NEW YORK, Feb. 8, 2016 /PRNewswire/ -- Concerns over slower GDP growth rates in Asian markets broadly won't affect in vitro diagnostic testing in a meaningfully way, according to Kalorama Information. The firm said that both China and India have better IVD market prospects than the overall economic growth rates in the country. Kalorama said that both countries are leveraging improved economies to steadily upgrade their healthcare infrastructures, and that healthcare spending and hospital construction, underserved populations and increasing urban migration will drive tests. Kalorama has just released IVD in India.
"IVD Markets don't correspond always to stock prices or quarterly results featured in news stories," said Bruce Carlson, Publisher for Kalorama Information. "Our current study of Indian IVD markets finds growth despite recent concerns about Asian markets broadly. In both countries, growth will be supported by a steadily expanding population, modernizing healthcare infrastructure and continued migration from manual to automated processes."
With a combined $3.2 billion in 2015 sales, India and China currently account for over 6% of the world's IVD market. However, while overall market will expand by about 4% per year through 2020, India is expected to grow by 13% per year from $782 million to $1.4 billion and China will rise by over 14% per year from $2.5 billion to $4.8 billion, making them the world's most quickly growing IVD markets. As of 2015, China was the largest country in the world with over 1.3 billion persons and a 0.5% annual growth rate. India followed closely with 1.2 billion persons rising by 1.3% per year. Seniors, who tend to require a substantially greater level of healthcare services than younger persons, will particularly drive growth, as the 65-and-older population in China and India alone exceeded 200 million in 2015, or approximately one-third of the world's total older population.
"In both India and China, urban centers, which account for about one third of the total population, now offer considerably better-equipped and better-funded healthcare facilities compared with rural areas," Carlson said. "These centers cater to a growing middle-class and affluent patient base with greater reimbursement and coverage."
IVD in India provides segment level market and forecasts for various IVD segments. Projections of the total Indian IVD market and its component segments are provided for 2015-2025, including total IVD sales in India, 2015-2025; IVD sales in India by market segment (immunoassays, clinical chemistry, hematology, POC/OTC, molecular, urinalysis, other) in 2015; IVD sales in India by market segment (immunoassays, clinical chemistry, hematology, POC/OTC, molecular, urinalysis, other) in 2020; and IVD sales in India by market segment (immunoassays, clinical chemistry, hematology, POC/OTC, molecular, urinalysis, other) in 2025.
For more information on IVD in India visit: http://www.kaloramainformation.com/redirect.asp?progid=88278&productid=9596771.
About Kalorama Information
Kalorama Information, a division of MarketResearch.com, supplies the latest in independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare; as well as a full range of custom research services. Reports can be purchased through Kalorama's website and are also available on www.marketresearch.com and www.profound.com.
We routinely assist the media with healthcare topics. Follow us on Twitter, LinkedIn and our blog at www.kaloramainformation.com.
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SOURCE Kalorama Information