asia Pacific are yet to develop dedicated regulatory and reimbursement pathways for CDx. This means that manufacturers may need to refer to regulations for medical devices or in-vitro diagnostic tests to understand the pathways and evidence requirements for bringing new CDx technologies to market.

KEY INDUSTRY PLAYERS

In terms of competitive landscape, Sysmex Corporation, Shimadzu Corporation, and Nipro are the key players in the Asia Pacific market. These market players have strong product offerings and are actively involved in R&D investments to accelerate product launches and approvals.

Other prominent players, such as NIHON KOHDEN CORPORATION and F. Hoffmann-La Roche Ltd., also lead the Asia Pacific in-vitro diagnostics market due to their strong distribution network and diverse product portfolios. Other major market participants are Danaher Corporation, Bio-Rad Laboratories, Abbott, and others. These key companies are focused on strengthening their product portfolios and distribution networks through strategic collaborations and partnerships to increase the Asia Pacific in-vitro diagnostics market share.

LIST OF KEY COMPANIES PROFILED:

• Shimadzu Corporation (Japan)


• NIHON KOHDEN CORPORATION (Japan)


• Nipro (Japan)


• Sysmex Corporation (Japan)


• DiaSorin S.p.A. (Italy)


• Danaher Corporation (U.S.)


• bioMérieux SA (France)


• Qiagen N.V. (Germany)


• F. Hoffmann-La Roche Ltd (Switzerland)


• Siemens Healthineers AG (Germany)

KEY INDUSTRY DEVELOPMENTS:

• June 2022: MiRXES Pte Ltd, a Singapore-based biotech company, announced the opening of its first industry 4.0 (i4.0) in-vitro diagnostics manufacturing facility in a 15,000 square feet area in Southeast Asia. The facility’s infrastructure allowed the company to accommodate new technologies to support functions across the production line including prototyping, validation, and manufacturing of novel tests and life-sciences research.


• May 2022: Nihon Kohden Corporation announced that its Indian subsidiary had established a new hematology analyzer reagent factory. This move was intended to strengthen the company’s business structure through a stable supply of locally produced reagents.


• May 2022: Hitachi High-Tech Corporation entered a strategic partnership with Invivoscribe, Inc., a U.S.-based developer and manufacturer of blood cancer testing kits. The partnership aimed to accelerate both companies' precision medicine businesses and molecular diagnostics by combining Invivoscribe's technology and international regulatory expertise with Hitachi High-Tech's core expertise in measurement and analysis systems technologies.

REPORT COVERAGE

The market report provides qualitative and quantitative insights on the market and a detailed analysis of the regional market size & growth rate for all possible segments in the market. Along with forecast, the research report offers an elaborative analysis of the market’s competitive landscape and dynamics. Various key insights presented in the report are an overview of the number of IVD tests, price analysis of types of products, regulatory scenario in key countries, pipeline analysis, new product launches, key industry developments – mergers, acquisitions & partnerships, and the impact of COVID-19 on the market.

Report Scope & Segmentation