According to the research report titled ‘Asia Pacific In-vitro Diagnostics Market Size by Product Type, Technology, Application, End-User, Industry Analysis Report, Country Outlook, Application Potential, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report, Asia-Pacific in-vitro diagnostics market is slated to surpass USD 18.5 billion by the year 2024.
 

Growing elderly population in countries such as Japan, China, and India in tandem with increased pervasiveness of microsporidia infection are prime factors fostering the demand for in-vitro diagnostics in Asia-Pacific. Shifting preference towards advanced in-vitro diagnostic devices is also driving the market growth. However, integration of advanced technology with diagnostic devices makes the in-vitro diagnostic procedures dearer, which in turn is restraining the market outlook.
 

As per product type, the report states that reagents & kits segment is presumed to expand with a CAGR of 6.9% during 2018-2024, primarily due to growing demand for these products for diagnosis of bacterial, fungal, and viral diseases.
 

By service type, data management software segment was worth USD 1.7 billion in 2017 and is expected to register continuous growth during the forecast period. The software helps in analyzing the gene sequencing during diagnosis which is derived from diffraction techniques and quantification analysis.
 

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In terms of technology, the report cites that the urinalysis segment will witness a growth rate of 6.1% between the year 2018 and 2024. High occurrence of kidney disorders has impelled the demand for such technology. Additionally, rising elderly population which is susceptible to defective metabolism rates are favoring the market outlook.
 

Based on the application spectrum, diabetes segment was worth USD 1.7 billion in 2017 and is poised to acquire notable gains in the subsequent years. Increasing cases of diabetes and growing population of baby boomers are promoting the business scenario in Asia-Pacific.
 

Citing the end-user landscape, point-of-care segment held 23.7% revenue share of APAC in-vitro diagnostics market in 2017 and is predicted to grow considerably during the projected timeframe.
 

Geographically, the report states that in-vitro diagnostics industry in India was worth USD 2 billion in 2017 and will register momentous growth during the forecast period. Increasing number of baby boomers who are prone to cancer and diabetes, alongside the rising preference for point-of-care diagnostics is augmenting the regional share.
 

The prominent companies of Asia-Pacific in-vitro diagnostics industry are Qiagen, Thermo Fisher, Sorin, Siemens, Roche Diagnostics, Luminex, Johnson & Johnson, Grifols, Danaher, Cepheid, BioMerieux, BioRad, Becton Dickinson, and Abbott.