Press Release (ePRNews.com) - SINGAPORE - Mar 23, 2017 - Despite economic and industry challenges, the global in vitro diagnostics (IVD) market continues robust growth. The United States and Europe are mature regions that collectively contribute almost 60% of the worldwide revenue. That stated, Asia-Pacific is being widely recognized as a fast-rising market with immense potential with 17% of percent of global sales in 2015. The increasingly ageing population, need for rapid diagnostic results, emergence and re-emergence of infectious diseases, and growing lifestyle disorders are expected to accelerates the global IVD market. At the same time, the IVD market is constantly evolving. Mega Trends such as consolidation, automation, and reimbursement policies affect every aspect of the market. The growing importance of diagnostics in patient care is expanding beyond hospitals and laboratories to homes, long term and chronic care, and other segments in healthcare. Apart from the major trends in IVD, there are other key trends like growing digitalization of healthcare to enable a more efficient patient care continuum.
Among IVD segments, Molecular diagnostics is a prominent one. Molecular diagnostics is an emerging segment in APAC, with companies facing stagnant growth in mature markets, the concept of pharmerging countries is the next landing space for companies. Significant rise in healthcare expenditure, universal coverage, ageing population and willingness to pay among consumers are key aspects for companies to focus on APAC region. Another key component of IVD, the Point-of-care testing (POCT) is gaining instant popularity due to the growing need for rapid tests in emergency rooms, operating theatres, recovery rooms, cath labs, and intensive care units. Most companies are strengthening their R&D focus for the development of highly sensitive and reliable platforms to address the overwhelming global needs for IVD diagnostics.
Key trends in the global market include regulatory changes, a shift to data-driven healthcare, unifying technology investments, lab consolidation combined with automation, and internal and external convergence.
Trend 1: Changing Reimbursement Models and Regulations
Government regulations impact IVD market growth, with most nations developing increasingly structured and stringent policies that influence product launches. China and India are among the IVD market hot spots. Regulatory leniency varies by country, Japan has the least lenient regulations; however, recent developments are motivating manufacturers to invest in the country. China has moderately lenient regulations favoring domestic companies. As a result, Tier 1 companies are using partnership approach with local vendors and distributors to expand their market share.
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