New report, "In Vitro Diagnostics (IVD) in Malaysia, Singapore and Indonesia, 2022", is now on sale.
ARLINGTON, Va., Oct. 27, 2022 /PRNewswire-PRWeb/ -- Per a recent Kalorama Information report, In Vitro Diagnostics (IVD) in Malaysia, Singapore and Indonesia, 2022. The market for IVDs in the three countries combined exceeds $1.9 billion dollars. This includes clinical tests for infectious disease, hematology, basic bloodwork, glucose and other conditions.
The impact of COVID-19 in the microbiology and virology markets has started declining since the beginning of 2022 in Malaysia, Indonesia, and Singapore. Regulatory bodies in all the three countries reduced their reliance on RT-PCR tests for accurate diagnosis of COVID-19 during the first quarter of 2022. Immunoassays that detect viral-specific IgG and IgM antibodies or antigens started gaining market share in 2021. Rapid antigen tests that allowed home-testing started gaining market share by the second half of 2021 and were accepted by the regulatory agencies for allowing travels within the respective countries. As the whole population received vaccinations, travel restrictions got relaxed further, which played a critical role in the declining of the demand for molecular as well as immunoassay testing for COVID-19.
Indonesia: Indonesia's IVD market is the largest among the three countries, which is mainly due to the population of the country. The Singapore market, on the other hand, is large considering its population. This market benefits from the availability of expensive and advanced IVD systems. Malaysia also has advanced healthcare systems and due to its larger population, the IVD market size is larger than that of Singapore.
Singapore: Among these three countries, Singapore has established world class healthcare service capabilities in terms of infrastructure as well as skilled manpower. Though the population is less than 6 million, the Singapore market is attractive for IVD companies and it has become a medical tourism hub in the region. Indonesia, on the other hand, is a country with a huge population of about 275 million people. The country is taking significant steps to improve its healthcare infrastructure, which is offering considerable opportunities for IVD companies. The Malaysian market, with a population of about 32 million falls in between these two countries, both in terms of healthcare service capabilities and growth potentials.
Malaysia: The World Bank estimates Gross Domestic Product (GDP) of Malaysia to be $372.7 billion in 2021, which represents 0.03% of the world economy. The country reported 5.7% GDP growth in 2021 compared to the previous year. Malaysia offers some of the best healthcare services in Southeast Asia, and has been growing as a medical tourism destination, even though COVID-19 pandemic impacted this potential significantly during the past two years. The segment is recovering and is expected to see commendable growth in the coming years, especially since healthcare infrastructure has improved significantly during the pandemic, including in diagnostics and digital health capabilities.
Major global manufacturers of IVD tests market products in these three nations. Distributors with local expertise are often used. This is a partial list of distribution companies.
Media Contact
Daniel Granderson, Kalorama Information, (703) 783-1721, [email protected]
SOURCE Kalorama Information
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