According to the latest market study released by Technavio, the in-vitro Diagnostics (IVD) market in Chinais expected to reach USD 7,874.16 million by 2021, growing at a CAGR of more than 14%.
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Technavio has published a new report on the IVD market in China from 2017-2021. (Graphic: Business Wire)
This research report titled 'IVD Market in China 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The IVD market in China is likely to grow at a rapid pace during the forecast period. The increased incidences of the infectious and chronic diseases are one of the major drivers. The leading factors to adopting IVD are unhealthy dietary habits, obesity, stress, lack of physical activities, consumption of alcohol, and increased smoking habits. The IVD market is witnessing a shift toward the expansion of healthcare facilities along with continuous technological advances. This is boosting the growth of the IVD market in China.
According to Neha Noopur, a lead in-vitro diagnostics research analyst from Technavio, "Vendors such as Roche Diagnostics, Siemens Healthineers, and Abbott are striving the market growth through the development of molecular technology, instruments, assays, and reagents, which are critical for the IVD market. These companies are forming partnerships with specialized expertise and hospitals for R&D and are participating in various scientific conferences to showcase their products."
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Technavio's healthcare and life science research analysts categorize the IVD market in China into the following segments by the application. They are:
- Molecular diagnostics
- Clinical microbiology
- POC testing
- Tissue diagnostics
The top three application segments for IVD market in China are discussed below:
Immunochemistry is the highest automated segment among all the categories and represents the highest test volumes of all the clinical tests. China has a growing rural hospital market that represents a lack of proper healthcare infrastructure settings and thus indicates a potential growth opportunity for affordable immunochemistry analyzer during the forecast period.
SMBG is a disease management tool to manage diabetesIt is an important component of therapeutics of diabetes mellitus. Healthcare professionals recommend SMBG to achieve a specified blood sugar level and to prevent hypoglycemia. China, being a diabetic prone country has a profitable growth potential, and the market is expected to grow at a CAGR of close to 17% through 2021.
"The growing incidences of diabetes in China and the improved awareness among the diabetic population, which causes increased spending in healthcare settings, is the driving factor for SMBG market. Other factors such as technological advances aiming toward the minimum or non-invasive diagnostic tests will further boost the market in the coming years," says Neha.
The molecular diagnostic market is expected to grow at a CAGR of almost 16% during the forecast period. Molecular diagnostics is very lucrative and continuously growing market in China. It is the fastest growing segment of the IVD market. It is dominated by two tests, namely virology testing and CRC testing. Virology testing holds the maximum market share, which includes the study of viruses and virus-like agents, their structure, classification, and evolution.
CRC has the second highest market share in the molecular diagnostics segment in China. In recent years, CRC has attracted the attention by standing in the second and fourth position in the incidence and mortality lists respectively among all malignant tumors in urban population.
The top vendors highlighted by Technavio's research analysts in this report are:
- Roche Diagnostics
- Siemens Healthineers
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