Aging populations and increased incidences of chronic diseases across the Asia-Pacific region are spurring rapid growth in demand for in-vitro diagnostic (IVD) testing. That presents major marketing opportunities for the diagnostics industry in China, India, Southeast Asia, Japan, South Korea, and Indonesia.
The IVD market in the region generated revenue of $19.6 billion last year and is projected to grow at a Compound Annual Growth Rate of 5.7% between 2019 and 2025, according to an analysis by Univos Market Insights. That is above the global CAGR of 4.8% projected for the same period of time.
The rapid pace of growth comes as firms offer new user-friendly tests, lab automation tools, artificial intelligence-driven technologies, and point of care innovations. In China, Singapore and Japan, in particular, firms are producing breakthrough IVD technologies and new diagnostics products.