In vitro diagnostics (IVD) are diagnostic tests practiced in an artificial environment. The overall revenue of the Asia-Pacific IVD market accounted for about $10.7 billion in 2014, and is estimated to reach $15.3 billion by 2020, registering a CAGR of 6.5% over the forecast period. Considerable increase in the number of chronic and infectious diseases, growing awareness towards healthcare solutions and technological advancements in healthcare industry largely supplement the growth of this market. However, stringent regulatory policies and reimbursements issues in few countries limit the growth of this market. The rising demand for technologically advanced diagnostic devices, rise in GDP and per capita income and rise in disposable incomes facilitate a huge potential for the IVD market in the Asia-Pacific region.
The Asia-Pacific IVD market is segmented based on technique, product type, usability, application, end user and country. Based on technique, the market is segmented into immunoassays, clinical chemistry, point-of-care, molecular diagnostics, hematology, coagulation, microbiology and other clinical techniques. Point-of-care is the highest revenue-generating segment in the overall IVD techniques market. However, the molecular diagnostics is the fastest growing technique in the overall IVD techniques market due to its ability to accurately detect the primary cause of the disease.
Based on product type, the market is segmented into instruments, reagents, data management systems and services. Instruments segment holds the highest market share in the Asia-Pacific IVD market followed by rapidly growing reagents segment. Reagents are largely used in various equipment and play a key role in the overall diagnosis process. The usability segment is classified as disposable and reusable IVD devices. Doctors and clinicians largely prefer disposable devices to avoid infections; generating larger revenue in comparison to reusable devices. The application segment is categorized into infectious diseases diabetes, cancer/oncology, cardiology, autoimmune diseases, nephrology, drug testing, HIV/AIDS and others. Infectious diseases was the highest revenue-generating segment in 2014 and would continue to maintain its position throughout 2020, due to the rise in incidences of infectious diseases.
Hospitals and laboratories, academics, point-of-care testing and others form the end users segment in the Asia-Pacific IVD market. Hospitals and laboratories generate the highest revenue, followed by point-of-care. A significant rise in the number of hospitals and laboratories across the Asia-Pacific region along with increased awareness about developments in healthcare largely contribute to the growth of this segment.
Based on country, the Asia-Pacific IVD market is segmented into India, China, Japan, Australia, South Korea and rest of the Asia-Pacific. Currently, China leads the Asia-Pacific IVD market, owing to the high demand for testing in outpatient clinics, huge population base and rising medical insurance services by the Chinese government. However, Australia and South Korea hold the significant market share due to the well-supported reimbursement facilities and well-regulated IVD devices, which comes under the regulation of medical devices.
Key companies profiled in this market include Danaher Corporation, Roche Diagnostics, Abbott Laboratories, Siemens Healthcare, Alere Inc., Affymetrix Inc., Becton, Dickinson and Company, Bio-Rad Laboratories, BioMerieux, Vela Diagnostics and others. Product launch and technological advancements are the few strategies adopted by the key players of IVD market. The companies are currently focusing on innovative technologies such as automated and point-of-care IVD devices.
IN VITRO DIAGNOSTICS MARKET KEY SEGMENTS:
Asia-Pacific IVD market is segmented into applications, technology, product type, usability, end user, and geography.
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