NEW YORK, Aug. 27, 2015 /PRNewswire/ -- Despite a growing concern about a slowdown in the Chinese economy, Kalorama Information does not see a lower estimate for the IVD industry. A few months ago the healthcare market research firm estimated that in 2014, the IVD market in China was $2.2 billion and is expected to show annual growth of 14.1% to reach $4.2 billion in 2019, and still sees that estimate as most likely. Supporting growth will be a modernizing healthcare infrastructure and steady migration from manual to automated processes. The finding was made in Kalorama Information's report, IVD in China.
The report is available at: http://www.kaloramainformation.com/redirect.asp?progid=87774&productid=9063032.
"The breakneck expansion of the past has tempered, underlying characteristics of the Chinese market - large population in need of healthcare will support continued growth overall," said Bruce Carlson, Publisher of Kalorama Information.
Growth factors include growing access to Western values via Internet, etc. that increases awareness of and desire for healthcare products & services, increased urbanization and other factors will support continued growth overall. Product opportunities for international IVD companies in the Chinese market include rugged, easy-to-use rapid tests with built-in high specificity and sensitivity for applications in rural healthcare; instrumentation in advanced diagnostics, including sequencers and molecular test analyzers; microarrays and other multi-analyte molecular assays; and multi-tool analyzers capable of running hematology and immunodiagnostic assays.
China will continue to offer one of the fastest growing markets for IVD products, even for western-style lab instrumentation and advanced tests outside of the scope of recent public healthcare network expansion. Leading IVD companies have all established themselves in China and are seeking long-term market growth in the country, with significant investments necessary to gain market share and develop products for the domestic market and for international distribution. Kalorama expects a gradual decline through 2019 as facilities obtain needed equipment and upgrades become less frequent. This will result in a declining compound annual growth rate (CAGR) from 14.1% in the 2014 to 2019 period to 13.2% in the 2019 to 2024 period.
"To some degree past expectations were somewhat artificial, and revisions are already 'priced into' most market analysis of recent vintage, both our predictions and others," Carlson said. "We haven't seen anything yet in China that would cause us to significantly revise our opinions/estimates."
Kalorama's report, IVD in China presents current analysis of the Chinese IVD industry and provides forecasts to 2024. The report takes an in-depth look at the market, providing data on the size and growth of the total Chinese market as well as on the following IVD in China market segments: Immunoassays, Clinical Chemistry, Hematology, Point of Care, Molecular Testing, Urinalysis, and other tests. The report can be found at: http://www.kaloramainformation.com/redirect.asp?progid=87774&productid=9063032.
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