London, 28 May 2015: Technavio, the independent tech-focused global research firm, has published a report on the IVD market in China 2015-2019, which is expected to grow at a CAGR of 13.47% during the forecast period of 2014-2019.
The in vitro diagnostics (IVD) market in China is expected to experience rapid growth as vendors nowadays are developing advanced multiplexed assays that reduce the window period of tests and the chances of false test results. Increased incidence of infectious diseases and changing lifestyle also increase the demand for IVD products among the Chinese people. Many patients are now opting for self-testing kits for blood glucose, pregnancy, and sexually transmitted disease (STD) tests. These kits can be purchased from over-the-counter (OTC) stores and are less expensive, and help to maintain the people’s quality of life.
“In April, 2009, the government of China implemented new reforms in the healthcare system to provide universal healthcare access and improve affordability of healthcare services to the country’s 1.3 billion people by 2020.,” says Faisal Ghaus, Vice President of Technavio.
“The government increased its investments to improve the healthcare infrastructure and insurance coverage and provide people with easy access to healthcare.”
Key Market Drivers:
- Growing Geriatric Population.
- Increased Expenditure on Healthcare.
- High Incidence of Diabetes and Obesity.
- Advances in Technology.
Key Market Trends:
- Reforms in Healthcare System.
- Growing Popularity of Portable POC Products.
- Ready-to-use Reagents.
- Government Support for Local Manufacturers.
Key Market Vendors:
- Abbott Diagnostics
- bioMérieux SA
- Danaher Corp.
- Roche Diagnostics
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
