The China in-vitro diagnostics market is likely to witness substantial growth in forthcoming years. In-vitro diagnostics are medical devices and accessories used to perform diagnostic tests on various samples, such as urine, tissue, and blood, taken from human body. IVDs provide healthcare professionals with essential information related to pathological or physiological state and congenital abnormality, and help to determine safety and compatibility with potential recipients. In addition, IVDs are used to monitor therapeutic procedures related to cancer and other chronic diseases.
Increasing chronic conditions, such as cardiovascular disorders, diabetes, and cancer, among geriatric population have resulted in growing need for regular diagnosis and monitoring. Growing usage of technology advanced IVD products in hospitals and clinics to perform diagnostics tests is projected to drive the market in coming years. In addition, rapid growth of middle class population and rising purchasing power have resulted in increased investments by consumers in advanced healthcare services. Moreover, favorable initiatives by government to encourage hospitals offering online services can boost the market growth. These online services allow patients to make appointments, consult with doctors, and receive test results online. Rising health awareness among masses, demand for tests in rural areas, and transformation of medical models are other key driving factors in the market.
Lack of expertise in advanced technology among local manufacturing companies can hamper the market growth in coming years. In addition, variation in reimbursement policies in different parts of China is anticipated to emerge as a key challenge in the market. Stringent regulations and policies related to medical devices are also likely to restrain growth in future.
Continuous technological advancements are likely to present lucrative growth opportunities for the market. Pregnancy and glucose tests can be performed easily at home using test sticks and glucometer device respectively. In addition, collaborations between various companies in order to develop advanced products are expected to open up new avenues for the market growth. For instance, Genomic Health Inc., a leading company in genetic research, and Biocartis Group NV, a molecular diagnostics company, recently announced their collaboration. They developed an IVD version of Oncotype DX Genomic Prostate Score (GPS) test and additional cancer tests that can be performed in hospitals across the world.
The market can be segregated on the basis of product, technology, application, end-use, and diagnostics. Software, reagents, and instruments are the varied products available in the market. Leading applications might include diabetes, cancer, nephrology, cardiology, autoimmune diseases, drug testing, and infectious disease. Some of the widely used technologies in the market are hematology, immunology, clinical chemistry, coagulation, molecular diagnostics, and microbiology. Major end-use industries include laboratory, homecare, and hospital.
Supportive initiatives by the Chinese government to encourage indirect and direct investments in IVD processing facilities and laboratories is expected to augment the market growth. In addition, increasing number of manufacturing companies offering advanced IVD instruments and reagents is likely to drive the market in future. These products are widely used to perform diagnostic tests for infectious diseases, diabetes, cardiac markers, thyroid disorders, and pregnancy. Owing to rising cases of diabetes and cancer, local physicians are compelled to recommend IVD tests. Moreover, China’s Ministry of Human Resources (MOH) is expected to shift its focus towards preventive care in order to reduce expenses. Increasing investments by foreign medical companies particularly in oncology and diabetes sector can further foster the market growth. For instance, Ningbo My-BioMed Biotechnology Co. Ltd (MBM) in collaboration with Oxford Cancer Biomarkers Ltd (OCB), launched ColoProg, the first precision oncology technology in Greater China.
Some of the leading companies operating in the China in-vitro diagnostics market are Autobio Diagnosis, Macurra Biotechnology, Da An Gene, Runda Medical, and Getein Biotech.
Research Support Specialist, USA