DUBLIN, February 24, 2022–(BUSINESS WIRE)–The “China in Vitro Diagnostics Market, Size, Forecast 2022-2027, Industry Trends, Growth, Share, Impact of COVID-19, Company Analysis” report has been added to ResearchAndMarkets.com’s offering.
The Chinese In-vitro diagnostics (IVD) Market is central to the provision of healthcare globally, and is estimated to be US$ 18.9 billion in 2027. Besides, China is the largest clinical laboratory market in Asia and one of the world’s fastest-growing medical realms.
Remarkably, over the past years, the rate of Chinese economic growth has been impressive, setting lucrative growth in GDP per year. In addition, the Chinese IVD landscape has historically been controlled by large international providers, with few domestic instrumentation and assay suppliers. Further, looking for a change, the start-up company sees the evolution of diagnostic platforms and assays presenting rapid detection for a wide range of blood-based markers.
China In-Vitro Diagnostics Industry is expanding with double-digit CAGR of 16.9% during 2021-2027
The Chinese IVDs industry is growing for years and has a significant global research and production base. In China, there is a solid clinical demand for the continuous development of IVD enterprises. However, new diagnostic requirements are constantly emerging, requiring clinical laboratories to carry out further testing projects and IVD enterprises to devise new technologies and products. Further, with the improved living standards of the Chinese people and the aging speed of the Chinese population, the demand for family health management is increasing; this avenue will thus become an important growth point for in vitro diagnostics enterprises.
How Coronavirus Benefited China In-Vitro Diagnostics Market Growth Trends
COVID-19 has further accelerated the growth of In-vitro diagnostics industry in China. As China has maintained the zero COVID policy, so in order to achieve that large number of PCR testing and Rapid Antigen tests needs to be performed. Due to COVID variants like Alpha, Beta, Gamma Delta, Delta Plus, and recently Omnicorn, the PCR test and Rapid Antigen tests will keep on happening in huge numbers. According to the publisher, the China In-Vitro Diagnostics Market Size was US$ 7.4 Billion in 2021.
Molecular Diagnostics Segment Registers Strong Growth
In the report, the market has been categorized into clinical chemistry, Immunoassay, Molecular Diagnostic, Microbiology, Haematology, and Self-Monitoring of Blood Glucose (SMBG), Point of Care Testing (POCT), and Coagulation. In IVD, one of the most valuable advances has been in the form of molecular diagnostic tools. As per the analysis, the polymerase chain reaction is the most conventional forefront of molecular diagnostics.
Besides, the real-time PCR products simultaneously detect viruses, bacteria, fungi, and parasites, allowing molecular laboratories to lower costs and drive better outcomes in molecular diagnostics. Remarkably, molecular diagnostic tests are used to detect specific sequences in DNA or RNA (including single nucleotide polymorphism (SNP), deletions, rearrangements, insertions, and others) that may or may not be associated with any disease.
Key Players in the Chinese IVD Market
Major international IVD companies already have a substantial presence in the Chinese market and represent potential competitive barriers to prospective market entrants. The key players include Roche Diagnostics, Sysmex Corporation, Bio-Rad Laboratories Inc., Shanghai Kehua Bio-Engineering Co. Ltd., Abbott Laboratories, Danaher Corporation, and bioMerieux SA.
The companies enjoy significantly greater financial resources to afford costs associated with product certification, clinical trials, and agent representation. Additionally, these companies can make the acquisitions necessary to establish direct distribution and local manufacturing operations.
Segments Covered
Clinical Chemistry Market
Immunoassay Market
Molecular Diagnostic Market
Microbiology Market
Hematology Market
Self-Monitoring of Blood Glucose (SMBG) Market
Point of Care Testing (POCT) Market
Coagulation Market
Post time: Mar-11-2022