Quick progress in diagnostic market
The Indian IVD Market is expected to grow at a CAGR of ~13% during the 2019-2025, according to a ResearchAndMarkets report released 11 Oct 2019.
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.
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.
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.
Vendors Profile: Abbott Laboratories, Danaher Corporation, bioMerieux, F. Hoffmann La Roche, Siemens, Transasia Bio-Medical Ltd, Sysmex Corporation, Thermo Fisher Scientific, Bio-Rad Laboratories, Ortho Clinical Diagnostic, QIAGEN N.V., Shanghai Fosun Pharmaceutical Co Ltd and Abbreviations. fiinews.com