China’s in vitro diagnostics (IVD) market is growing at an annual rate of 13.2% and is projected to reach a valuation of $5.9 billion by 2022. China represents one of the largest clinical laboratory markets in the Asia-Pacific region, and the fastest growing among the top ten IVD markets.
With an aging population, the country is experiencing an explosion of chronic conditions such as diabetes, heart disease, and cancer. All of these conditions can be diagnosed and monitored using IVD products. A rapidly growing middle class means the average Chinese consumer is now able to pay more for healthcare than a decade ago. Hence, China has the potential for more dramatic growth in the future.
Leading companies in the IVD market in China include Roche Diagnostics, Sysmex Corporation, and Mindray Medical.