From 2013 to 2023, the export of composite diagnostic or laboratory reagents from China demonstrated an overall growth trajectory despite some fluctuations. In 2013, the export value stood at 169.77 million USD. By 2023, it reached 318.74 million USD. A significant leap occurred from 2016 onwards, peaking in 2017 with a 38.05% increase.
Variations over the last two years show a steady growth with 2022 experiencing a 4.03% increase and 2023 showed a similar pattern with a year-on-year growth of 3.79%. The 5-year Compound Annual Growth Rate (CAGR) for 2023 is at 3.19%, reflecting consistent growth expectations.
Future projections to 2028 forecast a sustained growth trend with an average annual growth rate (CAGR) of 2.5%, indicating the market remains robust and expanding. By 2028, the export value is expected to reach 373.6 million USD, marking a 13.16% growth over 5 years.
Future trends to watch include:
- Increasing demand for advanced medical diagnostics globally.
- Technological innovations in diagnostic reagents.
- Potential policy changes affecting exports.
- Market expansion to emerging economies.
