KUALA LUMPUR, Malaysia, Aug. 29, 2017 /PRNewswire/ -- The Asia-Pacific (APAC) in-vitro diagnostic (IVD) industry is undergoing major transformations. Paradigm shifts in the Asian healthcare ecosystem are driving the future of the IVD industry with stellar growth rates and rampant uptake of innovative technologies. Market penetration of molecular diagnostics (MDx) tests in infectious disease diagnosis, laboratory automation for high-throughput operational efficiency, and digital pathology are major themes set to impact the future of clinical pathology in Asia.
Frost & Sullivan's market research, "Growth Opportunities in the APAC IVD Market, Forecast to 2021," finds that the APAC IVD market generated revenues of US$14.44 billion in 2016 and is expected to register a compound annual growth rate (CAGR) of 6.3 percent through 2021. The research provides an analysis of current and expected market developments, drivers, restraints, and revenue forecasts across eight segments, including immunochemistry, molecular diagnostics, self-monitoring blood glucose meter, point-of-care testing (POCT), haematology, tissue diagnostics, haemostatic, and clinical microbiology. Market share and competitive landscape for major players such as Roche, Abbott, Sysmex, Danaher, Siemens, Thermo Fisher Scientific, and Illumina are provided.
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"The spurt in the number of private healthcare sectors, market shift toward quality care, private insurance, and high demand for medical tourism have led Asia to be on par with western counterparts in terms of availability and access to novel technologies," noted Transformational Health Research Analyst Sanjeev Kumar. "However, given the huge potential and market opportunities, there remain significant challenges with preferential demands in Asian countries and fluidic regulatory and market access networks hindering penetration and growth."
Major developments in the IVD market include:
- High growth and adoption in molecular diagnostics and POCT segments;
- Transition of oncology diagnostics toward novel lead testing methods;
- Use of emerging technologies such as liquid biopsy, next-generation sequencing (NGS), microfluidics, and multiplex molecular diagnostics;
- Immense pressure on companies to build new competencies in product development, manufacturing and distribution to capture growth opportunities in the precision medicine market;
- Use of cognitive machine-learning capabilities and big data to complement diagnostic test information; and
- Focus on preventive diagnosis and early stage screening, therapy selection and monitoring.
"Digital innovations in the IVD industry, such as digital pathology, precision medicine, and health analytics, are radically changing the care continuum in APAC," noted Kumar. "The IVD market is moving towards total laboratory automation from task-targeted automation with multiple healthcare stakeholders, including physicians, payers, and administrators demanding connected pathology solutions."
Growth Opportunities in the APAC IVD Market, Forecast to 2021 is part of Frost & Sullivan's Life Sciences Growth Partnership Service program.
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Growth Opportunities in the APAC IVD Market, Forecast to 2021
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SOURCE Frost & Sullivan