Kenneth Research has evaluated the current market opportunities in Indian In Vitro Diagnostics (IVD) Market in the healthcare industry for the forecast period 2022-2031, which also includes the ongoing industry trends and innovations that will help industry players to attain their business targets. Apart from that, the inclusive data on market size, market share and forecast, growth opportunities and challenges for the market players, along with the worldwide analysis on regions- North America, Latin America, Europe, Asia Pacific and Middle East & Africa, has also been provided in the report.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Indian In Vitro Diagnostics (IVD) Market products.
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Moreover, the median health expenditure per capita recorded in the high-income, upper-middle income, and low & lower-middle income countries, recorded to be over USD 2,000, USD 400, and USD 100 respectively. Additionally, in the same year, the spending on health in high-income countries and in the low- and middle-income countries comprised approximately 8.2% and 6.3% of the GDP respectively.
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
Infoholic’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.
By Product Type:
• IVD Reagents
• IVD Equipment
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.
By Technology Type:
• Immunoassay
• Biochemistry
• Hematology
• Microbiology
• Blood Gas and Diagnostics
• Molecular Diagnostics
• Urinalysis
• Coagulation
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.
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By Application Type:
• Oncology
• Infectious Disease
• Diabetes
• Cardiology
• Nephrology
• Autoimmune Disease
• Others
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. .
By End Users:
• Hospitals
• Laboratories
• Home Care
• Academic and Research Institute
• Others
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.
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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 Vendors:
• Danaher Corporation
• Abbott Laboratories
• bioMerieux
• F. Hoffmann-La Roche
• Siemens
• Transasia Bio-Medicals Ltd.
Key Competitive Facts
• The future growth of the Indian In Vitro Diagnostic market will be driven by Tier-II and Tier-III cities and that is where the price of the products and testing consumables will matter the most.
• 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.
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 Takeaways:
• Understanding the potential market opportunity with precise market size and forecast data.
• A detailed market analysis focusing on the growth of the Indian IVD industry.
• Factors influencing the growth of the Indian IVD market.
• In-depth competitive analysis of dominant and pure-play vendors.
• Prediction analysis of the Indian IVD market.
• Key insights related to major segments of the Indian IVD market.
• Latest market trend analysis impacting the buying behavior of the consumers.
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