Driven by economic growth and expanding access to healthcare, the in-vitro diagnostics
(IVD) market is rapidly expanding across the Asia-Pacific region. With an aging population, the region is experiencing significant rise in chronic conditions that can be diagnosed and monitored using IVD products, including diabetes, heart disease and cancer. Some estimates put the growth of the in-vitro diagnostics market in the region over the past two years at as high as 15% – three times that of worldwide in-vitro diagnostics growth over the same period of time.
- In China: Demand for testing of infectious and chronic diseases and early stage diagnoses is driving double digit growth of the IVD market.
- In Japan: The market for in-vitro diagnostics is projected to reach $4 billion in 2020. The growth is driven, as in China, by rapid increase in the number of patients with chronic and infectious diseases, an aging population and technological advances.
- In South Korea: Molecular testing and other advanced applications of in-vitro diagnostics are fueling market momentum. International companies are still the major players in the IVD market. But domestic conglomerates Samsung, LG and others are making significant inroads into the market.
As new IVD tests emerge of for an aging, more disease prone population, growth of the in-vitro diagnostics market in the Asia region is likely to remain robust for years to come. The growth of the sector holds the promise of faster diagnosis, targeted therapies based on the genetic makeup of individual patients and a greater reliance in healthcare on actionable data.