With a population of more than 1 billion, China is the worldâ€™s largest country and therefore also its single largest potential market for goods and services. In the past ten years, China has led all major world economies in the average rate of growth in real GDP, total health expenditures, and government health expenditures. As an in vitro diagnostics (IVD) market, China trails only the populous, developed markets of the United States, western European countries, and Japan. China represents one of the largest clinical laboratory markets in the Asia-Pacific region, and the fastest growing among the top ten IVD country markets.
This report places China and its IVD market in context with the developing world in terms of diseases, economic and healthcare system development, and other key metrics related to health expenditures and diagnostics. China as an IVD market opportunity is defined by its standing next to other populous countries with demonstrated economic promise for over the past decade â€“ Brazil, Russia and India; collectively with China referred to as â€œBRICâ€� nations. China and its healthcare system are confronted by challenges shared by less developed countries, but also burdens common among developed middle-income and affluent countries such as diabetes, cardiovascular disease, obesity and diseases of aging.
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