New Delhi, July 22, 2024 (GLOBE NEWSWIRE) -- The Asia Pacific in-vitro Diagnostics Market is projected to reach US$ 23.9 billion by 2032, up from US$ 15.9 billion in 2023 at a CAGR of 4.67% from 2024-2032.
The Asia Pacific in-vitro diagnostics market is experiencing robust growth, driven by increasing healthcare expenditure, rising prevalence of chronic diseases, and technological advancements in diagnostic techniques. The region's aging population, estimated at 630 million people over 60 years old, is fueling demand for early disease detection and personalized medicine. Furthermore, the COVID-19 pandemic has accelerated the adoption of IVD technologies, with over 1.2 billion tests conducted in the Asia Pacific region since the outbreak began.
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The demand for IVD products is particularly strong in the molecular diagnostics segment, which has seen a growth at a CAGR of 12.3% since 2023. Point-of-care testing (POCT) devices have gained significant traction, with 78 million units sold in 2022 alone. The Asia Pacific region now accounts for 32% of the global IVD market share, up from 28% in 2019. China, the largest market in the region, has witnessed a surge in domestic IVD manufacturers, with over 300 companies now operating in the sector. Meanwhile, India's IVD market is growing at an impressive rate of 15.8% annually, driven by government initiatives to improve healthcare infrastructure and increased private sector investments.
Emerging trends in the Asia Pacific in-vitro Diagnostics Market such as artificial intelligence-powered diagnostics, next-generation sequencing, and liquid biopsy are expected to shape the market's future. The region's focus on preventive healthcare is evident, with 65% of healthcare providers planning to increase their investments in IVD technologies over the next five years. Additionally, the rise of telemedicine and remote patient monitoring has created new opportunities for IVD companies, with an estimated 850 million telehealth consultations conducted in 2022. As governments continue to prioritize healthcare accessibility and quality, the Asia Pacific IVD market is poised for sustained growth and innovation in the coming years.
Key Findings in Asia pacific In-Vitro Diagnostics Market
| Market Forecast (2032) | US$ 23.9 billion |
| CAGR | 4.67% |
| By Product & Service | Reagents (73.8%) |
| By Technique | Immunodiagnostics (30.1%) |
| By Application | Infectious Disease Diagnostics (46.3%) |
| By End Users | Hospitals (42.3%) |
| Top Trends |
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| Top Drivers |
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| Top Challenges |
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Fragmentation of the Service Category in Asia Pacific In-Vitro Diagnostics Market
The Asia Pacific in-vitro diagnostics (IVD) market remains highly fragmented, characterized by a multitude of service providers offering diverse diagnostic services. This fragmentation is primarily driven by low entry barriers, minimal capital requirements, and lenient regulatory frameworks, which collectively facilitate the establishment of diagnostic labs. The region's market is inundated with numerous unorganized service providers, creating a highly competitive environment for established players. The proliferation of small-scale diagnostic labs is a direct consequence of these low barriers to entry, allowing individuals with basic educational qualifications and minimal investment to set up labs. For instance, China alone exceeded 12,000 diagnostic labs in 2023, while India saw over 8,000 new labs established in the past five years. Japan and South Korea reported over 7,500 and 5,000 active labs, respectively, highlighting the extensive fragmentation.
Additionally, countries like Malaysia and Thailand in the in-vitro Diagnostics Market each have more than 2,000 diagnostic labs, and Australia reported around 1,500 diagnostic labs as of 2023. Indonesia saw an increase to over 3,000 labs, while Vietnam and the Philippines reported more than 1,200 and 1,000 labs, respectively. Even Singapore, despite its small size, has over 500 diagnostic labs. These statistics underscore the market's fragmentation, driven by the rising prevalence of chronic and infectious diseases, advancements in diagnostic technologies, and the demand for portable and low-cost diagnostic devices, particularly in developing countries with limited healthcare infrastructure. Consequently, the market is witnessing significant investments in emerging technologies, such as point-of-care testing devices, which are expected to drive future growth.
Reagents and Instruments Control Over 93% Market Share: The Revenue Drivers of the Asia Pacific IVD Market
Reagents and instruments are the primary revenue drivers in the Asia Pacific in-vitro diagnostics market, collectively contributing over 93% of the market's revenue. These components are integral to a wide range of diagnostic solutions, including PCR machines for infectious disease and genetic disorder identification, immunoassay analyzers for detecting antibodies and antigens, and mass spectrometers for biomolecule analysis. In 2023, the total revenue of the Asia Pacific in-vitro diagnostics market reached US$ 16.22 billion, with PCR machines alone exceeding US$ 3.2 billion in sales. Immunoassay analyzers generated US$ 5.1 billion, and mass spectrometers contributed US$ 2.8 billion, highlighting the significant role of these instruments.
ELISA kits and chemical reagents accounted for US$ 1.9 billion and US$ 6.4 billion in revenue, respectively. The market saw 1.8 million PCR machines sold, 1.2 million immunoassay analyzers, and over 1.5 million ELISA kits across the region. The number of diagnostic labs using mass spectrometers reached 4,200, emphasizing the critical role of these instruments in ensuring accurate and reliable diagnostic testing. The market's expansion is further propelled by the rising prevalence of chronic diseases such as cancer, diabetes, and cardiovascular disorders, which necessitate advanced diagnostic tools and techniques. The increasing focus on personalized medicine and precision diagnostics is also contributing to market growth, with manufacturers investing heavily in research and development to introduce innovative products and solutions.
Immunodiagnostics are Dominating the Asia Pacific In-Vitro Diagnostics Market with Revenue Share of Over 30.1%
Immunodiagnostics is poised to dominate the Asia Pacific IVD market, accounting for approximately 29% of the market share. This growth is attributed to the increasing prevalence of chronic and infectious diseases and the demand for early and accurate diagnosis. Immunodiagnostics, which utilizes antibodies to detect antigens in patient samples, has become a popular diagnostic technique in the region. In 2023, the revenue from immunodiagnostics reached US$ 4.89 billion, with over 3.5 million immunoassay tests conducted. The infectious disease diagnostics segment, in particular, is expected to be the largest application segment, with a market share of over 49%. COVID-19 diagnostics alone contributed US$ 1.7 billion to the segment, while tuberculosis and hepatitis testing generated US$ 1.2 billion and US$ 800 million, respectively.
Hospitals, as the primary healthcare providers in the Asia Pacific in-vitro Diagnostics Market, are expected to dominate the IVD market, accounting for 40% of the market share by end-users. Hospitals conducted over 2 million immunodiagnostic tests, with clinics and private labs contributing 1.5 million tests. Point-of-care immunodiagnostic devices saw sales of 500,000 units. Additionally, the number of immunodiagnostic labs exceeded 7,000, and investment in immunodiagnostics R&D reached USD 2 billion. The increasing demand for healthcare services and the adoption of advanced diagnostic technologies are contributing to the growth of this segment. Furthermore, the market is witnessing significant advancements in next-generation diagnostics, such as molecular diagnostics, genomics, and next-generation sequencing (NGS), which are anticipated to play pivotal roles in future growth. These technologies offer enhanced disease detection capabilities and are expected to transform patient outcomes, providing fresh opportunities for market expansion.
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Consolidation and Competition in the Asia Pacific In-Vitro Diagnostics Market: Top 4 Players Controls Over 57% Market Share
The Asia Pacific In-Vitro Diagnostics market is highly consolidated, with the top four players—F. Hoffmann-La Roche Ltd., Abbott, Danaher Corporation and Becton Dickinson and Company—collectively capturing more than 57% of the market revenue. This market encompasses a mix of large companies with diversified business portfolios and smaller, specialized players. The implementation of the In-Vitro Diagnostic Regulation in key markets such as India and China has driven companies to focus on the large-scale commercialization of IVD products, aiming to enhance diagnostic capabilities globally. According to Astute Analytica's analysis, the market exhibits an oligopolistic nature, with the top five players accounting for over 48% of the market share, leading to limited variation in the level of competition.
Despite the dominance of a few large companies, the Asia Pacific in-vitro Diagnostics Market also consists of numerous smaller players that cater to specific niche markets. These specialized companies offer a range of unique products and services, allowing them to compete effectively against larger competitors by meeting the specific needs of targeted customer segments. The high market concentration among the top players results in a competitive landscape where smaller companies must differentiate themselves through innovation and specialized offerings. This dynamic creates a vibrant market with a diverse array of diagnostic solutions, ultimately driving advancements in the industry and improving healthcare outcomes across the Asia Pacific region.
Key Companies:
- Abbott
- Agilent Technologies, Inc.
- Becton Dickinson and Company
- bioMérieux SA
- Bio-Rad Laboratories, Inc
- Charles River Laboratories
- Danaher Corporation
- F. Hoffmann-La Roche Ltd.
- Qiagen
- Quest Diagnostics
- Quidel Corp.
- Siemens Healthineers
- Sysmex Corp.
- Other Prominent Players
Key Segmentation:
By Product & Services
- Reagents
- Instruments
- Software
- Services
By Technique
- Immunodiagnostics
- Hematology
- Molecular Diagnostics
- Tissue Diagnostics
- Clinical Chemistry
- Others
By Application
- Cancer diagnostics
- Blood glucose monitoring
- Human genetic testing
- Immunoassays
- Hepatitis tests
- Infectious Diseases diagnostics
- Cardiac Diseases
- Nephrological Diseases
- Gastrointestinal Diseases
- Others
By End-User
- Standalone Laboratories
- Hospitals
- Academic And Medical Schools
- Point Of Care
- Others
By Country
- India
- Japan
- South Korea
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
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