China In-Vitro Diagnostics (IVD) Market Analysis 2023: A $25+ Billion Market by 2028 Driven by Healthy China 2030, Government Efforts, & Technology Advancements

DUBLIN, Aug. 2, 2023 /PRNewswire/ -- The "China In-Vitro Diagnostics (IVD) Market (By Segment and Company), Size, Share, Regulations, Reimbursement, Major Deals, Trends & Recent Developments - Forecast to 2028" report has been added to  ResearchAndMarkets.com's offering.

China's In-Vitro Diagnostics (IVD) market is predicted to exceed US$ 25 Billion by 2028

China is a large and fast-growing in vitro diagnostics (IVD) market - in fact, the largest in vitro diagnostics market in the Asia-Pacific region, and only second to the United States in terms of value.

Due to the upsurge of the geriatric population and the high burden of chronic and infectious diseases, like diabetes, cancer, and COVID-19, the China IVD market is slated to show significant growth, as these chronic disorders can be diagnosed and monitored using in-vitro diagnostics (IVD) products.

Moreover, The State Council issued a guideline to implement the country's Healthy China initiative to diminish the incidence of disability among elderly people aged between 65 and 74 years by offering medical and health services.

Such initiatives by the government are expected to boost market growth during the forecast period. However, a lack of proper reimbursement and stringent regulatory framework restricts the market's growth.

China In Vitro Diagnostics (IVD) Market - Recent Developments

• In April 2023, Oxford Nanopore Technologies plc, and bioMerieux SA teamed up to improve health outcomes globally by exploring selected opportunities to bring nanopore sequencing to the infectious disease diagnostics market.
• In December 2022, bioMerieux announced the CE-marking of VIDAS KUBE, the next generation automated immunoassay system for the VIDAS range.

By Segment China IVD Market and Forecast - Key Takeaway

• Immunoassays accounted for lion's share of the total China IVD market, and is likely to maintain its dominant position over the forecast period as well.
• Clinical Chemistry holds the 2nd position in the China IVD market, but its share is likely to continually decline over the forecast period.
• Molecular Testing is the fastest growing segment of the China IVD market, driven by increasing demand for polymerase chain reaction (PCR) products in China.
• China SMBG market is dominated by foreign IVD companies such as Roche.
• SMBG and Hematology segments are competing closely with each other to grab maximum share of the pie.

China IVD Market Company Analysis

• In the China IVD market, Roche Diagnostics is the leader with majority share, followed by Danaher Corporation, Shanghai Kehua Bio-Engineering Co. Ltd. and Mindray Medical International Limited.
• Sysmex Corporation, Abbott Laboratories, and Thermo Fisher Scientific Inc. are the other top players in the China IVD market.
• Sysmex is focusing on Tier 2 and 3 hospitals in China, as they will play a crucial role in providing more advanced treatment, training future generations, and raising the level of regional medical care.
• In the diagnostics business, Abbott will focus on driving sales growth from its Alinity suite of diagnostics instruments and its portfolio of rapid diagnostic testing system.
• In April 2023, bioMerieux submitted a 510(k) premarket notification to the U.S. FDA for the VITEK REVEAL, formerly known as SPECIFIC REVEAL Rapid AST System.

China IVD Market - Driving Factors

• Government Efforts to Regulate Laboratory testing
• Healthy China 2030 Initiatives to Fuel China IVD Market
• Increasing Number of Private Hospitals & Independent Testing Laboratories
• Chinese Government Policies Encourage Investment in IVD
• Technology Advancement Spurring the IVD Market
• High Prevalence of Chronic and Infectious Diseases

China IVD Market - Challenges

• Lack of Expertise in Advanced Technology in the Local Companies
• Price Pressures Limits Participation of Multinational IVD Companies in China IVD Market
• Reimbursement Rates of Different Products Varies in Different Provinces
• Operational Barriers Faced in Conducting Diagnostic Tests

China IVD Market - Key Players Sales Analysis (2015 - 2028)

• Roche Diagnostics
• Abbott Laboratories
• Sysmex Corporation
• Mindray Medical International Limited
• Shanghai Kehua Bio-Engineering Co. Ltd.
• bioMerieux SA
• Bio-Rad Laboratories, Inc
• Danaher Corporation
• Thermo Fisher Scientific Inc.

Profiles of Select Private Clinical Labs and Diagnostic Services Companies

• Dian Diagnostics Group Co. Ltd. (Formerly Zhejiang Di'an Diagnostics Technology Co., Ltd.)
• ADICON Clinical Laboratories (Privately held)
• Guangzhou KingMed Diagnostics Center Co. Ltd.
• Kindstar Global (Privately held)
• BGI-Shenzhen
• OriGene Technologies

Scope of the Report

• China IVD Market and Forecast (2010 - 2028)
• China IVD Market Share and Forecast (2010 - 2028)
• China IVD Market & Forecast - By Segment (2010 - 2028)
• Development Environment and Regulatory Status in China IVD market
• China IVD Market - Key Players Sales Analysis (2015 - 2028)
• Registration for In Vitro Diagnostic Reagents in China
• Regulatory History/Status/Trends in China IVD Market
• Reimbursement of IVD Products in China
• Profiles of Select Private Clinical Labs and Diagnostic Services Companies
• IVD Market - Major Deals
• IVD Market - Recent Developments
• China IVD Industry Drivers & Challenges

China IVD Market - By Application Segment

• Clinical Chemistry
• Immunoassays
• Hematology
• Coagulation
• Microbiology
• Molecular Testing
• Self-Monitoring of Blood Glucose (SMBG)
• Point of Care Testing (POCT)

For more information about this report visit https://www.researchandmarkets.com/r/eir9o0

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]
 
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
 
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets