In-Vitro diagnostics market in India is hugely driven by the increasing number of lifestyle diseases, inclining preventive healthcare practices, government initiatives, improving healthcare infrastructure and hike in disposable income.
With the changes introduced in lifestyle, food habits, genetic modifications due to bodily complications, etc. different type of diseases have evolved that drives the market of In-vitro diagnostics (IVD) in terms of increase in the number of diagnostic tests for specific disease that give rise to the analyzers, services and reagents market of IVD.
The market of IVD in India accounted for around USD 1.0 Billion in 2015 and further the market is predicted to grow with the adequate CAGR over the forecast period i.e. 2016-2024. With evolving landscape and emerging trends across India’s healthcare, Indian diagnostic sector is going to witness an era of immense progress in innovative competencies and credibility. Introduction of cutting-edge technology, disease prognosis has strengthened the level of participants in this sector.
Promising future ahead for In-vitro diagnostics (IVD) Market
India is the second largest country with the population of more than 1 billion and therefore there is potential market for services and goods. India being the 7th largest economy by GDP, one of G-20 major economies with approx 7% growth rate in last 20 years and 3rd largest by purchasing power parity. In 2014, India replaced China and became world’s fastest growing economy. In IVD market, India has lead in emerging nation and follows the developed nations like US, Europe, Japan and China. IVD revenue generated by Gujarat is the highest among other states because of more number of labs. This market tends to swell in India with rise in health consciousness, rising cases of chronic diseases, improving medical diagnosis and pathology services, private-public projects collaboration and health insurance sector.
Regulatory Challenges in In-vitro diagnostics (IVD)
IVD is facing number of challenges related to FDA regulations of their product and tests because of archaic and nascent regulatory standards. Tarnished image of Indian made products is due to the lack of quality benchmark and manufacturing of low indigenous product is due to high import duty. Market flooding with Chinese and Taiwanese medical equipment with false CE marking is the key challenge Indian IVD market is facing.
“Indian IVD Market Outlook 2024” contains detailed overview of the Indian IVD market in terms of market segmentation based on healthcare segment (product, service and reagent), applications and by end user.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
This market report also includes provides competitive outlook of some of the major players of the global connected healthcare market which includes profiling of companies of Transasia Bio Medical, Roche Diagnostics, Beckman Coulter, Siemens Healthcare, Ortho Clinical Diagnostic, Bio-Rad Laboratories, bioMerieux, Becton and Dickinson, PerkinElmer, Accurex, Bayer Healthcare, Alere etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents comprehensive synopsis on the India IVD market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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