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
The Thailand In-Vitro Diagnostics Market size was valued at USD 1.03 billion in 2023, and is predicted to reach USD 1.63 billion by 2030, at a CAGR of 6.3% 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. These 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, in-vitro 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.
The prevalence of non-communicable diseases significantly drives the growth of the in-vitro diagnostics market in Thailand. According to World Health Organization, four non-communicable diseases - cancer, cardiovascular diseases, diabetes, and chronic obstructive pulmonary disease, lead to approximately 400,000 fatalities each year and account for 74% of all deaths in Thailand. With non-communicable diseases becoming increasingly prevalent in the country, there is a growing demand for advanced diagnostic technologies to facilitate early detection, monitoring, and management of these conditions. By adopting IVD solutions, healthcare providers can improve patient outcomes, optimize treatment strategies, and mitigate the burden of non-communicable diseases on the healthcare system.
The growth in aging population in Thailand boosts the demand for advanced diagnostics solutions such as in-vitro diagnostics. According to International Trade Administration, Thailand is experiencing rapid population aging and ranks as the second most aged society in ASEAN, following Singapore. Presently, 20% of Thais are aged over 60 years, and it is projected that by 2030, approximately one-third of the Thai population will fall into this age group. As Thailand's population ages, there's a growing need for early detection and accurate diagnosis of age-related health conditions.
This demand is met by advanced diagnostic technologies such as in-vitro diagnostics, which offer precise testing and personalized treatment options. Integrating IVD into Thailand's healthcare system is vital for improving healthcare services, patient care, and fostering innovation in the overall healthcare landscape.
High costs associated with research, development, and regulatory approval are significant factors restraining the 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.
Point-of-care testing (POCT) is poised to be a significant driver of growth in the in-vitro diagnostics (IVD) market 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.
The promising players operating in the Thailand 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.
Reagents
Instruments
Software & Services
Immunodiagnostics
Enzyme-Linked Immunosorbent Assay (ELISA)
Rapid Tests
Chemiluminescence Immunoassay (CLIA)
Enzyme-linked Immunosorbent spot (ELISpot)
Radioimmunoassay (RIA)
Western Blot
Hematology
Molecular Diagnostics
PCR
INAAT
Hybridization
DNA diagnostics
Microarray
Other Molecular Diagnostics
Tissue Diagnostics
Clinical Chemistry
Basic Metabolic Panel
Liver Panel
Renal Profile
Lipid Profile
Thyroid Function Panel
Electrolyte Panel
Speciality Chemicals
Other IVD Techniques
Infectious Diseases
Cancer
Cardiac Diseases
Immune System Disorders
Nephrological Diseases
Gastrointestinal Diseases
Others
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 1.03 billion |
Revenue Forecast in 2030 |
USD 1.63 billion |
Value Growth Rate |
CAGR of 6.3% 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. |
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.