Asia Pacific In vitro Diagnostics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Asia-Pacific in-vitro diagnostics market is projected to register a CAGR of about 5.68% over the forecast period (2022-2027).
COVID-19 impacted almost every sector of the economy and so has had a substantial impact on the Asia-Pacific in-vitro diagnostic market initially. The strict lockdowns imposed by the government and strict regulations resulted in the restriction on the movement of people that intended to slow down the spread of COVID-19 but also impacted the supply chain, which affected the supply of in-vitro diagnostics devices to hospitals. The COVID-19 outbreak affected Asia-Pacific in-vitro diagnostic market’s growth adversely in its preliminary phase; however, this market is expected to gain traction due to the significant urge by rapid demand for newly launched emergency use authorized in-vitro diagnostic tests used for COVID-19 detection. However, this detrimental impact is compensated by the rapid demand for newly launched emergency use authorized in-vitro diagnostics tests for COVID-19 detection. Moreover, the rising vaccination rate across the Asia-Pacific is expected to surge the demand for other in-vitro diagnostic tests as well.
Further, the high cases of chronic diseases, increasing use of point-of-care (POC) diagnostics, advanced technologies in in-vitro diagnostic products, and increasing awareness and increasing use of personalized medicine and companion diagnostics are among the major factors driving the growth of the studied market. However, strict norms regarding product approvals and cumbersome reimbursement procedures may slow down the growth of the market over the forecast period. For instance, 2021 International Diabetes Federation (IDF) projects that the number of people with diabetes in the Southeast Asia region will increase by 68%, reaching 152 million by 2045, and the same report also reported the Western Pacific region has the third highest prevalence of diabetes (11.9%) in the world. The diabetic cases are estimated to increase in the Western Pacific region by 27%, reaching 260 million by 2045, and the prevalence of diabetes will increase by 21% in 2045. Such a high incidence of chronic diseases like diabetes in the given region is increasing the demand for diagnostics associated with the diseases. Another such instance is International Agency for Research on Cancer, in 2021 the Asia Pacific region were 19.3 million cancer cases in 2020 increasing to 30.2 million by 2040. Thus, the increasing incidence of cancer cases is increasing the demand for associated diagnostics, thereby contributing to the market.
The recent advancement in diagnostics segments and the use of AI-assisted radiology and advanced robotics technology are also boosting the market. Recent progress in robotics-assisted endoscopy promises interesting alternatives to current approaches due to reduced invasiveness combined with the potential to localize, diagnose, and assist in treatment (e.g., surgical extraction) of lung nodules. Thus, the combination of progress in AI-assisted imaging analysis and robotics enabling minimal-invasive tissue selection will help optimize disease detection, also in the case of early-stage and challenging cancer types. Also, the increasing use real-time diagnsotics like wearable biosensors – ranging from watches, clothing, bandages, glasses, contact lenses and rings to specifically-built implantable and ingestible devices– are able to collect a plethora of physical health information such as heart rate, blood pressure, skin temperature, respiratory rate and body motion. Thus, due to these technological advances the market is able to show the significant growth over the forecast period.
Thus, due to above mentioned-aforesaid reasons may drive the market. However, stringent regulations regarding product approvals and cumbersome reimbursement procedures may slow down the market growth.
Key Market TrendsClinical Chemistry Segment is Expected to Record the Highest Growth in the Forecast PeriodClinical chemistry is a combination of analytics, instrumentation, information technology, and the management of workflow. Technological advancements have led to increased automation of detection techniques for biologically important ions (salts and minerals), small organic molecules, and large molecules, such as enzymes, transport proteins, and lipoproteins, among others. Analyzers are instruments that analyze samples, such as blood, serum, and urine. Clinical chemistry analyzers are witnessing high growth, owing to the development of technologies employed in these instruments. Technological innovations, such as next-generation microfluidic devices are capable of efficient separation of CTCs from whole blood. These devices require low consumption of reagents and samples and provide a fast turnaround time for analysis. Technological advancements in point-of-care testing devices have contributed to the growth of the market segment.
This system includes multi-functional sample and reagent probes, with collision protection and liquid level detection technology. Furthermore, the increasing prevalence of target diseases, like liver diseases, thyroid functions, cancers, etc., boosts the segment’s growth. For instance, in 2022 an article titled, “The global burden of thyroid cancer in high-income Asia-Pacific: a systematic analysis of the Global Burden of Disease study” reported that the disease burden of thyroid cancer in the high-income Asia-Pacific region was significantly higher than those in other regions, which may be due to overdiagnosis. The increasing incidence of thyroid cancer seems to indicate that thyroid cancer is still a public health problem in Asia. According to International Diabetes Federation (IDF), 2021 data reported that 90 million adults (20-79) are living with diabetes in the IDF South-East Asia (SEA) Region 2021. This figure is estimated to increase to 113 million by 2030 and 152 million by 2045. Hence, a rise in the number of thyroid cancer and diabetes is directly demanding portable or benchtop clinical chemistry analyzers is expected to result in reduced health care costs and lead to an enhanced rate of diagnosis and treatment, which would subsequently propel the global clinical chemistry analyzers market.
The rise in the incidence of lifestyle diseases such as cardiac diseases and diabetes, increase in the incidence of infectious diseases in developing countries, growth in usage of home-based point-of-care devices, and technological advancements in the development of advanced, fast, and easy-to-use devices are fueling the demand of this segment.
Competitive LandscapeThe Asia Pacific in vitro diagnostics market is highly competitive and consists of several major players. In terms of market share, a few major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by introducing new products at lower prices. Some of the major players in the region are BioMérieux SA, Danaher (Beckman Coulter), F Hoffmann-La Roche Ltd., Becton, Dickinson and Company, Bio-Rad Laboratories Inc., Abbott Laboratories, Arkray Inc., Sysmex Corporation, Ortho Clinical Diagnostics, Siemens Healthineers, Thermo Fischer Scientific Inc., and Qiagen NV.
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