What is IVD
IVD is the diagnostics related to diseases and conditions of the human body where samples are taken from the human body to be tested. IVD covers a vast array of tests and conditions, and it is a necessary part of the information gathering that is required by researchers and doctors to help patients in the alleviation, treatment, and prevention of diseases that affect the human body. IVD enterprises in China often focus on a particular area or set of areas, for their IVD development. These can include but aren’t limited to: diagnostic equipment, reagents, standards, quality-control products, drugs, production, development, marketing, servicing, big data, and cloud computing platforms for genomic analysis, and COVID-19 related technologies.
Current Market Performance for IVD Development
The performance of the China IVD market is fantastic at the moment, with rapid expansion and growth in recent years by several companies, both multinational and domestic. It is estimated that the China IVD market will likely reach around $17.6 billion by 2026, and it is the fastest-growing among the top ten IVD country markets in the world. Currently, the China IVD market is second only to the United States in terms of value, with lots of space for new enterprises to make their mark. Among the biggest players in the China IVD market is multinational corporation Roche, which currently has the highest share of the market. Domestic IVD companies include BGI Genomics, a world leader in genomics tests and research, DA An Gene Co., Ltd, a leader in molecular diagnostics technology, Maccura Biotechnology CO., Ltd, a professional enterprise to research and manufacture clinical IVD products, and Getein Biotech, Inc., specializing in analytical medical devices, and point-of-care testing kits.
Fastest Areas of Growth in IVD Tech: What China Needs
Currently, in the China IVD market, there are a few areas that outperform the others in terms of growth. The highest share of the IVD market is Immunodiagnostics, which uses antibody or antigen reactions to detect the presence or concentration of macromolecules. Next, there is a high need for point-of-care diagnostics, particularly with an aging society, to be able to perform diagnostic tests at or near the point-of-care rapidly. Finally, molecular diagnostics, analyzing genome and proteome, and tissue diagnostics, which includes cancer testing, round out the top needs in China.
How to Find Investors and Partners in China
Finding investors and partners to expand your company’s IVD operations into the China market can be difficult without assistance. Your best bet is to find a company in your own country that bridges the gap between the markets, such as MyBioGate. You can also attend medical technology and research conferences that are hosted in China, and due to COVID-19, some of these are being held online for the first time this year.
Keys to Successful Launch in China
Success in China for a foreign company can sometimes be very difficult, especially with language and cultural barriers in place. Your best chance at a successful launch in China is using services that can help you through the application processes necessary to establish a foothold in China. This also includes proper Chinese translations of your company’s research and marketing materials.
MyBioGate is Here to Help you Succeed in China
MyBioGate is a Texas, US-based company that acts as a cross-border healthcare consulting firm for biotech and medtech, and the Chinese Pharma companies and investors. They can help your IVD research or production company establish a foothold in the China IVD market by connecting you with Chinese Pharma partners and investors.