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With the elderly population accounting for 11 per cent (2.46 million) of Taiwan's population and this number expected to increase to 21 per cent in 2025, Taiwan has emerged 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.
New analysis from Frost & Sullivan (drugdiscovery.frost.com), In-vitro Diagnostics Market Outlook in Taiwan, finds that the market earned revenues of US$252.0 million in 2010 and expects this to reach US$381.0 million in 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 device 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 Frost & Sullivan Industry Analyst Arun A.K. "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 Arun. "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.
If you are interested in more information on this study, please send an email to Donna Jeremiah, Corporate Communications, at djeremiah[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country.
In-vitro Diagnostics Market Outlook in Taiwan is part of the Clinical Diagnostics Growth Partnership Services program, which also includes research in the following markets: In-vitro Diagnostics (IVD) Market Outlook in Korea, In-vitro Diagnostics (IVD) Market Outlook in Australia, European Tissue Diagnostics Market and European Microarrays Market. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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