Taiwan In-Vitro Diagnostics Market by Type (Reagents, Instruments, and Software & Services), by Technique (Immunodiagnostics, Hematology, Molecular Diagnostics, Tissue Diagnostics, Clinical Chemistry, and Other IVD Techniques), by Application (Infectious Diseases, Cancer, Cardiac Diseases, Immune System Disorders, Nephrological Diseases, Gastrointestinal Diseases, and Others), and by End User (Stand Alone, Laboratory, Hospitals, Academics and Medical Schools, Point of Care Testing, and Other End Users) – Opportunity Analysis and Industry Forecast, 2024–2030
Industry: Healthcare | Publish Date: 08-Jul-2024 | No of Pages: 139 | No. of Tables: 104 | No. of Figures: 69 | Format: PDF | Report Code : N/A
Taiwan In-Vitro Diagnostics Market Overview
The Taiwan In-Vitro Diagnostics Market size was valued at USD 0.77 billion in 2023, and is predicted to reach USD 1.39 billion by 2030, at a CAGR of 8.4% from 2024 to 2030. In-vitro diagnostics (IVD) refers to a wide range of medical tests conducted on samples of bodily fluids, tissues, or cells outside of the body to diagnose diseases, monitor therapy, and assess overall health conditions.
IVD tests are performed in laboratory settings using various techniques and technologies, including immunoassays, molecular diagnostics, clinical chemistry, hematology, and microbiology. These tests enable early detection of diseases, allowing for timely intervention and treatment initiation. By providing rapid and accurate results, IVD tests facilitate personalized medicine, guiding tailored treatment approaches based on individual patient characteristics.
Also, immunodiagnostic experiments provide valuable insights into biological systems, enabling scientists and researchers to make significant contributions to fields such as medicine, biotechnology, and pharmacology. They serve as essential tools for understanding fundamental biological processes and developing innovative solutions to address health challenges.
Increased Geriatric Population Rates Drive the Market Growth
The significant rise in the geriatric’s population drives the growth of the in-vitro diagnostics market in the country. According to East Asia Forum, the proportion of Taiwan's population aged above 65 has surged from 2.5 percent in the 1950s to 17.56 percent in 2021.
Projections by the National Development Council suggest that Taiwan will emerge as one of the world's oldest nations by 2060, with the elderly population comprising an estimated 41.4 percent of the total population. With a significant portion of the population entering older age, there is a heightened demand for diagnostic technologies to address age-related health issues and diseases. In particular, the prevalence of chronic conditions and age-related illnesses among the elderly population necessitates frequent monitoring, early detection, and personalized treatment approaches, all of which are facilitated by IVD solutions.
Rising Prevalence of Diabetes Boosts the Market Demand in Taiwan
The escalation in the prevalence of diabetes significantly drives the Taiwan in-vitro diagnostics market demand. International Diabetes Federation reported that, between 2011 and 2045, the number of individuals diagnosed with diabetes in Taiwan is to rise significantly. In 2011, there were approximately 1,664 thousand people with diabetes, and this number is projected to rise substantially by 2045, reaching an estimated 3,030 thousand individuals. As the diabetic population continues to grow, there is an increasing demand for precise and efficient diagnostic methods such as IVD to monitor blood glucose levels, detect complications, and tailor treatment plans effectively.
High Research, Development, and Regulatory Approval Costs Hinder the Market Growth
High costs associated with research, development, and regulatory approval are significant factors restraining the Taiwan IVD market growth. Operating within this sector necessitates significant financial investment for companies to navigate the complex landscape of research and development.
This investment often encompasses extensive clinical trials, laboratory testing, and product refinement to guarantee accuracy and reliability. Additionally, obtaining regulatory approvals from agencies such as the FDA requires strict adherence to stringent standards, further compounding the financial burden. This financial constraint can discourage potential adopters from market expansion.
Introduction of Point-of-Care Testing Solutions in IVD Creates Market Opportunity
Point-of-care testing (POCT) is poised to be a significant driver of the Taiwan in-vitro diagnostics market expansion in the forthcoming years. POCT serves as a valuable complement to laboratory testing, especially in situations where immediate results are crucial, such as emergency departments, ambulances, and remote healthcare settings.
With POCT technologies offering rapid tests for infectious diseases, cardiac markers, glucose monitoring, pregnancy testing, and more, healthcare providers can quickly assess patients' conditions and make timely treatment decisions. By integrating POCT with traditional IVD, healthcare providers can enhance their diagnostic capabilities, delivering more efficient and patient-centered care. This integration streamlines workflows, allowing for faster diagnosis and treatment initiation, ultimately leading to improved patient outcomes.
Competitive Landscape
The promising players operating in the Taiwan in-vitro diagnostics industry include Roche Holding AG, Abbott Laboratories, Thermo Fisher Scientific Inc, Danaher Corporation, Becton, Dickinson and Company, Siemens Healthineers AG, bioMérieux SA, Sysmex Corporation, QIAGEN N.V., and Bio-Rad Laboratories, Inc., and others.
Taiwan In-Vitro Diagnostics Market Key Segments
By Type
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Reagents
-
Instruments
-
Software & Services
By Technique
-
Immunodiagnostics
-
Enzyme-Linked Immunosorbent Assay (ELISA)
-
Rapid Tests
-
Chemiluminescence Immunoassay (CLIA)
-
Enzyme-linked Immunosorbent spot (ELISpot)
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Radioimmunoassay (RIA)
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Western Blot
-
-
Hematology
-
Molecular Diagnostics
-
PCR
-
INAAT
-
Hybridization
-
DNA diagnostics
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Microarray
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Other Molecular Diagnostics
-
-
Tissue Diagnostics
-
Clinical Chemistry
-
Basic Metabolic Panel
-
Liver Panel
-
Renal Profile
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Lipid Profile
-
Thyroid Function Panel
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Electrolyte Panel
-
Speciality Chemicals
-
-
Other IVD Techniques
By Application
-
Infectious Diseases
-
Cancer
-
Cardiac Diseases
-
Immune System Disorders
-
Nephrological Diseases
-
Gastrointestinal Diseases
-
Others
By End User
-
Stand Alone Laboratory
-
Hospitals
-
Academics and Medical Schools
-
Point of Care Testing
-
Other End Users
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size Value in 2023 |
USD 0.77 billion |
|
Revenue Forecast in 2030 |
USD 1.39 billion |
|
Value Growth Rate |
CAGR of 8.4% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Billion (USD) |
|
Growth Factors |
|
|
Companies Profiled |
10 |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
KEY PLAYERS
-
Roche Holding AG
-
Abbott Laboratories
-
Thermo Fisher Scientific Inc.
-
Danaher Corporation
-
Becton, Dickinson and Company
-
Siemens Healthineers AG
-
bioMérieux SA
-
Sysmex Corporation
-
QIAGEN N.V.
-
Bio-Rad Laboratories, Inc.
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