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China's IVD market is booming

China is sixth largest market for in-vitro diagnosticsOver the past few years, Chinese has become on of our top five languages in IVD (in-vitro diagnostics) translations. Two recent news pieces helped me understand why.

In late 2008, Market Avenue released the 2008 Report on China's IVD (In-Vitro Diagnostics) Market. A couple of months earlier, Modern Medicine published a look at opportunities in emerging IVD markets, including China.

While the two pieces contain some conflicting information regarding market size and growth, there is no doubt a) that the Chinese IVD market is among the ten largest worldwide and b) that, in all likelihood, this growth will continue. As the living standard of the Chinese population keeps improving, people are paying more attention to their health. This will cause China’s per-capita expenditure on IVD-related items to surge, from the current mark of around $2 to gradually approaching the $28 figure found in developed countries.

All of the well-known multinational companies are well established in China: GE, Siemens, Roche, Johnson & Johnson, and Beckman Coulter have long been present. But the majority of the market is supplied by small to mid-sized domestic producers. It’s no wonder that more and more companies look to enter the Chinese market.

However, entering the Chinese market requires no small amount of forethought and planning, both from a regulatory perspective and when it comes to language translation.

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