There has not been a year in the last decade in which the IVD market in China has failed to grow. With a gross domestic product of over $1.4 trillion, China surpassed Italy last year to become the world’s sixth largest economy, according to the International Monetary Fund. This country of 1.3 billion people is now America’s sixth largest export market, and China’s economy, which has been growing at an average rate of 8% over the last 20 years, grew over 9% last year.
Combined with this impressive overall growth, a number of recent events and trends in the Chinese healthcare environment are making China an increasingly attractive market opportunity for in vitro diagnostics companies. China’s accession to the World Trade Organization (WTO) has made doing business in China much easier for diagnostic companies by reducing tariffs and opening the door for foreign firms to control their own distribution. The increasing numbers of private laboratories and expanded reference laboratories are expanding the market for tests of all kinds.
Although there are a number of challenges for diagnostic manufacturers to understand and overcome, the market for clinical diagnostics in China (both reagents and instruments) remains one of the most promising emerging markets in the world.
The report covers seven market segments:
- Critical Care Chemistry
- Molecular Testing
- Routine Chemistry
- Urine Chemistry
For each segment, the report provides key market data such as market size, number of labs and their workload, level of automation, and market share for both instrument and reagent competitors, foreign and domestic.
Perhaps the most valuable part of the report, however, is the extensive listing of market participants. The report profiles:
- 24 international manufacturers active in China, their local contacts and distributors, and discussing their position in the Chinese IVD market
- 88 domestic manufacturers, their contact information, specialties, and products
- 57 local distributors, their contact information and companies represented (and a distributors cross-reference allows the reader to easily look up who is distributing for whom)
This report, produced jointly with the firm McEvoy & Farmer, is the product of years of on-the-ground research in China. Although the focus is on what is happening now, the report provides historical background from McEvoy & Farmer’s 10 years of studying IVD markets in Asia and particularly China.