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Redding, California - January 3, 2024

Asia-Pacific IVD Market to be Worth $36.02 Billion by 2031

Asia-Pacific IVD Market by Offering (Kits, Software), Technology (Immunoassay, Molecular Diagnostics [PCR, NGS, Microarray], Rapid Tests, Biochemistry), Application (Infectious Diseases, Oncology), Diagnostic Approach - Forecast to 2031

Meticulous Research^®, a leading global market research company, published a research report titled, ‘Asia-Pacific IVD Market by Offering (Kits, Software), Technology (Immunoassay, Molecular Diagnostics [PCR, NGS, Microarray], Rapid Tests, Biochemistry), Application (Infectious Diseases, Oncology), Diagnostic Approach - Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the Asia-Pacific IVD market is expected to reach $36.02 billion by 2031 at a CAGR of 7% from 2024 to 2031. The growth of the Asia-Pacific IVD market is attributed to the rising prevalence of chronic and infectious diseases, the growing demand for point-of-care (PoC) and rapid diagnostics, rising awareness regarding early disease diagnosis, rising healthcare expenditures, and increasing funding for research activities. However, stringent technical requirements and regulatory processes for high/moderate-complexity tests and the variance in test results observed in rapid IVD tests restrain the growth of the IVD market. The increasing inclination toward personalized medicine and advancements in genomics and proteomics are expected to create growth opportunities for the players operating in this market. However, the concerns pertaining to false positive results in immunoassays and POC are a major challenge for market growth.

Key Players

The key players operating in the Asia-Pacific IVD market are Abbott Laboratories (U.S.), Becton, Dickinson and Company (U.S.), Sysmex Corporation (Japan), bioMérieux SA (France), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Seegene Inc. (South Korea), Illumina, Inc. (U.S.), Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China), Siemens Healthineers AG (Germany), Thermo Fisher Scientific Inc. (U.S.), QuidelOrtho Corporation (U.S.), and Agilent Technologies Inc. (U.S.).

Asia-Pacific IVD Market: Future Outlook

The Asia-Pacific IVD market is segmented by Offering (Kits & Reagents, Instruments, and Software & Services), Technology (Immunoassay/Immunochemistry, Biochemistry/Clinical Chemistry, Molecular Diagnostics, Point of Care (POC) Diagnostics, Whole Blood Glucose Monitoring, Microbiology, Hematology, Coagulation/Hemostasis, Urinalysis, and Other Technologies), Application (Infectious Diseases, Oncology, Diabetes, Cardiology, Nephrology, Autoimmune Disorders, and Other Applications), Diagnostic Approach (Lab Testing, OTC/Self-testing, and Point of Care Testing), and End User (Diagnostic Laboratories, Hospitals & Clinics, Home Healthcare, and Other End Users), and Countries. The study also evaluates industry competitors and analyzes their market share at the country level.

Among the offerings studied in this report, in 2024, the reagents & kits segment is expected to account for the largest share of the market. The largest share of the segment is attributed to assay kits are pre-packaged sets of materials and reagents used for performing tests, enabling accurate and faster results. Additionally, these user-friendly diagnostic kits require minimal training, making them ideal for use in settings with limited access to trained laboratory personnel, particularly in rural or remote areas.

Among the technologies studied in this report, the molecular diagnostics segment is expected to record the highest CAGR during the forecast period. Factors such as the high specificity, increasing prevalence of infectious and chronic diseases requiring molecular diagnostics, and the accuracy offered by molecular diagnostic techniques, even with lower amounts of samples, drive the growth of molecular diagnostics. Additionally, the key players are also introducing advanced technologies in molecular diagnostics.

Among the applications studied in this report, in 2024, the infectious disease segment is expected to account for the largest share of the market. The high prevalence of infectious diseases such as HIV, dengue, influenza, and pneumonia, the growing trend of at-home self-test kits for COVID-19, and supportive initiatives by public organizations to increase diagnostic testing are the factors supporting the large market share of this segment.

Among the diagnostic approaches studied in this report, the point-of-care testing segment is expected to register the highest CAGR during the forecast period. The highest CAGR of the segment is attributed to the benefits offered by it, such as no requirement for formal laboratory training to perform the tests, rapid medical decisions, and quick results. Additionally, new launches of PoC testing in the region are also contributing to the growth of this segment. For instance, in February 2022, Mylab Discovery Solutions Pvt Ltd (India) launched CoviSwift, the Point of Care (POC) testing solution. CoviSwift is the POC testing solution that can be used in villages, small labs, and in-hospital labs and allows gold-standard testing at high throughputs anywhere.

Among all end users studied in this report, in 2024, the hospitals & clinics segment is expected to account for the largest share of the market. Hospitals and clinics are easily accessible to patients; these institutions are generally the first preference of the patients in case of any medical-related situation. Additionally, the presence of medical professionals and the initiatives undertaken by the hospitals and clinics to expand their diagnostics capabilities during the COVID-19 pandemic are the factors attributable to the large share of this segment.

Geographic Review

This research report comprehensively analyzes major countries: China, Japan, India, Australia, South Korea, Thailand, Singapore, Indonesia, and the Rest of Asia-Pacific. In 2024, China is expected to account for the largest share of the Asia-Pacific IVD market. The rising prevalence of chronic diseases, government support for routine tests, and the high prevalence of HAI infections are contributing to the largest share of the country. Additionally, the growth in the geriatric population increases the demand for IVD products as the geriatric population is more prone to chronic and infectious diseases. For instance, according to WHO estimates, by 2040, 28% (402 million people) of the Chinese population will be aged 60 years and above.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5750

Key questions answered in the report:

Which are the high-growth market segments in terms of offering, technology, application, diagnostic approach, end user, and country?
What was the historical market for IVD testing in Asia-Pacific?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, challenges, and opportunities in the Asia-Pacific IVD market?
Who are the major players in the Asia-Pacific IVD market?

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Redding, California - January 3, 2024

Asia-Pacific IVD Market to be Worth $36.02 Billion by 2031

Asia-Pacific IVD Market by Offering (Kits, Software), Technology (Immunoassay, Molecular Diagnostics [PCR, NGS, Microarray], Rapid Tests, Biochemistry), Application (Infectious Diseases, Oncology), Diagnostic Approach - Forecast to 2031

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