Market Trends of Asia Pacific In Vitro Diagnostics Industry
Clinical Chemistry Segment is Expected to Record the Highest Growth in the Forecast Period
Clinical chemistry is a combination of analytics, instrumentation, information technology, and the management of workflow. Technological advancements increased the automation of detection techniques for biologically important ions (salts and minerals), small organic molecules, and large molecules, such as enzymes, transport proteins, and lipoproteins.
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 published in Therapeutic Advances in Endocrinology and Metabolism reported that the disease burden of thyroid cancer in the high-income Asia-Pacific region was significantly higher than that in other regions, possibly due to overdiagnosis. The increasing incidence of thyroid cancer indicates that it is still a public health problem in Asia. For instance, according to the International Diabetes Federation Diabetes Atlas 2021, the age-adjusted comparative prevalence of diabetes in China for 2021 is estimated as 10.6%, for 2030 as 11.8%, and for 2045 as 12.5%. Hence, a rise in thyroid cancer and diabetes directly demands portable or benchtop clinical chemistry analyzers. It is expected to reduce healthcare costs and lead to an enhanced diagnosis and treatment rate, propelling the clinical chemistry analyzer segment.
Moreover, product launches by the market players are expected to boost the segment's growth. For instance, in May 2022, Mindray, a China-based company, launched BS-600M. This powerful yet efficient chemistry analyzer empowers medium-volume laboratories with increased productivity, efficiency, and reliability.
Thus, all the factors above are expected to boost segment growth over the forecast period.
India is Expected Hold a Significant Share Over the Forecast Period
The increasing R&D expenditures, the growing burden of chronic diseases, the aging population, and the well-established healthcare infrastructure with advanced diagnostic facilities in the country are expected to drive market growth in Japan.
The increasing number of cases of chronic diseases such as cancer, diabetes, and others in the country is the key factor driving the market's growth. For instance, as per the ICMR 2021 Report, it was observed that the number of cancer patients in India was expected to rise from 26.7 million in 2021 to 29.8 million in 2025. As per 2022 statistics published by the IDF, about 74.1 million people had diabetes in India in 2021, and this number was estimated to reach 92.9 million and 124.8 million by 2030 and 2045, respectively. Thus, the rising burden of cancer raises the need to detect cancer early for more effective and timely treatment, increasing the demand for in-vitro diagnostics. It is anticipated to boost the market's growth over the forecast period.
The product launches by the market players are expected to boost the market in the country. For instance, in August 2021, Mylab Discovery Solutions entered a technology partnership with Hemex Health to develop next-generation diagnostic solutions for point-of-care (POC) testing of coronaviruses and other diseases. Mylab develops test assays in this partnership, and Hemex provides its Gazelle POC testing platform and expertise. Additionally, in August 2022, Molbio Diagnostics and Truenat Technology launched a new test for the differential diagnosis of HIV 1 and HIV 2, the Truenat RT-PCR Test, with viral loads within 60 minutes. The Truenat is a point-of-care portable, battery-operated, IoT-enabled platform that can test for over 35 diseases, including COVID-19, TB, hepatitis, HIV, HPV, dengue, malaria, etc.
Thus, all the factors above are expected to boost the market over the forecast period.
