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In-vitro Diagnostics Market Outlook in Taiwan
Frost & Sullivan, March 2011, Pages: 98
This research service analyses the IVD market in Taiwan strategically by evaluating the various forces that are currently influencing this market. It analyzes the revenue potential for the key segments in this market, namely clinical chemistry, immunoassay, hematology, coagulation, microbiology, molecular testing, SMBG, and point-of-care testing, and forecast the same until 2017. Regional attractiveness is provided, and analysis based on competitive forces is performed. Together, the future market potential and opportunities in attractive segments are discussed in detai
Research Overview
This Frost & Sullivan research service titled In-vitro Diagnostics Market Outlook in Taiwan analyses the revenue potential for the key segments in this market until 2017. It analyses the regional attractiveness of the Taiwanese market based on competitive factors. The future market potential and opportunities in attractive segments are discussed in detail. In this research, Frost & Sullivan's expert analysts thoroughly examine the following application sectors: clinical chemistry, immunoassay, hematology, coagulation, microbiology, molecular diagnostics, self-monitoring of blood glucose (SMBG) and point-of-care (POC) testing.
Market Overview
Taiwanese Government’s Initiatives to Improve the Quality of Healthcare to Propel the $252.0-Million IVD Market toward $381.0 Million in 2017
Efforts to Promote Taiwan as a Healthcare Hub Gain Momentum with the Implementation of Pro-Biotechnology Plans
With 2.46 million people aged above 65 in 2009, Taiwan is a hotbed of opportunities for healthcare services and subsequently, in-vitro diagnostics. The need for early diagnosis for the elderly and an expected rise in healthcare spending due to citizens’ desire for a healthy lifestyle and high-quality healthcare facilities will help the market grow at a stable compound annual growth rate of 6.1 per cent from 2010 to 2017. End users’ growing willingness to use advanced tests and products will drive manufacturers to constantly introduce novel tests. Biotech participants will also be buoyed by the continuous government support to standardise medical devices and initiatives to develop the country into a healthcare hub. For instance, the Government has implemented the ‘The Taiwan Diamond Plan for Biotechnology Development’ to encourage R&D, accumulate biotechnology venture capital (BVC) and aid start-up enterprises. “The Government intends to spend Taiwan new dollar (TND)1.27 billion during 2009-2014 in the biotechnology industry to encourage the growth of the social BVC from TND891 million in 2009 to TND1.78 billion in 2014,” says the analyst of this research. “Through this plan, it hopes to increase the value of the biotechnology industry from TND4.29 billion in 2009 to TND8.58 billion in 2014.”
Despite such robust Government backing, the low clarity on the reimbursement coverage for molecular tests will impede the market’s growth. Further, intellectual property (IP) issues and legal challenges deter foreign companies from setting up their R&D centres in Taiwan. Local companies also have reasons to feel disgruntled, as the success of their innovative tests depends on insurance coverage. “Strategic collaborations between local and international companies to develop cost-effective tests and innovative products offset their challenges to a great extent,” notes the analyst. “The establishment of the Taiwan Food and Drug Administration (TFDA) to regulate standards will help local companies launch their products efficiently in the country.” The TFDA will also serve as a springboard for the global market, as the Government is hoping to establish regulations that will meet international standards.
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
- Clinical chemistry
- Immunoassay
- Hematology
- Coagulation
- Microbiology
- Molecular diagnostics
- Self monitoring of blood glucose
- Point-of-care testing
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