Pune, India, April 27, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the Asia Pacific In Vitro Diagnostics (IVD) market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 23.7 billion by 2027.
The growing cases of infectious diseases like COVID-19 will augment Asia Pacific In Vitro Diagnostics market size. The region was one of the most severely affected by the virus as millions of new cases were being reported every day. It resulted in the increased need for IVD devices to facilitate an early and accurate diagnosis.
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Moreover, several companies across the region are increasing their research and development activities to develop IVD instruments that are integrated with advanced technologies. These devices can help patients diagnosed with chronic disorders get an early diagnosis and start their medical treatments immediately, thereby fostering their demand.
The trends that may positively affect the regional industry outlook are mentioned below:
IVD instruments gain traction among end-users:
The IVD instruments captured a share worth more than $4.4 billion in Asia Pacific market in 2020. Several companies in the region are increasing their focus on developing innovative IVD instruments to increase the convenience of patients and enhance the reliability and accuracy of the test results. In addition, these instruments are finding robust demand across hospitals and diagnostic centers, which will further boost their production.
High use of molecular diagnostics tests to detect infections:
Asia Pacific IVD industry size from molecular diagnostics test is likely to record around 6% CAGR through 2027. Molecular diagnostics tests are mainly used to analyze the DNA and RNA sequences in a patient and find their links to certain diseases. These tests play a key role in detecting infectious diseases.
The COVID-19 pandemic caused a notable surge in the use of molecular diagnostics to help medical professionals find out the possible causes of the infection. For example, Germany-based technology company, Siemens Healthineers, in August 2021, announced its plans to manufacture molecular testing kits in India, such as the COVID-19 testing kits, which will increase the demand for molecular diagnostics tests.
Robust application of IVD kits in drug testing/pharmacogenomics:
The drug testing/pharmacogenomics applications occupied a share worth more than $1 billion in Asia Pacific IVD market in 2020. The cases of drug abuse are rising at an alarming rate in the region. It has prompted the lawmakers to introduce comprehensive drug testing laws and regulations to reduce the number of cases and offer proper rehabilitation and treatment.
The COVID-19 pandemic has played a key role over here as well, by helping companies introduce the concept of fingerprint-based drug testing. Since the transmission rate of the virus is high, fingerprint-based drug testing can reduce the spread of the infection as it is non-invasive and hygienic, thereby increasing the use of IVD kits.
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Japan IVD industry share may show promising growth:
Japan IVD market size is projected to register 5.4% CAGR through 2027. One of the major reasons behind this is the growing presence of reputed diagnostic centers, academic institutes, and hospitals. The country also has one of the highest percentages of the elderly population, which greatly increases the risk of being diagnosed with severe infections and health disorders.
The government is increasing its investments in the healthcare sector so that advanced diagnostic tests can be developed to give patients a head start while commencing their medical treatments with the help of an accurate diagnosis. Such efforts will favor the adoption of cutting-edge IVD devices in the country.
Asia Pacific In Vitro Diagnostics (IVD) market size is predicted to grow at a significant rate as well-known companies, such as Siemens Healthineers, Becton, Dickinson and Company, Ortho Clinical Diagnostics, DiaSorin, F. Hoffmann-La Roche AG, and Abbott Laboratories, among several others, are producing advanced IVD reagents & kits and instruments.
These products will be extensively used in clinical chemistry, immunoassay/immunochemistry, hematology, urinalysis, and molecular diagnostics tests. IVD kits will also witness robust applications in infectious & autoimmune diseases, diabetes, oncology, cardiology, nephrology, and drug testing/pharmacogenomics.
Browse Related Report:
North America In Vitro Diagnostics (IVD) Market Forecast 2027 By End-Use (Hospitals, Diagnostic Laboratories, Academic & Research Institutes), By Product Type (Reagents & Kits, Instruments), By Test Type (Clinical Chemistry, Immunoassay/ Immunochemistry, Molecular Diagnostics, Hematology, Urinalysis), By Application (Oncology, Infectious Diseases, Diabetes, Cardiology, Nephrology, Autoimmune Diseases, Drug Testing/Pharmacogenomics), Research Report, Country Outlook (U.S., Canada), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share
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Europe In Vitro Diagnostics Market Forecast 2027 By Application (Oncology, Infectious Diseases, Diabetes, Cardiology, Nephrology, Autoimmune Diseases, Drug Testing/ Pharmacogenomics), By Product Type (Reagents & Kits, Instruments), By Test Type (Clinical Chemistry, Immunoassay/ Immunochemistry, Molecular Diagnostics, Hematology, Urinalysis), By End-Use (Hospitals, Diagnostic Laboratories, Academic & Research Institutes), Research Report, Country Outlook (Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Poland, Denmark, Sweden, Finland, Norway), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share
https://www.graphicalresearch.com/industry-insights/1019/europe-in-vitro-diagnostics-market
About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
