The Asia-Pacific IVD Market accounted for $13,680 million in 2016, and is estimated to reach at $19,888 million by 2023, growing at a CAGR of 5.4% from 2017 to 2023.
Portland, OR -- (SBWIRE) -- 09/20/2017 -- Asia Pacific IVD Market by Product Type, Techniques, Application and End-Users: Opportunity Analysis and Industry Forecast, 2017-2023, the Asia-Pacific IVD market was valued at $13,680 million in 2016, and is projected to reach at $19,888 million by 2023, growing at a CAGR of 5.4% from 2017 to 2023. The immunodiagnostics segment accounted for more than two-ninths share of the total market in 2016.
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In vitro diagnostics (IVD) unlike most of the diagnostic tests, is performed on the samples from the body and do not involve contact with the patient, thereby reducing the risk of infections to the patients. Constant technological developments to improve efficacy of IVD, large pool of geriatric population, rise in incidence, and prevalence of communicable and non-communicable diseases, and increase in government healthcare expenditure in Asia-Pacific region drive the market growth. However, stringent government regulations related to the safety and efficacy of the IVD and unfavorable reimbursement policies are expected to restrain the market growth during the forecast period. Ongoing R&D associated with the IVD and increased disposable income of consumers provides huge growth potential for IVD market.
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Key Findings of the Asia Pacific IVD Market:
- The reagents segment dominated the market in 2016, and is projected to grow at the 4.4% CAGR.
- The immunodiagnostics segment accounted for the highest share of two-ninths in 2016.
- The infectious diseases segment holds a large market share in the Asia-Pacific IVD market by application 2016.
- The standalone laboratory segment accounted for the highest share of two-ninths in 2016.
- Japan was the major shareholder of Asia-Pacific IVD market in 2016.
- India is expected to grow at the highest CAGR in the Asia-Pacific IVD market.
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