The global diagnostics industry has witnessed strong growth over the past few years. According to Frost & Sullivan, the diagnostics and monitoring sectors are poised to present more growth opportunities. According to Nitin Naik, Vice President of Frost & Sullivan's Asia Pacific Medical Technologies Division, the diagnostics and monitoring sectors in Asia Pacific are projected to provide more growth opportunities on the basis of the technology spending being channelled in these areas (80 percent).
In his presentation today on 360 Degree Outlook and Growth Strategies in the APAC In-Vitro Diagnostics Industry, Naik mentioned that this growing market in Asia presents a window of opportunity for medical technology companies to venture into new frontiers and new geographies; of which Singapore has been one of the hotspots for these firms.
"Singapore, India, China and S. Korea have some of the highest growth rates for healthcare spending in APAC and along with the growing aging population and middle class, represent attractive markets for clinical testing," adds Naik.
The growth of clinical testing is also attributable to the increasing trend in lifestyle diseases such as cardiovascular, diabetes, as well as certain cancers. Driven by factors such as innovation, cost and actual readiness of respective countries, hospital owned laboratories are taking the lead in expanding and tapping into these pockets of opportunities.
As mentioned by Naik, "Singapore will serve as an "innovation test bed "as it offer diagnostic companies to launch products positioned around 4 pillars which would guarantee long term commercial success for this industry."
The In-Vitro Diagnostics Market can be divided into two main segments i.e. Clinical Diagnostics market consisting of home care monitoring and point-of-care (POCT) just to name two. Manufacturers' concentration on providing greater benefits such as early diagnosis, improved decision-making, and better monitoring of treatment, the market will further sustain its strong growth levels. The move by Medtronics, a global medical technology firm to set up its manufacturing plant in Singapore is the most recent example to showcase the country's position as a recognised trusted and competitive site for leading medical technology companies to develop and manufacture innovative products for Asia and beyond.
The country's risk assessment and risk management act during the H1N1 pandemic crises was another area to laud about. Companies such as Veredus Labs and Rockeby became overnight stars as their diagnostics kits were in great demand to ensure quick tracking.
On the other hand, discoveries and innovations in molecular diagnostics are propelling the advancement of personalised medicine and theranostics and creating new growth opportunities for In-Vitro Diagnostics. "In clinical validity we witness encouraging tie ups between pharmaceutical companies and with local research institutions such as A'Star and local diagnostic companies to develop platforms to promote pharmacogenomic and companion diagnostics.
"Recent discoveries have ignited a great deal of excitement over potential medical applications. Consequently, many companies have been boosting investments in research and development, focusing on pharmacogenomics and theranostics. In the near future, innovative technologies will enable physicians to identify diseases, choose the ideal treatment, and monitor the patient's response to therapy. This concept of personalized medicine is still in its infancy but is expected to create great opportunities for both the pharmaceutical and diagnostic industries," concludes Naik.
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