IVD analyzers and reagents market in APAC to exceed $2.5bn by 2025, says GlobalData
The In-Vitro Diagnostic (IVD) analyzers and reagents market in the Asia-Pacific (APAC) region is expected to grow at a compound annual growth rate (CAGR) of 5.4% from US$2bn in 2020 to reach US$2.6bn in 2025,
The In-Vitro Diagnostic (IVD) analyzers and reagents market in the Asia-Pacific (APAC) region is expected to grow at a compound annual growth rate (CAGR) of 5.4% from US$2bn in 2020 to reach US$2.6bn in 2025, says GlobalData, a leading data and analytics company.
‘Hematology Analyzers’ and ‘Polymerase Chain Reaction’ (PCR) systems are the largest market segments together accounting for about 45% of the APAC IVD analyzers and reagents market. The PCR systems and ‘Hematology Analyzers’ are expected to grow in mid to high digits over the next five years.
The company’s report, ‘Hematology Analyzers – In Vitro Diagnostics Market Analysis and Forecast Model’, reveals that growth in the infectious diseases, increased incidence of blood related diseases and disorders, and the growing importance of blood cell counts in routine diagnostic procedures for patients’ treatment and monitoring processes are driving the market growth.
Bhaskar Vittal, Medical Devices Analyst at GlobalData, comments: “The market for hematology analyzers is growing due to their higher reliability and fast testing mechanisms. In most of the countries, hematology analyzers are installed in hospitals and reference laboratory settings. These machines are either purchased outright or sometimes installed based on rental contracts or cost-per-test contracts due to high cost of the equipment. This rental business structure helps companies expand the installed base of the machines as well as in sales of reagents.”
Vittal continues: “PCR systems are used for diagnosis and screening of a wide array of infectious diseases as well as testing of cancer patients and hereditary diseases. PCR systems are primarily used for screening/testing COVID-19 because of its less turnaround time and high accurate results compared to conventional techniques.”
Considering the current COVID-19 pandemic and PCR technique remaining the primary detection method for COVID-19, the installations of PCR systems are expected to grow significantly in the immediate future across the APAC.
Vittal concludes: “The IVD analyzers and reagents market is highly fragmented in the APAC. F. Hoffmann-La Roche is the market leader, followed by companies such as Siemens Healthineers, Abbott Laboratories, Sysmex Corp and Beckman Coulter Inc. Local companies such as Shenzhen Mindray Bio-Medical, Horiba and Nihon Kohden have good presence in the domestic markets”