Indonesia In Vitro Diagnostics Market Worth $1.11 Billion by 2029

Meticulous Research®-leading global market research company published a research report titled, 'Indonesia IVD Market by Product (Kits, Instruments, Software), Technology (Immunoassay, Hematology, Coagulation, Diabetes, Molecular), Application (Infectious Diseases, Cardiology, Oncology), and End User (Hospital, Diagnostic Lab, Home Care) - Forecast to 2029.'

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According to this latest publication from Meticulous Research®, the Indonesia IVD market is expected to reach $1.11 million by 2029, at a CAGR of 10.6% from 2022 to 2029. The growth of the Indonesia IVD market is mainly attributed to the high prevalence of infectious and chronic diseases and the growing awareness regarding early disease diagnosis. Furthermore, Indonesia's rising health spending and growing scope for foreign investments are expected to create growth opportunities for the players operating in this market. However, the shortage of healthcare professionals and the high prices of advanced IVD products are major challenges for market growth.

The Indonesia IVD Market is segmented based on Product (Reagent, Assays, and Kits, Instruments/Analyzers, and Software & Services), Technology (Immunoassay, Clinical Chemistry, Diabetes/Glucose Monitoring, Molecular Diagnostics, Hematology, Coagulation & Hemostasis, Urinalysis, Electrolyte Analysis, Other Technologies), Application (Infectious Diseases, Diabetes, Oncology, Cardiology, Other Applications), and End User (Hospital Laboratories, Clinical Laboratories, Home Care/Self-testing, Other End Users). The study also evaluates industry competitors in Indonesia.

Based on product, in 2022, the reagents, assays, and kits segment is expected to account for the largest share of the Indonesia IVD market. The key factors attributed to this segment's large market share are the high adoption of point-of-care tests, the high prevalence of chronic & infectious diseases, and the growing number of new disease-specific kits. The rising incidence rate of various chronic and infectious diseases is the main factor driving the adoption of IVD reagents, assays, and kits. According to the World Bank, in Indonesia, the number of deaths due to NCDs witnessed an increase from 69% in 2010 to 76% of total deaths in 2019.

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Based on technology, the immunoassay segment is expected to account for the largest share of this market in 2022. Factors contributing to the large market share of this segment include the higher preference for immunodiagnostic tests by practitioners due to their high accuracy, inherent specificity, high throughput, high sensitivity, and the emergence of advanced diagnostic immunoassay formats. Furthermore, during the COVID-19 pandemic, rapid testing for the virus was widely adopted by people as well as healthcare professionals. The launch of rapid diagnostic kits for COVID-19 testing, support from organizations such as the WHO, and marketing & sales initiatives by private players increased the adoption of immunodiagnostic kits in the country.

Based on application, in 2022, the infectious diseases segment is expected to account for the largest share of the market. The large market share of this segment can be attributed to the high prevalence of infectious diseases. For instance, According to WHO, the incidence of tuberculosis (per 100000 people) in Indonesia was reported at 301 in 2020. Furthermore, according to the Indonesian Ministry of Health, in 2020, 95,971 cases of dengue fever and 663 corresponding deaths were reported in Indonesia.

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Based on end user, the Indonesia IVD market is segmented into hospital laboratories, clinical laboratories, home care/self-testing, and other end users. In 2022, the hospital laboratories segment is expected to account for the largest share of the Indonesia IVD market. The large market share of this segment is attributed to the large capacity of hospitals, high healthcare spending, and the implementation of universal insurance coverage in the country. Hospital capacity in the country continues to increase. For instance, the number of hospital beds increased from 1.04 beds per 1,000 people in 2017 to 1.2 beds per 1,000 people in 2020. Furthermore, a significant increase in health spending after the COVID-19 outbreak was reported for diagnostics, testing & tracing, health equipment, COVID-19 hospital treatment, and financial incentive for healthcare workers.

This research report also analyzes and provides a comprehensive analysis of major distributors of IVD products in Indonesia.

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Key Players

The key players operating in the Indonesia IVD market are F. Hoffman-La Roche Ltd (Switzerland), Thermo Fisher Scientific Inc. (U.S.), Abbott Laboratories (U.S.), Danaher Corporation (U.S.), Becton, Dickinson and Company (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Agilent Technologies, Inc. (U.S.), PerkinElmer, Inc. (U.S.), Qiagen N.V. (Netherlands), Siemens Healthineers AG (Germany), and Sysmex Corporation (Japan).

Key questions answered in the report-

Which are the high-growth market segments in terms of product, technology, application, and end user?
What was the historical market for Indonesia IVD Market?
What are the market forecasts and estimates for the period 2022-2029?
What are the major drivers, restraints, challenges, and opportunities of the Indonesia IVD market?
Who are the major players in the Indonesia IVD market?
How is the competitive landscape, and who are the market leaders in the Indonesia IVD market?
What are the recent developments in the Indonesia IVD market?
What are the different strategies adopted by the major players in the Indonesia IVD market?
Who are the distributors for IVD products in Indonesia?

TOP 10 COMPANIES IN INDONESIA IN VITRO DIAGNOSTICS MARKET @ https://meticulousblog.org/top-10-companies-in-indonesia-in-vitro-diagnostics-market/

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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

This release was published on openPR.