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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.
The Asia Pacific market report covers the following countries/regions – China, Japan, India, Australia, Southeast Asia, and the Rest of Asia Pacific.
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.
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.
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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.
Moreover, the prevalence of HIV in lower and middle-income countries in Asia Pacific provided a sturdy support for growth of the regional market.
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.
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.
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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.
ATTRIBUTE | DETAILS |
Study Period | 2019-2030 |
Base Year | 2022 |
Estimated Year | 2023 |
Forecast Period | 2023-2030 |
Historical Period | 2019-2021 |
Growth Rate | CAGR of 7.9% from 2023 to 2030 |
Unit | Value (USD billion) |
Segmentation | Product Type; Technique; Setting; Application; End-user; and Country/Sub-Region |
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By Technique |
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By Setting |
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By Application |
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By End-user |
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By Country/ Sub-Region |
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The market is projected to record a CAGR of 7.9% during the forecast period of 2023-2030.
Rising demand for minimally-invasive procedures and increasing number of product launches and approvals are the major factors driving the growth of the market.
NIHON KOHDEN CORPORATION, Sysmex Corporation, and Shimadzu Corporation are the major players in the Asia Pacific market.
China dominated the market in 2022.