ROCKVILLE, Md., April 26, 2018 /PRNewswire/ -- China's IVD market reached $3,200 million in 2017, according to healthcare researcher Kalorama and elsewhere, and the fast pace of market growth is expected to continue nearly ten points faster growth than the world IVD market. As an in vitro diagnostics (IVD) market, China trails only the populous, developed economy markets of the United States, western European countries, and Japan. Supporting growth will be a modernizing healthcare infrastructure and steady migration from manual to automated processes.
This was the conclusion of Kalorama Information's recent report, IVD in China.
"China straddles two worlds – developed and developing simultaneously and there is no other market exactly the same," said Bruce Carlson, Publisher of Kalorama Information. "The country and its healthcare system are confronted by challenges shared by less developed countries, but also burdens common among developed middle-income and affluent countries such as diabetes, cardiovascular disease, and diseases of aging."
The report made the following estimates:
China's IVD Market Size is 3.2 BN
China's Forecasted Growth: 13.2%
Overall Forecasted Growth of World IVD 3.5%
Marginal Growth of the China IVD Market +9.7%
The report said that urban healthcare markets in China – defined by better-equipped and better-funded city hospitals and patients seeking medical care at such institutions – are significantly more lucrative opportunities for international IVD companies than rural healthcare markets. The relative strength of urban healthcare markets is due to the superior financial resources and spending power of middle-class and affluent patients, greater reimbursement and coverage features under government insurance programs for urban residents, and greater existing representation by international companies in major cities and China's directly-controlled municipalities.
Major international IVD companies already have a significant presence in the Chinese market and represent potential competitive barriers to prospective market entrants. Major companies enjoy significantly greater financial resources to afford costs associated with product certification, clinical trials, and agent representation. Certification or registration of products under different provinces in the fragmented Chinese market also favors larger companies able to build distribution more rapidly. Additionally, larger companies are more able to make the acquisitions necessary to establish direct distribution and local manufacturing operations.
But international companies aren't the only providers in China.
"A large number of domestic Chinese IVD companies are also active in this market, and benefit from established relationships within the health care infrastructure as well as relatively low operating costs," said Carlson
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.