NEW YORK, July 15, 2015 /PRNewswire/ --The 2.1 billion dollar Chinese IVD market is mostly concentrated in key urban areas of the country, according to Kalorama Information. Shandong, Guangdong, Zhejiang, Beijing, Sichuan and Jiangsu provinces represent the country's largest urban IVD markets. The healthcare market researcher said that the urban population in the country exceeded the rural population in 2010 and remains the most viable target for international companies. Kalorama made the finding in its report, IVD in China.
The report can be found at: http://www.kaloramainformation.com/redirect.asp?progid=87638&productid=9063032.
According to the report, Chinese IVD market demand is supported by the 21,000 clinical labs in the country, the majority affiliated with public hospitals. 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.
"Provincial pricing policies and the cost advantage of domestically manufactured products has largely excluded international companies from the rural healthcare market in China," said Bruce Carlson, Publisher of Kalorama Information.
Demand is also significant. Urban Chinese patients received an estimated 800 billion yuan in reimbursements from government insurance programs in 2012, or roughly sixfold the reimbursements received by rural Chinese patients.
China is the world's largest country and therefore also its single largest potential market for goods and services. The country represents the largest single landmass in Southeast Asia and is also culturally diverse, trading with a number of important partners.
This is one significant trend, but many others are detailed in Kalorama Information's full report on the topic. The 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:
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