According to the report by Expert Market Research (EMR), the Asia Pacific In-Vitro Diagnostics Market Share is projected to grow at a CAGR of 5.2% between 2023 and 2028. Aided by the escalating need for early disease diagnosis, advanced technology in healthcare, and the surge in chronic diseases, the market is expected to grow significantly by 2028.
In-vitro diagnostics (IVD) refers to the medical tests performed on samples such as blood or tissue, taken from the human body. IVD tests can detect diseases or other medical conditions and can be used to monitor a person’s overall health to help cure, treat, or prevent diseases. The tests are instrumental in clinical spectrums like diagnosis, screening, and disease management, spanning across conditions like infectious diseases, chronic ailments, cancer, cardiovascular conditions, and autoimmune diseases.
The rising prevalence of chronic and lifestyle-related diseases, such as diabetes, cardiovascular diseases, and cancer, is significantly driving the Asia Pacific in-vitro diagnostics market growth. Increased health awareness, better access to healthcare services, and technological advancements in diagnostics are further boosting the demand for in-vitro diagnostics in the region. Additionally, the growth in the ageing population, who are more susceptible to various diseases, is another pivotal factor leading to the expansion of the market.
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The growing influence of technology in healthcare has further augmented the Asia Pacific in-vitro diagnostics market expansion. With the advent of advanced diagnostic technologies like molecular diagnostics, next-generation sequencing, and digital pathology, the IVD market is witnessing a surge. These technologies not only provide precise and quicker results but also aid in the early diagnosis and personalised treatment of various diseases, enhancing the overall efficiency of the healthcare system.
Another contributing factor to the Asia Pacific in-vitro diagnostics market development is the rise in healthcare expenditure. Governments across the region have been increasing their health budgets, focusing on improving healthcare infrastructure and services, which in turn has stimulated the growth of the in-vitro diagnostics market.
Further, the growing adoption of point-of-care (POC) diagnostics is creating a positive impact on the Asia Pacific in-vitro diagnostics market. The rising trend of POC diagnostics, which provide results promptly at the site of patient care, has been significantly boosted by the COVID-19 pandemic, which necessitates rapid results for swift patient management.
The market can be divided based on product and services, technology, application, end use, and country.
Market Breakup by Product and Services
- Reagents and Kits
- Software and Services
Market Breakup by Technology
- Clinical Chemistry
- Molecular Diagnostics
- Blood Glucose Self-Monitoring
- Coagulation and Haemostasis
Market Breakup by Application
- Infectious Diseases
- Autoimmune Diseases
Market Breakup by End Use
Market Breakup by Country
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the Asia Pacific in-vitro diagnostics companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Sysmex Corporation
- Medical & Biological Laboratories Co., Ltd.
- Voxtur Bio Ltd.
- FUJIFILM Corporation
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