ASEAN and North Asian Point of Care/Rapid Diagnostics Market

[224 Pages Report] The ASEAN and North Asian Point of Care/Rapid Diagnostics market size is expected to grow from an estimated USD 2.0 billion in 2021 to USD 3.9 billion by 2026, at a CAGR of 13.0%. The growing demand for accurate and early diagnostic methodologies, modernization and expansion of healthcare infrastructure and significant disease prevalence are the major factors that are expected to drive the growth of the ASEAN and North Asian Point of Care/Rapid Diagnostics market during the forecast period. However, dearth of skilled healthcare providers and the high out-of-pocket healthcare expenditure are the key factors hindering the growth of this market.

To know about the assumptions considered for the study, Request for Free Sample Report

COVID-19 Impact on the Global ASEAN and North Asian Point of Care/Rapid Diagnostics market

The current global COVID-19 pandemic has significantly impacted markets across multiple sectors and industries such as healthcare, oil & petroleum, aeronautics & defense, and food & beverage. Majority of these industries are experiencing a period of uncertainty in terms of global economic conditions, the regional impact of the pandemic on businesses, government laws and preventive regulations, demand from end users, and challenges faced in the supply chain and logistics. As a result, key businesses and market players are forced to shift focus from long-term growth strategies to short-term sustainability tactics that have led to changes in business operations such as manufacturing, supplying, and consumer communication in certain sectors of the global economy. The healthcare sector is at the epicenter of this global pandemic challenge and is expected to have major long-term consequences. This is expected to compel countries and key market players to undergo crucial healthcare reforms once the crisis is eventually under control or has faded. The private healthcare sector is facing twice the burden—investing additional manpower, equipment, consumables, and other resources to ensure 100% preparedness for safety in hospitals and the eventual treatment of patients alongside the sharp drop in out-patient footfall, elective surgeries, and international patients. Moreover, hospitals are affected by this pandemic as a clear lack in the number of healthcare professionals is being experienced in developed as well as developing countries. Various regional governments imposed stringent mitigation measures due to the COVID-19 pandemic during 2020-21, including travel restrictions, lockdown measures, and deprioritization of non-essential medical services. Additionally, supply chain disruptions, due to lockdowns and quarantine measures, resulted in the limited availability of raw materials and essential healthcare products in target countries, including merchandise trade.

ASEAN and North Asian Point of Care/Rapid Diagnostics Market Dynamics

Driver: Evolving patient preferences and rapid modernization of healthcare services are poised to augment the PoC diagnostics market growth in target countries during next decade

Rapid rates of urbanization and development within the ASEAN and North Asian countries have boosted the overall healthcare environment. Moreover, approximately half of the SEA population lives in urban areas. The ASEAN region is expected to surpass the EU as the world’s second-largest med-tech market (after the US), and most customers will lie beyond the premium segment. Universal insurance schemes are covering more and more people, which will lead to favorable conditions for growth. In addition, ASEAN and North Asian point of care diagnostics are being adopted due to the growing demand for accurate and early diagnostic methodologies.

Restraints: Dearth of skilled workforce and significant out-of-pocket healthcare expenditure across target countries are dampening the optimal market growth for PoC diagnostics products

High out-of-pocket expenditure could be attributed to the tendency of patients to not follow pathways covered by insurance and self-refer to higher-level hospitals for care. According to the WHO, ~65 million people are pushed into poverty because of health expenditure mainly because of direct out-of-pocket expenditures, which adds to the already high incidence of poverty in Southeast Asia. Indonesia, Vietnam, and the Philippines are implementing universal health coverage plans, but out-of-pocket spending remains high due to low reimbursement for over-the-counter and patented drugs and inadequate insurance coverage of services. Southeast Asia faces challenges such as shortages, unequal distribution, retention, adapting health workers’ education to fit rapidly changing needs, and improving health worker performance. They are a major factor restraining the growth of the ASEAN and North Asian Point of Care/Rapid Diagnostics market in the coming years.

Opportunities: Growth potential offered by emerging markets

Workflow automation and decentralization of diagnostic services offer significant revenue growth opportunities for PoC diagnostic vendors in the region during next decade. Emerging health tech has thrown the spotlight on four areas that set the forces of decentralization in motion. The four areas to watch are Decentralized healthcare at home, Decentralized healthcare at clinics, Insurance providers and HMOs shifting their orientation towards digital solutions, and Major players’ response to decentralization. More than half the labs in developed countries in Asia reported using automation systems, compared to only 28.7% in developing countries. Large labs, defined as those processing over 1,000 samples/day, had a relatively high rate of adoption compared to smaller labs. This suggests that automation of diagnostic workflows is a significant growth opportunity in the ASEAN and North Asian Point of Care/Rapid Diagnostics market.

Infectious Disease Diagnostics are the largest product segment in the ASEAN and North Asian Point of Care/Rapid Diagnostics market

Based on product, the ASEAN and North Asian Point of Care/Rapid Diagnostics market is segmented into Infectious Disease Diagnostics, Glucose Monitoring, Cancer Marker Testing, Cardiometabolic Monitoring, Cholesterol Testing, Coagulation Monitoring, Hematology Testing, Urinalysis, Drugs-of-abuse Testing, Pregnancy & Fertility Testing, Fecal Occult Testing and other PoC Diagnostic products. Infectious diseases are expected to account for the largest share of the ASEAN and North Asian Point of Care/Rapid Diagnostics market in 2021. Infectious disease diagnostics dominates the ASEAN and North Asian Point of Care/Rapid Diagnostics market owing to greater patient population and extensive market availability.

Molecular Diagnostics is estimated to be having the highest demand in the technology segment in the ASEAN and North Asian Point of Care/Rapid Diagnostics market

On the basis of technology, the ASEAN and North Asian Point of Care/Rapid Diagnostics market is segmented into Lateral Flow Assays, Immunoassays, Molecular Diagnostics, Microfluidics, Rapid Testing and Dipsticks. Molecular diagnostic technologies are projected to experience higher demand owing to supportive regulations, techno-commercial advantages, and rising public awareness

South Korea, Hong Kong, and Taiwan are among the top ASEAN countries to dominate the point-of-care diagnostics market.

The high growth in this regional market is majorly attributed to factors such as the growing demand for accurate and early diagnostic methodologies.

To know about the assumptions considered for the study, download the pdf brochure

Key Market Players

The major players in the ASEAN and North Asian Point of Care/Rapid Diagnostics market are Roche Diagnostics (Switzerland), Siemens Healthineers (Germany), Abbott Laboratories (US), Danaher Corporation (US), Becton, Dickinson and Company (US), Sysmex (Japan), Cardinal Health (US), Quidel (US), GE Healthcare (US) EKF Diagnostics (UK), bioMérieux SA (France), Accubiotech (China), PTS Diagnostics (US), Chembio Diagnostics (US) Trinity Biotech (Ireland), Johnson and Johnson(US), Sekisui Diagnostics (US), Nova Biomedical (US), Thermo Fisher Scientific (US), Ortho Clinical Diagnostics (US) and Bio-Techne (US).

Want to explore hidden markets that can drive new revenue in ASEAN and North Asian Point of Care/Rapid Diagnostics Market?

Unlock Insights

Scope of the Report

This research report categorizes the ASEAN and North Asian Point of Care/Rapid Diagnostics market based on product, technology, end user, and country.

Based on the Product:

• Infectious Disease Diagnostics
  • Influenza Testing
  • Respiratory Infection Testing
  • Tropical Disease Testing
  • HIV Testing
  • STD Testing
  • Hepatitis C Testing
  • HAI Testing
  • COVID Testing
  • Other Infectious Disease Testing*
• Glucose Monitoring
• Cancer Marker Testing
• Cardiometabolic Monitoring
• Cholesterol Testing
• Coagulation Monitoring
• Hematology Testing
• Urinalysis
• Drugs-of-abuse Testing
• Pregnancy & Fertility Testing
• Fecal Occult Testing
• Other POC Diagnostic Products**

Other infectious disease testing products include hepatitis A and B testing products, liver testing products, and Ebola testing products

** Other point-of-care products include multi-assay testing, disease-resistant bacteria testing, vitamin assay testing, and other testing products

Based on Technology:

• Lateral Flow Assays
• Immunoassays
• Molecular Diagnostics
• Microfluidics
• Rapid Testing
• Dipsticks

Based on End User:

• Hospitals & Critical Care Centers
• Outpatient & Ambulatory Care Centers
• Home Care Settings
• Other End Users

Based on the Country:

• South Korea
• Hong Kong
• Indonesia
• Thailand
• Philippines
• Vietnam
• Malaysia
• Singapore
• Taiwan
• Myanmar
• Laos and Cambodia

Recent Developments

• In 2021 Roche partnered with Sysmex (Japan). The Renewed partnership with Sysmex is to deliver hematology testing solutions.
• In 2021, Siemens acquired Fast Track Diagnostics (Luxembourg). This acquisition is to integrate Fast Track’s offerings into Siemens’ portfolio, thus expanding its molecular diagnostics business.

Frequently Asked Questions (FAQs):

To speak to our analyst for a discussion on the above findings, click Speak to Analyst