At 6.2% CAGR, the Asia Pacific In-Vitro Diagnostics Market is projected to be worth US$ 30,943.27 million by 2030, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific in-vitro diagnostics market was valued at US$ 19,109.18 million in 2022 and is expected to reach US$ 30,943.27 million by 2030, registering a CAGR of 6.2% from 2022 to 2030. Growth in point-of-care testing and surge in demand for IVD during Covid-19 pandemic and increasing prevalence of chronic and infectious diseases are among the critical factors attributed to the Asia Pacific in-vitro diagnostics market expansion.    

The world is witnessing an exponential increase in the prevalence of infectious diseases. These diseases are prominently caused due to pathogenic microorganisms, such as viruses, bacteria, and parasites. Factors such as poor sanitary conditions, lack of public hygiene, elevating levels of air pollution, and unavailability of safe drinking water play a significant role in the bolstering prevalence of infectious diseases.

Chronic diseases prominently include cancer, chronic respiratory diseases, diabetes, and heart disease. The incidences of these conditions are skyrocketing globally due to biological risk factors, such as an increase in alcohol and tobacco consumption, adoption of unhealthy diets, lack of physical activity, and prevalence of obesity. Chronic conditions are the leading cause of mortality globally. Estimates published in the 2022 National Diabetes Statistics Report by the World Health Organization state that ~422 million people worldwide have diabetes, the majority living in low-and middle-income countries. Moreover, 1.5 million deaths are directly related to diabetes each year. overweight, genetic conditions, aging, sedentary lifestyle, etc., are boosting the prevalence of diabetes. Hence, the rising prevalence of infectious and chronic diseases such as cardiovascular diseases, cancer, diabetes, and respiratory conditions drives the growth of the in-vitro diagnostics market.

On the contrary, cumbersome reimbursement procedures and stringent regulations regarding products hamper the Asia Pacific in-vitro diagnostics market.

Based on product & services, the Asia Pacific in-vitro diagnostics market is segmented into reagents & kits, instruments, and software & services. The reagents & kits segment held 79.2% share of Asia Pacific in-vitro diagnostics market in 2022, amassing US$ 15,136.63 million. It is projected to garner US$ 24,763.45 million by 2030 to expand at 6.3% CAGR during 2022–2030.

Based on technology, the Asia Pacific in-vitro diagnostics market is segmented into immunoassay/ immunochemistry, clinical chemistry, molecular diagnostics, microbiology, blood glucose self-monitoring, coagulation & hemostasis, hematology, urinalysis, and others. The immunoassay/ immunochemistry segment held 28.1% share of Asia Pacific in-vitro diagnostics market in 2022, amassing US$ 5,371.60 million. It is projected to garner US$ 9,064.76 million by 2030 to expand at 6.8% CAGR during 2022–2030.

Based on application, the Asia Pacific in-vitro diagnostics market is segmented into infectious diseases, diabetes, oncology, cardiology, autoimmune diseases, nephrology, and others. The infectious diseases segment held 40.1% share of Asia Pacific in-vitro diagnostics market in 2022, amassing US$ 7,669.10 million. It is projected to garner US$ 12,654.22 million by 2030 to expand at 6.5% CAGR during 2022–2030.

Based on end user, the Asia Pacific in-vitro diagnostics market is segmented into hospitals, laboratories, homecare, and others. The hospitals segment held 48.9% share of Asia Pacific in-vitro diagnostics market in 2022, amassing US$ 9,342.10 million. It is projected to garner US$ 14,735.29 million by 2030 to expand at 5.9% CAGR during 2022–2030.

Based on country, the Asia Pacific in-vitro diagnostics market has been categorized into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 28.0% share of Asia Pacific in-vitro diagnostics market in 2022. It was assessed at US$ 5,355.01 million in 2022 and is likely to hit US$ 8,956.68 million by 2030, exhibiting a CAGR of 6.6% during 2022–2030.

Key players operating in the Asia Pacific in-vitro diagnostics market are Abbott Laboratories, Becton Dickinson and Co, bioMerieux SA, Bio-Rad Laboratories Inc, Danaher Corp, F. Hoffmann-La Roche Ltd, Qiagen NV, Siemens AG, and Thermo Fisher Scientific Inc, among others.   

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