NEWS

1. Development process
China’s in vitro diagnostic industry started late. It has mainly gone through four stages: market introduction period, early growth period, rapid development period and upgrade and replacement period, and achieved rapid development in a relatively short period of time. my country's in vitro diagnostic industry started in the 1980s. After nearly 40 years of development, it has gradually established a complete industrial chain and achieved technological breakthroughs. With the acceleration of my country's population aging process, improvement of economic level, and people's increasing health awareness, the demand for medical and health services has increased significantly, which has brought good development opportunities to the in vitro diagnostic industry. At the same time, since 2005, the state has promulgated a series of encouragement and support policies for biological high-tech including in vitro diagnostics, and domestic in vitro diagnostic companies have made breakthroughs in the fields of technology, products, and equipment.
2. Market Size
According to statistical data, China's in vitro diagnostic market size increased from 45 billion yuan in 2016 to 86.4 billion yuan in 2019, and its proportion of the medical device market size increased from 12.2% in 2016 to 13.9% in 2019. In the future, the in vitro diagnostic market is expected to continue to grow. By 2022, the scale of my country's in vitro diagnostic market is expected to reach 146 billion yuan, with an average annual compound growth rate of 17.8% from 2019 to 2024, and the proportion of the medical device market will reach 15.9%.
3. Market segments
1. Market size
In vitro diagnostic raw materials mainly refer to key raw materials for in vitro diagnostic reagents such as enzymes, antigens, and antibodies. With the rapid development of my country's in vitro diagnostic industry, the market demand for in vitro diagnostic raw materials as the upstream of the industry chain has expanded rapidly. The market size has increased from 4.1 billion in 2016 to 8.2 billion in 2019, with an average annual compound compound of 2016-2019. The growth rate is 26%; the market size is expected to reach 14.5 billion yuan in 2022, and the average annual compound growth rate from 2019 to 2024 will reach 19.4%.
2. Realize import substitution
From the perspective of market structure, imported products still occupy the market position of in vitro diagnostic reagent raw materials. In 2019, the market size of imported products was 7.3 billion yuan, accounting for 88% of the in vitro diagnostic reagent raw material market; the market size of domestic products was 1 billion yuan. The market size and share are relatively small, but the development speed is rapid. From 2015 to 2019, the market size is relatively small. The average compound growth rate reached 35.7%, which was higher than the growth rate of imported products. With the continuous improvement of the technical level of domestic enterprises and the increasing emphasis on localization of the biotechnology industry supply chain, the market size of domestic in vitro diagnostic reagent raw materials is expected to increase at a compound annual growth rate of 23.3% to 2.7 billion yuan in 2024 , and gradually realize import substitution.