Meticulous Research®—a leading market research company, published a research report titled ‘South East Asia In Vitro Diagnostics Market by Offering (Kits, Software), Technology (Immunoassay, Molecular Diagnostics, Rapid Tests, Biochemistry), Application (Infectious Diseases, Oncology, Diabetes), Diagnostic Approach (Lab, POC) – Forecast to 2030.
According to this latest publication from Meticulous Research®, the South East Asia IVD market is expected to grow at a CAGR of 7% from 2023 to reach $4.11 billion by 2030. The growth of this market is driven by the high prevalence of infectious diseases and high risk of emerging infections, high burden of chronic diseases, and growing focus on strengthening the healthcare industry in the region. Additionally, growing awareness regarding early disease diagnosis and growing medical tourism in the region are expected to create growth opportunities for the stakeholders in this market.
The key players operating in the South East Asia IVD market are Abbott Laboratories (U.S.), bioMérieux SA (France), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), PerkinElmer, Inc. (U.S.), QIAGEN N.V. (Netherlands), Siemens Healthineers AG (Germany), Thermo Fisher Scientific Inc. (U.S.), and Sysmex Corporation. (U.S.).
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South East Asia IVD Market: Future Outlook
The South East Asia IVD market is segmented by offering (regents & kits, instruments/systems, and software & services), technology (molecular diagnostics, point-of-care (POC) diagnostics [lateral flow assays/rapid tests, other POC diagnostics] immunoassay/immunochemistry [Enzyme-linked Immunosorbent Assays (ELISA), Enzyme-linked Immunospot Assays (ELISPOT), Western Blotting, and Radioimmunoassay], biochemistry/clinical chemistry [metabolic panels, electrolyte panels, liver panels, lipid profiles, renal profiles, and thyroid function panels], whole blood glucose monitoring, microbiology, hematology, coagulation & hemostasis, urinalysis, and other technologies), application (infectious diseases [influenza, COVID-19, and gastrointestinal infections], cardiology, oncology, cardiology, diabetes, autoimmune disorders, nephrology, and other applications), diagnostic approach (lab testing, OTC/Self-testing, and point-of-care testing), end user (hospitals & clinics, diagnostic laboratories, home care, and other end users), and geography.
Based on offering, the South East Asia IVD market is segmented into reagents & kits, instruments/systems, software & services. In 2023, the reagents & kits segment is expected to account for the largest share of the market. This large share can be attributed to the recurrent use of reagents and kits, high prevalence of infectious & chronic diseases, and the availability of kits for a wide range of diseases.
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Based on technology, the South East Asia IVD market is segmented into molecular diagnostics, immunoassay/immunochemistry, biochemistry/clinical chemistry, whole blood glucose monitoring, hematology, microbiology, coagulation & hemostasis, urinalysis, and other technologies. The molecular diagnostics segment is expected to grow at the highest CAGR during the forecast period. Factors contributing to the segment’s growth are the growing demand for precise infectious disease testing as the region is the hotspot of emerging infectious diseases and the growing prevalence of chronic diseases. Molecular diagnostics enable precise testing of infections and diseases as infectious diseases are hard to diagnose in the initial phase of infections the molecular diagnostics.
Based on application, the South East Asia IVD market is segmented into infectious diseases, oncology, cardiology, diabetes, autoimmune disorders, nephrology, and other applications. In 2023, the infectious disease segment is expected to account for the largest share of the market. This large share is attributed to the increasing number of new cases of infectious diseases, the high risk of emerging infectious diseases for the region, and the initiatives of organizations such as the WHO to monitor and increase awareness. The number of new cases of various infectious diseases continues to rise in the countries of South East Asia region. For instance, in June 2023, a total of 10,335 dengue cases were reported in Thailand, which was 2.5 times higher in May.
Based on diagnostic approach, the South East IVD market is segmented into lab testing, OTC/self-testing, and point-of-care testing. In 2023, the lab testing segment is expected to account for the largest share of the market. This large share is attributed to the hospitals’ high preference for diagnostic labs and the capacity of labs to process large samples with lower turnaround times.
Based on end user, the South East Asia IVD market is segmented into diagnostic laboratories, hospitals & clinics, home care, and other end users. The diagnostic laboratories segment is estimated to account for the largest share of the South East Asia IVD market in 2023. The large share of this segment is attributed to the high burden of chronic diseases, the high prevalence of infectious diseases, and large preference for diagnostic laboratories.
Key Questions Answered in the Report-
- What is the current revenue generated through the sale of IVD products in South East Asia?
- At what rate is the demand for IVD products projected to grow over the next 5–7 years?
- What is the historical market size and growth rate of the South East Asia IVD market?
- What are the major factors impacting the growth of this market at the country level? What are the major opportunities for existing market players and new entrants in the market?
- Which segments in terms of offering, technology, application, diagnostic approach, and end user are creating major traction for the vendors in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the vendors operating in the South East Asia IVD market?
- Who are the major players in the South East Asia IVD market? And what are their specific offerings in the South East Asia IVD market?
- What are the recent strategic developments in the South East Asia IVD market, and what are the impacts of these developments on the market?
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