Structural & Fiscal Changes Transforms the Asia-Pacific In Vitro Diagnostics Market

At present the medical technology sector in the Asia –Pacific region is expected to grow with in vitro diagnostics (or IVD) occupying a major market share. Their uses in screening, staging, diagnosis as well as disease management would increase rapidly. Some of finest examples include the selection as well as dosing of companion diagnostics. The influence and need across Asia in all these fields are growing fast, providing opportunities for many local and international IVD companies. Asia’s capability is robust with growing with several companies spanning advanced platform providers, supply chain technologies, kits and products. Research analysts at Allied Market Research monitoring the trends, share and size and growth rate in the Asia-Pacific in vitro diagnostics market says  that a robust research and development base and progress in the genomics sequencing coupled with digital health pathology is constantly creating an advanced technologies for export in the Asia –Pacific region. 

Fiscal Changes Adds Freshness to the Asia-Pacific In Vitro Diagnostics Market

Asian countries such as India is witnessing a need for changes in both structural as well as fiscal, when is comes to the make in India policy. The country believes that changes in policy in important to empower the growing medical equipment and IVD sector to compete with the well –funded multinational corporations operating in India. Today, Indian market is billion of dollars. The amendments made in duty structure are definitely a bold move but it still has to address the issues encountered by the IVD sector in the country. Although the duty structure for the sector supports the import if in vitro diagnostics reagents, it still has to introduce a policy that support local manufacturing.

Asia-Pacific In Vitro Diagnostics Market are Seen Introducing New Products 

Many medical devices companies especially of Asia –Pacific origin with an advanced manufacturing unit in the pipeline are inaugurating their IVD factory. In a recent incident Trivitron Group shot of fame for introducing to the world its Labsystems Diagnostics in vitro diagnostics unit. Commenting on the progress Dr. GSK Velu, the founder and managing director, at the company said  “We are extremely fortunate to have with us Narendra Modi and Jura Sipila to declare open our new state of the art manufacturing facility built with finnish IVD technology from Labsystems OY Finland. “ He further explained “Medical Devices industry is one of the biggest beneficiary of our prime minster's Make in India initiative with several new initiatives being taken by government of India to bring this industry out of over 85 per cent dependence on imports.” 

Monitoring the advancements, Allied Market Research has published a report titled “Asia-Pacific In Vitro Diagnostics - Market Opportunities and Forecasts, 2015 – 2022”.The study assess the growth rate , major trends and share and size of the industry . Researches use both qualitative and quantitative techniques to assess the sector based on type, techniques, application and country. Key market players covered in the report are Abbott Laboratories Inc., Trans Asia BioMedicals Ltd. and Bio-Rad Laboratories among others. 

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