According to recent market study published by Renub Research, China’s In-Vitro Diagnostics (IVD) is likely to grow at a CAGR of 19% and become three times as large by the year of 2022.
The market is observing rapid growth in China, ignited by technological enhancements, better diagnostic devices and tools, advanced monitoring systems, and increased availability of over-the-counter tests. IVDs add momentous value to healing processes and medical diagnoses, strengthening the well-being of the general public in China.
China represents one of the largest clinical laboratory markets in the Asia-Pacific region, and the fastest growing among the top ten IVD country markets. With an aging population, a rapidly growing middle class and a government encouraging preventive care, China IVD market is slated to show substantial growth in the future.
China’s quickly aging population means the country is experiencing an explosion of chronic conditions such as diabetes, heart disease and cancer. All these conditions can be diagnosed and monitored using IVD products.Further, the average Chinese consumer is now willing and able to pay more for healthcare than a decade years ago. Hence, China has the potential for more dramatic growth in the future.
Immunoassay has the highest market share in China IVD market, but after 2018 its market share will decline. China Microbiology Market has grown approximately 4 times in 2016 compared to its market value in 2007. China Molecular Testing Market is expected to grow almost five times in future from its present market. Contribution of Point of Care Testing (POCT) market is low compared to Hematology Market, Coagulation Market and Self-Monitoring of Blood Glucose (SMBG) Market. Other segments such as Molecular testing, Clinical Chemistry and Microbiology are poised to be remarkable expansion in the near future. Roche is the leading company in the China IVD market.
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