The in-vitro diagnostics market in Asia Pacific is expected to grow from US$ 13,729.8 million in 2019 to US$ 20,401.5 million by 2027; it is estimated to grow at a CAGR of 5.1% from 2020 to 2027. Incidence of chronic diseases such as cancers, chronic respiratory diseases, diabetes, and heart disease is growing due to biological risk factors, alcohol and tobacco consumption, unhealthy diet, physical inactivity, and obesity. Chronic conditions are the leading cause of mortality. The rising prevalence of these conditions boosts the growth of the Asia Pacific in-vitro diagnostics market. In addition, the rising incidence of infectious diseases is projected to drive the in-vitro diagnostics market during the forecast period.
The Asia Pacific in-vitro diagnostics market is segmented on the basis of product and services, technology, application, and end user.Based on product and services, the market is segmented into reagents and kits, instruments, and software and services.
In 2019, the instruments and kits segment accounted for the largest market share.The market for the instruments and kits segment is expected to grow during the forecast period owing to the increasing adoption of in-vitro diagnostics across the region.
Moreover, factors such as the increasing prevalence of chronic diseases coupled with growing awareness and availability of the product in considerable margins are projected to drive the market growth for the instruments and kits segment during the forecast period.
The healthcare industry in Asia Pacific is growing significantly owing to the rising number of startups in the in-vitro diagnostics and other healthcare segments.Despite the destruction caused by the COVID-19 pandemic, countries have experienced excellent growth opportunities.
Countries such as India, Japan, and South Korea have emerged as developers of various innovative technologies to detect COVID-19 infection.Various small players have received authorities to manufacture point of care diagnostics and in-vitro diagnostics test systems.
In addition, in India, the development of vaccines has attracted various investors to invest in the region’s healthcare system and it is expected to leverage the market’s growth in the coming years.
The overall Asia Pacific in-vitro diagnostics market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the Asia Pacific in-vitro diagnostics market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Asia Pacific in-vitro diagnostics market.F.
HOFFMANN-LA ROCHE LTD.; DANAHER; ABBOTT; SIEMENS AG; SYSMEX CORPORATION; THERMO FISHER SCIENTIFIC, INC.; BD; BIOMERIEUX SA; BIO-RAD LABORATORIES, INC.; and QIAGEN are among the players operating in the market.
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In Vitro Diagnostics
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