Indian IVD Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025
[78 pages report] This market research report includes a detailed segmentation of the Indian IVD market by product type (IVD Equipment and IVD Reagents); by technology type (Clinical Chemistry, Molecular Diagnostics, Immunoassay, Clinical Microbiology, Coagulation, Hematology, Urinalysis, Blood Gas & Electrolytes, and Others); by Application type (Oncology, Immunology, Infectious Disease, Cardiovascular, Metabolism, Nephrology, and Others); by end-users (Hospitals, Laboratories, Point-Of-Care, Home Care, Research Institutes, and Others); by region (North America, Europe, Asia Pacific, and Rest of the World)
Overview of the Indian IVD Market
IHR Insights’s market research report predicts that the “Indian IVD Market” will grow at a CAGR of ~13.0% during the forecast period 2019–2025. The market is immensely driven by the increase in the number of chronic and lifestyle-related disorders, increasing cancer incidences, growing awareness on the importance of early diagnosis and prevention, and improving access to healthcare facilities and diagnostic set-ups.
Diagnostic tests are frequently performed in public or private laboratories equipped with suitable and expensive instrumentation along with skilled and trained personnel for analysis. The diagnostics market is experiencing quick progress due to advancements in oncology, molecular diagnostics, point-of-care, and novel sectors such as companion diagnostics in both developed and developing economies. The market is driven by an increase in the elderly population, intensification of chronic diseases, pandemic situations in case of infectious diseases, and the growing importance of medical diagnostics.
The majority of the revenue is generated from the leading players in the market with dominating sales from Danaher Corporation, Abbott Laboratories, bioMerieux, F. Hoffmann-La Roche, Siemens, Sysmex Corp., Thermo Fisher Scientific, Transasia Bio-Medicals Ltd., Bio-Rad Laboratories, Ortho Clinical Diagnostic, QIAGEN N.V., and Shanghai Fosun Pharmaceutical Co. Ltd.
IVD reagents holds the major share in the Indian IVD market followed by IVD equipments in 2018. Transasia Bio-Medicals is the leader of India’s IVD market with over 45,000 installation bases across India.
Biochemistry holds a significant share in the Indian IVD market in 2018. It is to be noted that TB culture accounts for 15–20% of the overall molecular diagnostic nowadays. The increasing adoption of point-of-care testing is also driving the market locally in India.
The industry has reached new heights with significant technological advances and greater performance technologies. Advanced, state-of - the-art techniques are used to comprehend disease prognosis and thus strengthen the standard of sophistication of the industry respondents. .
Hospitals hold major share in the Indian IVD market. Hospitals and reference laboratories are expecting the development of products that will provide reliable results at great speed to reduce wrong diagnosis and treatment time.
Indian IVD Market Research Competitive Analysis – There has been a paradigm shift arising in the implementation of technology and automation. The need for precise and rapid results has resulted in the implementation of high-end products for in-depth evaluation. The Indian government supports Public–Private Partnerships (PPPs) and other innovative schemes to enhance Indian IVD advancement. Foreign Direct Investment (FDI) and domestic study have been encouraged by the government to support the industry. The number of players in the segment offering quality products and after-sales services has risen.
Key Competitive Facts
Benefits – The report provides complete details about the sub-segments of the Indian IVD market. Through this report, the key stakeholders can know about the major trends, drivers, investments, vertical player’s initiatives, and government initiatives toward the disease management in the upcoming years along with details of the existing pure-play companies and new players entering the market. Moreover, the report provides details about the major challenges that are going to impact the market growth. Additionally, the report gives complete details about the key business opportunities to key stakeholders in order to expand their business and capture the revenue in specific verticals and to analyze before investing or expanding the business in this market.
Key Stakeholders