APAC IVD market to grow 4.4 per cent annually between 2019 to 2024

2024-03-30 09:12

  • The Asia-Pacific (APAC) in-vitro diagnostics (IVD) market will continue to see key trends in hospital and patient care, government policies which will drive up overall diagnosis needs, and fuel fast growth for certain market segments. In 2020, the Covid-19 pandemic has impacted test volumes and is also expected to drive some enduring changes to test practices and purchasing behaviour of health providers and laboratories. The overall market growth in APAC is expected to be driven by the stable expansion of centralised diagnostics – the region’s biggest market segment.

    EIU Healthcare’s IVD Gateway estimates that the APAC market will grow at a compound annual growth rate (CAGR) of 4.4% during the forecast period 2019-2024, to reach an estimated market size of US$22.4bn.

    Key forecasts for 2019-2024

    • IVD markets in China, India, Vietnam and Myanmar are expected to expand faster than the overall regional growth rate.

    • Clinical sequencing is expected to be the fastest-growing major market segment.

    • Centralised diagnostics is expected to grow moderately, with flow cytometry forecasted to be the fastest growing area in this market segment.

    • Molecular diagnostics (MDx) is expected to grow strongly across the majority of test areas including virology and genomics, with solid patient volume growth and a growing demand for more accurate diagnostics.

    • Point-of-care (POC) diagnostics is expected to grow strongly, with areas such as hospital glucose (connected) testing tracking the fastest growth within the segment, as hospitals switch from over from non-connected testing to meet clinical requirements.

    • Tissue diagnostics (TDx) is expected to grow in the forecast period, led by growing oncology incidence and test volume in the region, with therapeutic diagnostics in oncology expected to boost market development in advanced staining over the next few years.

    Growing Your IVD Business in APAC

    As the APAC IVD market continues to evolve, the region provides numerous opportunities for companies seeking market growth and expansion. 

    Successful growth strategies must address each market’s distinct challenges. Through EIU Healthcare’s team of consultants and IVD Gateway – our proprietary data solution, we support your strategic and tactical business planning and provide answers on the what, where and how to gain market share. 

    IVD Gateway Size & Share Plus tracks market size, share and growth in 38 countries annually, with the latest data and forecasts for Asia-Pacific available in April 2021.

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    IVD Gateway: IVD Market and Forecasts with Covid-19 Impact

    The go-to-source for Covid-19 impact on In-Vitro Diagnostics test demand in 2020 and market recovery trends in 2021 for all 130+ IVD test segments across countries in Asia, Europe and Latin America.

    Find out more