Portland, OR -- (SBWIRE) -- 12/28/2017 -- The Asia-Pacific IVD Market accounted for $13,680 million in 2016, and is estimated to reach at $19,888 million by 2023, growing at a CAGR of 5.4% from 2017 to 2023. IVD are the medical diagnostic devices comprised of any reagent, calibrator, control material, kit, specimen receptacle, software, instrument, apparatus, equipment or system; used alone or in combination with other diagnostic devices, specifically designed for in-vitro examination of specimens of human body.

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In vitro diagnostics (IVD) unlike most of the diagnostic tests, is performed on the samples from the body and do not involve contact with the patient, thereby reducing the risk of infections to the patients. Constant technological developments to improve efficacy of IVD, large pool of geriatric population, rise in incidence, and prevalence of communicable and non-communicable diseases, and increase in government healthcare expenditure in Asia-Pacific region drive the market growth. However, stringent government regulations related to the safety and efficacy of the IVD and unfavorable reimbursement policies are expected to restrain the market growth during the forecast period. Ongoing R&D associated with the IVD and increased disposable income of consumers provides huge growth potential for IVD market.

Based on product types, the reagents segment held the highest market share in 2016, owing to the recent introduction of new novel reagents in the market that are more effective.
Based on techniques, the immunodiagnostics segment contributed the highest market share in 2016, owing to the increase in prevalence of communicable and non-communicable diseases and rise in awareness of personalized medicine among the population.

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Based on application, the infectious diseases segment contributed the highest market share in 2016, owing to the increase in prevalence of infectious diseases and rise in awareness of preventive health measures.

Based on end-users, the standalone laboratory segment captured the highest market share in 2016, mainly due to wide availability of complex tests and high-tech infrastructure enabling fast and accurate test results.

Japan accounted for more than one-third share in 2016, and is expected to dominate the market throughout the forecast period and is attributed to increase in incidence of communicable and non-communicable diseases such as tuberculosis, diabetes, and cancer and rise in geriatric population, which is susceptible to these diseases and well-established healthcare systems. In addition, lucrative growth opportunities in the economic emerging countries is anticipated to provide new growth opportunities for the key players in the market. However, India is estimated to register the highest growth rate during the forecast period, owing to rise in government healthcare expenditure, increase in per capita income, growth in demand for healthcare devices from large pool of patient population, and improvement in healthcare infrastructure.

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Key Findings of the Asia Pacific IVD Market:

- The reagents segment dominated the market in 2016, and is projected to grow at the 4.4% CAGR.
- The immunodiagnostics segment accounted for the highest share of two-ninths in 2016.
- The infectious diseases segment holds a large market share in the Asia-Pacific IVD market by application 2016.
- The standalone laboratory segment accounted for the highest share of two-ninths in 2016.
- Japan was the major shareholder of Asia-Pacific IVD market in 2016.
- India is expected to grow at the highest CAGR in the Asia-Pacific IVD market.

The major players profiled in the Asia-Pacific IVD market are Thermo Fisher Scientific Inc., Alere Inc., Biomerieux, Danaher Corporation, F. Hoffmann-La Roche AG, Becton Dickinson and Company, Bio-Rad Laboratories, Bayer AG, Sysmex Corporation, and Johnson & Johnson among others.