According to a market report published by Research and Markets, China In-vitro diagnostics market is expected to be triple its market size by the end of 2022 from its market size in 2016.
China In-Vitro Diagnostics sector is expected to grow with a double digit CAGR of 19.01% in future. With such a huge growth rate China is poised to become the world’s largest In-vitro Diagnostics (IVD) Market in the next few years for both domestic and foreign IVD products. The In-Vitro Diagnostics (IVD) Market in China has been growing rapidly over the past few years and is expected to grow steadily in the coming future, with major growth potential in segments such as contagious disease testing, chronic disease testing and diagnosis in early stages of disease.
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.
Some of the key factors driving the growth of China IVD market are the rising incidences of chronic lifestyle diseases, public health awareness, growing aging population, demand of tests in rural areas stimulated by the healthcare reform plan, increasing demand from the middle class for high-end products and an increase in the number of hospitals and independent clinical laboratories.
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