Frost & Sullivan: Multi-disciplinary innovation impacting the Global Therapeutic Diagnostic Market
Among IVD segments, Molecular diagnostics is a prominent one. Molecular diagnostics is an emerging segment in APAC, with companies facing stagnant growth in mature markets, the concept of pharmerging countries is the next landing space for companies. Significant rise in healthcare expenditure, universal coverage, ageing population and willingness to pay among consumers are key aspects for companies to focus on in the APAC region. Another key component of IVD, the Point-of-care testing (POCT) is gaining instant popularity due to the growing need for rapid tests in emergency rooms, operating theatres, recovery rooms, cath labs, and intensive care units. Most companies are strengthening their R&D focus for the development of highly sensitive and reliable platforms to address the overwhelming global needs for IVD diagnostics.
Key trends in the global market include regulatory changes, a shift to data-driven healthcare, unifying technology investments, lab consolidation combined with automation, and internal and external convergence.
Trend 1: Changing Reimbursement Models and Regulations
Government regulations impact IVD market growth, with most nations developing increasingly structured and stringent policies that influence product launches. China and India are among the IVD market hot spots. Regulatory leniency varies by country. Japan has the least lenient regulations;
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