Asia-Pacific IVD Market by Offering (Kits, Software), Technology (Immunoassay, Molecular Diagnostics [PCR, NGS, Microarray], Rapid Tests, Biochemistry), Application (Infectious Diseases, Oncology), Diagnostic Approach - Forecast to 2031

The Asia-Pacific IVD Market was valued at $21.09  billion in 2023. This market is expected to reach $36.02  billion by 2031, from an estimated $22.44  billion in 2024, at a CAGR of 7% during the forecast period 2024-2031.

In vitro diagnostics (IVD) is focused on analyzing urine, blood, and other bodily fluid samples to provide diagnostic results. IVD tests help diagnose, monitor, screen, and assess susceptibility to diseases. These tests also aid in providing early and targeted treatments, reducing hospital stays, improving health outcomes, and minimizing treatment costs.

The growth of the Asia-Pacific IVD market is attributed to the rising prevalence of chronic and infectious diseases, the growing demand for point-of-care (PoC) and rapid diagnostics, rising awareness regarding early disease diagnosis, rising healthcare expenditures, and increasing funding for research activities. However, stringent technical requirements and regulatory processes for high/moderate-complexity tests and the variance in test results observed in rapid IVD tests restrain the growth of the IVD market. The increasing inclination toward personalized medicine and advancements in genomics and proteomics are expected to create growth opportunities for the players operating in this market. However, the concerns pertaining to false positive results in immunoassays and POC are a major challenge for market growth.

Growing Demand for Point-of-Care (POC) and Rapid Diagnostics is Driving the Growth of this Market

In recent years, there has been a continuous shift toward the decentralization of IVD testing, resulting in the proliferation of point-of-care (PoC) testing services and the development of rapid tests. Point-of-care (PoC) and rapid diagnostics offer benefits such as cost reduction, convenience for patients and clinicians, reduced waiting time for results, and improved testing quality. Traditional laboratory technologies require sophisticated infrastructure, expensive reagents, stable electrical power, long assay times, and skilled and trained staff. In developed countries, hospitals and large clinics have the necessary infrastructure and purchasing power to meet these requirements. However, in the APAC region, the adoption of PoC can be proven useful for the testing in resource-limited testing.

Additionally, key companies are developing various tests and instruments for rapid disease diagnosis. Some of the product’s approval and launch in recent years are as follows:

•  In February 2022, Mylab Discovery Solutions Pvt Ltd (India) launched CoviSwift, the Point of Care (POC) testing solution.
• In May 2020, the Japanese government approved the Rapid Antigen Kit to Detect COVID-19 manufactured by Fujirebio (Japan)

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Rising Prevalence of Chronic Diseases is Driving the Growth of this Market

Chronic diseases are often associated with the elderly population due to the declining bodily functions and immunity among this population segment. Aging is associated with progressive deterioration in the structure and functioning of organs. The elderly population is more prone to various chronic diseases. According to the World Bank, the share of the elderly population (aged 65 and above) in Japan is among the highest in the world and is growing at a CAGR of 1.1% (from 2016 to 2021). In 2021, the share of the elderly population in Japan was estimated at 29.8% of the country’s total population (source: World Bank).

The prevalence of chronic diseases and conditions such as cancer, diabetes, arthritis, and heart disease is on the rise in Asia-Pacific countries. In 2021, 140.9 million people were living with diabetes in China, which is expected to reach 174.4 million by 2045 (Source: IDF). Similarly, in 2021, 74.2 million people were living with diabetes in India, which is expected to reach 124.9 million by 2045 (Source: IDF). As IVD tests are widely adopted for glucose monitoring, the prevalence of diabetes drives the adoption of IVD devices.

The growth in the geriatric population and social behaviours such as tobacco and alcohol consumption, physical inactivity, and unhealthy diets are major factors driving a steady increase in the number of people suffering from chronic diseases. The growth in the elderly population and the associated increase in the burden of chronic disease is increasing the demand for IVD testing in Asia-Pacific.

Key Findings of the Market Study:

In 2024, the Kits & Reagents Segment is Expected to Dominate this Market

Based on offering, the Asia-Pacific IVD market is segmented into reagents and kits, instruments, and software & services. In 2024, the kits & reagents segment is expected to account for the largest share of the market. The continuous advancements in the development of reagents and kits, high adoption and recurring consumption of IVD kits, and wide availability of consumables support the largest share of the market. The increasing trend of self-testing and adoption of POC diagnostic testing is contributing to the largest share of this segment.

In 2024, the Molecular Diagnostics Segment is Expected to Account for the Largest Share of the Market

Based on technology, the Asia-Pacific IVD market is segmented into immunoassay/immunochemistry, biochemistry/clinical chemistry, molecular diagnostics, point-of-care (POC) diagnostics, whole blood glucose monitoring, microbiology, hematology, coagulation/hemostasis, urinalysis, and other technologies. In 2024, the molecular diagnostics segment was expected to account for the largest share of the market. The growing prevalence of infectious diseases is also increasing the demand for molecular diagnostics. For instance, In Australia, between 2020 to 2021, there were more than 324,000 hospitalizations for infectious diseases. The most common causes of infectious disease hospitalization were lower respiratory tract infections, including pneumonia and bronchitis. (Source: Australian Institute of Health and Welfare). Additionally, technological innovations and the advantages of molecular diagnostics tests, such as cost-effectiveness, rapid results, and high sensitivity and specificity over laboratory tests.

The Cardiology Segment Is Projected to Register the Highest CAGR During the Forecast Period

Based on application, the Asia-Pacific in vitro diagnostics (IVD) market is segmented into infectious diseases, oncology, diabetes, cardiology, nephrology, autoimmune disorders, and other applications. The cardiology segment is expected to register the highest CAGR during the forecast period. Cardiovascular diseases (CVD) remain the leading cause of death globally. IVD testing is used for biomarker detection in cardiology. The early-stage biomarkers of CVD can potentially save many lives and help alleviate the global burden of CVD. According to the American Heart Association, in 2020 highest mortality rates due to cardiovascular diseases were reported in Central Asia and Eastern Asia-Pacific. Thus, the high prevalence of cardiovascular diseases is expected to drive the demand for IVD testing in Asia-Pacific.

In 2024, the Laboratory Testing Segment is Expected to Dominate this Market

Based on diagnostic approach, the Asia-Pacific IVD market is segmented into laboratory testing, OTC/self-testing, and point-of-care testing. In 2024, the laboratory testing segment is expected to account for the largest share of the market. The large market share of this segment is primarily attributed to its higher accuracy and reliability, lower costs, and availability of several IVD tests in laboratory settings. The laboratories usually include a quality assurance program and address pre- and post-analytical concerns, improving and maintaining the accuracy of laboratory testing.

The Hospitals & Clinics Segment Is Projected to Register the Highest CAGR During the Forecast Period

Based on end user, the Asia-Pacific in vitro diagnostics (IVD) market is segmented into diagnostic laboratories, hospitals & clinics, home healthcare, and other end users, which include nursing homes, academic & research institutes, ambulatory care centers, and transfusion laboratories. The hospitals & clinics segment is expected to register the highest CAGR during the forecast period. The highest CAGR of this segment is attributed to the increasing number of hospitalizations due to various diseases requiring diagnosis and the rise in the number of hospitals and clinics in the region, leading to growth in the utilization of diagnostic products.

China: Fastest Growing Market

China is expected to register the highest CAGR during the forecast period. The highest CAGR of this regional market is attributed to the rising prevalence of infectious & chronic diseases, the growing aging population, and the increasing adoption of self-testing. Additionally, China is one of the world's most populous countries, with a population of over 1.41 billion in 2021 (Source: World Bank). There is an increasing burden on the country's healthcare system due to the growing elderly population, high prevalence of cancer, and increasing sedentary lifestyle. According to the International Diabetes Federation (IDF), China has the highest number of people with diabetes globally. In 2021, 140.9 million people were living with diabetes in China, which is expected to reach 174.4 million by 2045 (Source: IDF). With the increasing number of chronic conditions, the demand for IVD testing is increasing in the country.

Asia-Pacific IVD Market: Key Players

The report offers a competitive landscape based on an extensive assessment of the product portfolio offerings, geographic presences, and key strategic developments adopted by leading market players in the industry over the years. The key players operating in the Asia-Pacific IVD market are Abbott Laboratories (U.S.), Becton, Dickinson and Company (U.S.), Sysmex Corporation (Japan), bioMérieux SA (France), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Seegene Inc. (South Korea), Illumina, Inc. (U.S.), Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China), Siemens Healthineers AG (Germany), Thermo Fisher Scientific Inc. (U.S.), QuidelOrtho Corporation (U.S.), and Agilent Technologies Inc. (U.S.).

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