China's in vitro diagnostic market reached a Growth rate of 15% in 2013-2018.
In recent years, the global in vitro diagnostic market has been growing steadily. According to M&M statistics, the global in vitro diagnostic market (including instruments and reagents) has reached US$60.2 billion in 2016. From 2016 to 2021, the annual composite growth rate of the global in vitro diagnostic market will remain around 5.5% and reach US$78.7 billion by the end of 2021. Increasing numbers of chronic diseases, infectious patients, and the development of in vitro diagnostic testing technology are the main factors driving the development of in vitro diagnostic market in the future.
In terms of product segmentation, the global in vitro diagnostic market (including instruments and reagents) is mainly composed of clinical biochemical diagnosis, immunodiagnosis, molecular diagnosis, microbiological detection, hematological detection and other components. M&M statistics show that immune products accounted for about 25% to 27% of the global IVD market in 2016. Because the service life of in vitro diagnostic instruments is generally more than five years, and reagents are disposable consumables, reagents occupy the majority of the total in vitro diagnostic market, diagnostic reagents consumables accounted for 80% of the global IVD market in 2016, instrument products accounted for about 13.9%.
The developed economies represented by North America and the European Union occupy the main share of the in vitro diagnostic market. In 2016, North America became the world's largest external diagnostic market with 42% market share. The European Union ranked second, accounting for 33.1%. The Asia Pacific region ranked third in 18.2%. However, as developed countries have entered a relatively stable mature stage, their growth has shown a slowing trend, such as the North American market is expected to grow at about 4.9% a year in the future.As an emerging industry in developing countries, in vitro diagnosis shows a small base and a high growth rate. It is expected that the growth rate of emerging markets, such as China and India, will remain around 10-15%, and the annual compound growth rate of China's in vitro diagnosis market will reach 15% in 2013-2018. In the future, China has a huge population base and rapid growth. However, in the "China in vitro diagnosis Industry Report 2013" published recently by the Medical Laboratory Industry Branch of the Chinese Health Industry Enterprise Management Association, the market for in vitro diagnosis in China will continue to grow at about 20% in the coming years. In the future, China will become one of the most promising regions in vitro diagnostic industry under the background of huge population base and rapid economic growth.
Data sources:M&M :《IVD Market Forcast to 2021》