Govt initiatives support fund raising
The Indian Molecular Diagnostics Market is projected to grow at a CAGR of around 10% until FY 2026, predominantly on account of rising cases of fatal and chronic diseases, according to a report by ResearchAndMarkets. It was estimated US$920 million in FY 2020, said the report released on 22 Jan 2021.
The government initiatives of raising funds for the country’s molecular department is expected to positively influence the market in the coming years while the spread of COVID-19 pandemic is expected to create more opportunities.
However, since the department requires high competence and professional skillset, absence of the same can pose a hurdle. Also, with over 25% of the country’s population being below poverty line and the rest of the population is either middle-class or lower middle-class, lack of funds and high cost of molecular diagnostics is also expected to hinder the growth of the market during the forecast period.
The Indian Molecular Diagnostics Market is segmented into application, technology, end-user, and region. Based on application, the market is further fragmented into infectious disease, blood screening, genetic testing and oncology testing, out of which oncology testing segment is expected to dominate the market until FY 2026, followed by the infectious disease segment.
Major players operating in the Indian Molecular Diagnostics Market include Roche Diagnostics India Pvt Ltd, Abbott India Limited, Qiagen India Pvt Ltd, bioMerieux India, Becton Dickinson Private Limited, Biocartis, Bio-Techne India Private Limited, Danaher, Bio-Rad laboratories India Pvt Ltd, Cleaver Scientific among others. #technology #health #medical #investment #banking /fiinews.com
