Press release
Meticulous Research® Presents Exclusive Report: South East Asia IVD Market Poised to Surpass $4.11 Billion by 2030
In vitro diagnostics play a pivotal role in disease identification, prognosis, and treatment monitoring, employing various technologies such as molecular diagnostics, immunoassay, immunochemistry, clinical chemistry, urinalysis, and whole blood glucose monitoring. These technologies aid in diagnosing infectious diseases, chronic ailments, including cancer, cardiovascular disorders, and autoimmune conditions.
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The adoption of in vitro diagnostics is paramount, facilitated by diagnostic laboratories, hospitals, clinics, and home settings. The market's growth is propelled by the prevalence of infectious diseases, the burden of chronic ailments, and the region's healthcare industry's concerted efforts to fortify its infrastructure. Moreover, the escalating awareness concerning early disease detection and the burgeoning medical tourism sector present promising growth prospects for market stakeholders.
Medical Tourism Surge Fuels Opportunities in South East Asia IVD Market
In recent years, South East Asia has witnessed a surge in medical tourism, attracting a significant influx of international patients seeking quality healthcare services at competitive prices. This phenomenon creates opportunities for players in the IVD market, as the demand for precise and reliable diagnostic testing intensifies. With medical tourism expanding, the importance of the IVD sector in supporting the region's healthcare landscape amplifies. Additionally, the region's comparatively lower medical service costs allure patients from Western nations, where healthcare expenses are substantially higher.
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Accurate and timely diagnosis is imperative for medical tourists seeking treatment abroad. In vitro diagnostic tests, ranging from routine blood tests to advanced molecular diagnostics, play a pivotal role in enabling healthcare professionals to make informed medical decisions, thereby improving patient outcomes and fueling the demand for IVD products in the region.
The key players highlighted in this market study include Abbott Laboratories (U.S.), bioMérieux SA (France), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), PerkinElmer, Inc. (U.S.), QIAGEN N.V. (Netherlands), Siemens Healthineers AG (Germany), Thermo Fisher Scientific Inc. (U.S.), and Sysmex Corporation. (U.S.). The report meticulously evaluates the product portfolios, geographic presence, and key strategic developments of these leading market participants over recent years.
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Segment Analysis: Unveiling Market Dynamics
Offering Segmentation: The reagents & kits segment is anticipated to lead the market in 2023, owing to their recurrent use, prevalence of infectious and chronic diseases, and availability for various diseases.
Technology Segmentation: Molecular diagnostics is poised to witness the highest CAGR during the forecast period, driven by the rising demand for accurate infectious disease testing in a region susceptible to emerging infectious diseases and chronic illnesses.
Application Segmentation: The infectious disease segment is expected to dominate in 2023, reflecting the surge in new cases and emerging infectious diseases, compelling organizations like the WHO to actively monitor and implement awareness-raising initiatives.
Diagnostic Approach Segmentation: Lab testing is projected to command the largest market share in 2023, attributed to hospitals' preference for diagnostic labs and their capacity to process large samples efficiently.
End User Segmentation: Diagnostic laboratories are estimated to hold the largest share in 2023, owing to the region's high burden of chronic and infectious diseases and the growing preference for diagnostic laboratories.
Indonesia is forecasted to lead the South East Asia IVD market in 2023, driven by the high prevalence of infectious and chronic diseases, coupled with increasing awareness regarding early disease diagnosis.
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