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Asia Pacific IVD Market Is Increasing Faster to Reach $19,888 Million and Predicted to Show Highest Growth Rates by 2023

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Asia Pacific IVD Market
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According to a new report published by Allied Market Research, titled, Asia Pacific IVD Market by Product Type, Techniques, Application and End-Users: Opportunity Analysis and Industry Forecast, 2017-2023, the Asia-Pacific IVD market was valued at $13,680 million in 2016, and is projected to reach at $19,888 million by 2023, growing at a CAGR of 5.4% from 2017 to 2023. The immunodiagnostics segment accounted for more than two-ninths share of the total market in 2016.

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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.

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.

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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.

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.

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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small- & medium-scale enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one-stop solution right from data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients understand the significance and impact of market dynamics. The company applies client’s insight on the factors such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligence support to help clients transform into a prominent business firm.

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X-ray Market to Reach US$11.79 Bn Due to Rising Use of X-ray Machines in Hospitals

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According to experts from TMR, the global X-ray market is expected to gain revenue worth US$11.79 bn by the end of 2022, elevating up from a valuation of US$7.89 bn in 2013. Experts project this growth to occur at a promising CAGR of 4.50% during the forecast period from 2014 to 2022.

Among various products, growing demand for portable X-ray technologies is expected to boost the global X-ray market. This is because of their wide range of applications in the home healthcare segment, coupled with their use since ages in both developing and mature market. Region wise, North America is expected to account for a leading share in the global X-ray market in the coming years. This is attributed to flourishing healthcare industries and growing population suffering from various orthopedic disorders in the region.

Rising Use of X-ray Machines in Hospitals to Fuel Market Growth

X-rays are mainly an electromagnetic ionizing radiation, which is widely adopted in various hospitals and healthcare industry. Incorporation of advanced technologies in X-ray machines has enabled the integration of portability and various analytical procedures. With such implementation of technologies, X-ray detection has evolved to become more effective, safe, and easy to handle. X-ray machines enables medical professionals in detecting various somatic issues and trauma. Such machines also helps in diagnosis and treatment of cancer, bone-related problems, neurological problems, and cardiac diseases. Such USPs are majorly driving the global X-ray market.

Furthermore, various other factors also fueling growth in the global X-ray market includes rapidly changing lifestyles, and rising occurrences of several vertebral diseases. Along with these, due to rapid technological advancements, the demand for mobile and portable X-ray devices are also rising day by day. Such factors are also propelling growth in the global X-ray market.

With a few leading players acquiring most of the shares, the global market for addiction treatment demonstrates a consolidated and a competitive business landscape, states a new research report by Transparency Market Research (TMR). The market is majorly led by Cipla Ltd., Alkermes plc, Allergan plc, Pfizer Inc., GlaxoSmithKiline plc, Orexo AB, Mallinckrodt, Purdue Pharma L.P, and Reckitt Benckiser. These market participants are likely to focus on innovation and technological advancements in their offerings in order to gain a competitive edge over their peers, notes the market study.

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Poor Quality of X-rays May Hinder Market Growth

A few challenges hindering the growth of the global X-ray market mainly include the presence of poor x-ray quality. This could lead to flawed diagnosis, weak machinery, and bad printing quality of X-ray machines. Nonetheless, growing incidences of genitourinary and gastrointestinal disorders is believed to help industry players overcome these challenges in the near future.

The global X-ray market holds a highly fragmented vendor landscape, says Transparency Market Research (TMR) in a recently published report. This is because of a large number of small- and large-scale companies operating in the X-ray market. Hitachi Medical Corporation, GE Healthcare, Agfa-Gevaert, Canon, and Toshiba Corporation are the leading players in the global X-ray market.

A key strategy adopted by players in the global X-ray market to retain their dominance over the market includes constant product improvement along with providing quality services for satisfying consumer preferences. The leading vendors in the market have taken various initiatives on the marketing front to enhance their growth prospects. The rivalry among players is getting intensified due to the entry of several small and medium sized firms who are looking for fundamental policies and strategies to strengthen their foothold in the market. Moreover, many new and emerging market vendors are bidding on local markets to sustain themselves amidst hard competition.

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Molecular Diagnostics Market to Grow at a CAGR of 11.6% Owing to Rising Cases of Diabetes

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TMR predicts that the global molecular diagnostics market will register a robust 11.6% CAGR during 2016-2025. The market is expected to reach US$18.9 bn by 2025 end. The market is expected to almost triple its initial evaluation of US$7.1 bn in 2016. Real-time PCR and polymerase chain reaction (PCR) are witnessing a healthy demand in the market. The technologies combined held a dominating 39.1% share of the total revenues in 2016. Their widespread and specialized application makes these technologies essential for applications such as investigating crimes among many others.

North America region is expected to dominate the growth story of the global molecular diagnostics market. The region held a dominant share of the market in 2016, leading with a 39.1% share of the total revenue. Growth of infectious diseases and rising awareness due to government initiatives are expected to drive the growth of the molecular diagnostics market in the near future. Asia Pacific region is expected to witness fastest growth during 2016-2025 period.

Rising Cases of Diabetes a Boon for the Molecular Diagnostics Market

The rising number of diabetes cases around the world are expected to drive growth of the molecular diagnostics market in the near future. Diabetes like many other diseases is a rare condition which is found in monogenic forms. Molecular diagnostics have transformed the medical investigation of diabetes in recent past, by helping to identify several genetic mutations that lead to the disease. Additionally, identification of these sub-types of diabetes is significant for prediction of prognosis and choice of treatment. Hence, rising number of diabetics due to detection and various lifestyle choices are expected to help the growth of the molecular diagnostics market considerably.

Several challenges are expected to restrain the growth of the molecular diagnostics market in low and middle income countries. Lack of quality professional analysis, poor logistics, and costs remain a significant challenge in emerging markets. However, growing focus on infrastructure development on healthcare in Asia Pacific is a major positive development.

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Polymerase Chain Reaction Technology Remains Popular among Medical Professionals

The popular technology such as polymerase chain reaction is expected to register robust growth in the near future. Increasing funds for forensic analysis, rising number of infectious diseases, and lifestyle diseases such as diabetes are expected to provide a major boost to the market. Additionally, the technology remains extremely popular in the market due to its cost-effectiveness as compared to alternatives such as hybridization, microarray, transcription-mediated amplification, and next-generation sequencing. The rising popularity of polymerase chain reaction and its cost-effectiveness are expected to drive the molecular diagnostics market in the near future.

The global molecular diagnostics market depicts a consolidated landscape, reports Transparency Market Research (TMR). The major three players in the market hold a combined 54.0% share in the market. These three leading companies are F. Hoffmann-La Roche AG, Abbott Laboratories, and Danaher Corporation.

These major players in the market are engaging in innovation-led competition. The main focus of key players is developing molecular diagnostic kits with enriching functionalities for end users. Additionally, large investments in research and development are also helping these companies expand their product portfolio. TMR expects more partnerships and collaborations in the near future as main players in the global molecular diagnostics market continue on their innovative journey.

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Cell Based Assays Market Opportunity Is Expected To Register a 7.5% CAGR Over the Forecast Period Between 2017 and 2022

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According to TMR, the global cell based assays market is projected to reach US$19,710.7 mn by 2022-end from an initial revenue value at US$13,576.7 mn in 2017. The market is expected to expand with a CAGR of 7.7% over the forecast period from 2017 to 2022.

On the basis of product, the reagents and consumables segment dominated the global cell based assays market by accounting 32.1% shares in the overall market in 2017. By end-user, the pharmaceutical and biotechnology segment dominated the overall market and is expected to remain in a leading position over the forecast period. Based on region, North America dominated the global market and expected to be the most lucrative region in the market. The region is estimated to expand by exhibiting a 7.5% CAGR over the forecast period between 2017 and 2022.

Growing Dependency on the Cell Based Assays to Reflect Positively on the Markets’ Growth

Cell based assays market is gaining traction due to the rising prevalence of chronic diseases including cancer, cardiovascular diseases, diabetes, and epilepsy. Additionally, a growing geriatric population, which is more susceptible to these diseases, is also boosting the need for advanced healthcare. This is likely to reflect positively on the adoption of the cell based assays market. Furthermore, the cell based assays are increasingly considered as highly efficient due to drug stability, drug potency, and drug purification. This is leading to a surge in the drug discovery activities and likely to result in fuelling growth of the global cell based assays market.

Additionally, numerous governments are increasingly investing and supporting research and development activities. Also, they are offering to fund the research activities for further improvement in the product. This is causing a positive influence on the growth of the cell based assays market over the forecast period.

Moreover, numerous pharmaceutical and biotechnology companies are relying on the cell-based assays for their possibilities of revolutionizing treatments for diseases such as cancer and cardiovascular diseases. This factor is likely to be the key factor driving growth of the cell assays market.

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High Cost of Instruments to Limit Growth of Cell Based Assays Market

Despite these factors, the market is facing some challenges such as the high cost of instruments and restrictions over the use of several reagents is restraining growth of the global cell based assays market. Nonetheless, an emergence of the novel technologies in healthcare and medicine is expected to drive growth of the market over the forecast period. Additionally, rising adoption of cell based assays for screening diseases is likely to offer lucrative opportunities for growth of the cell based assays market. Furthermore, the newer branches of biosciences including synthetic biology are offering potential opportunities for growth of the market.

Transparency Market Research (TMR) estimates that the global cell based assays market has an extremely fragmented vendor landscape. Key players such as GE Healthcare Inc., Charles River Laboratories, Danaher Corporation, Lonza Group Ltd., and Dickinson and Company are some of the players operating in the global cell based assays market. The fragmentation is expected to remain the same over the forecast period due to a growing number of biotech and pharmaceuticals companies entering into the market.

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