China IVD market is growing due to Innovation in Molecular Biological Technologies
As per Renub Research analysis China IVD market is predicted to grow with a double digit CAGR of 19.01% in future. China IVD market is forecasted to be three times from the present market. In vitro diagnostics are playing a gradually more vital role in the provision of healthcare. About 80% of the information that physicians use to make medical decisions is produced by diagnostics and clinical laboratories.
IVDs are largely used in testing, which comprises of Infectious Diseases, Diabetes, Oncology, Cardiology, Autoimmune Diseases, Nephrology, Drug testing, HIV/AIDS and others. The Largest share of IVD products is Infectious Diseases followed by Oncology, which is the fastest growing segment mainly in the prevalence of cancer. IVD market emphasizes on Hospitals, Laboratories, Academics, the point of care testing and others are end users.
China has a vivacious market with more than 13 local manufacturers that have supplied the market with approximately 8,000 instruments and the reagents they need. These systems are semi-automated as well as automated.
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China’s molecular diagnostics market is getting bigger because of the huge volume of PCR testing. Infectious diseases have done in China using locally formed kits. About the 3/4th of the China’s molecular market which trades at prices that no overseas IVD company is willing to match. That is why; the overseas companies are mainly selling instruments in China. Though, rising disease; oncology will start to give overseas companies a greater existence in the molecular reagent market as there is no considerable local competition in the market.
Segmentation of China’s IVD Market
China IVD market is segmented based on Products, Usability, and Technology. On the basis of the Products of IVD markets are segmented into- Instrument, Data Management System, Reagents. The Usability is segmented into disposable and reusable IVD Devices in contrast Technology. IVD market is segmented into Clinical chemistry, Immunoassays, Hematology, Coagulation, Hematology, Microbiology, Molecular Diagnostics and Point of care Diagnostics.
China’s IVD Market Share
China’s in vitro diagnostics products segment are highly in demands, Instruments holds the highest Market share while the Reagents market is also growing at a great pace. According to the Report, the Reusable IVD devices are on high demands and holds largest revenue share in IVD Usability market. To avoid infection the Doctors and Clinicians prefer disposable devices. Immunoassays hold the largest market share in Technology IVD market followed by Molecular Diagnostics and Clinical Chemistry.
Clinical Laboratories in China where IVD Testing is Performed
Clinical laboratories in China are expected to be around 20,000. Nearly all of these labs have automated devices due to technological advancement in China. Adding around 500 per year new hospitals in the country and various other healthcare facilities like clinics in rural and urban areas as well as in small towns and the Chinese Center for Disease Control labs are also doing IVD testing. Now in China there were numerous Private labs which are becoming more important in the market.
Though, earlier there were no small private labs in China, newly private companies are coming forward to set up their own labs around the country. Major four groups which are building national laboratory chains in China was Kingmed (Guangzhou, China), Adicon (Hangzhou, China), Da An (Guangzhou, China), Lawke (Beijing).
Growth Factors for China In-Vitro Diagnostics Market
- With the Government support to regulate laboratory testing
- Rising number of independent testing laboratories as well as private hospitals
- Advancement in Technology
- Growing population
- Fast Growth in the chronic diseases
Challenges of China IVD Market
- Price concern
- Severe regulatory structure
- Improper reimbursement policies
- Lack of proficiency in technological advancement
Key Players in the Market
The key players in China in Vitro Diagnostic Market were Roche Diagnostic, Abbott and Siemens Healthineers. The other companies in China who deals in IVD market are Atlas Link Biotech, Autobio Diagnostics, Bioneovan, Bioptik Technology, Bio — Rad Laboratories, Boson Biotech, C & G Biotech, Cepheid, Changchum Wancheng Bio elect, Changsha City Empower Electronics & Science, Chongqing Haray International Business, Cusabio Biotech, Yuan Yu Bio — Tech, Wuhan HNC Technology.