NEW YORK, Jan. 29, 2016 /PRNewswire-USNewswire/ -- According to Kalorama Information, the in vitro diagnostic (IVD) testing market in India is estimated to grow at a rate of over ten percent for the next five years. That's faster growth than most of the world at 4 percent, according to the healthcare market researcher. Kalorama's report, IVD in India, places India and its IVD market in context with the developing world in terms of diseases, economic and healthcare system development, and other key metrics related to health expenditures and diagnostics. IVD in India can be found at Kalorama Information: http://www.kaloramainformation.com/IVD-India-9596771/.
"Leading IVD companies have all established themselves in India and are seeking long-term market growth in the country," said Bruce Carlson, Publisher of Kalorama Information. "With significant investments necessary to gain market share and develop products for the domestic market and for international distribution. Economic conditions also support market expansion."
India is emerging as an important market for IVD products. As such, most major industry competitors, including Roche Diagnostics, Beckman Coulter (Danaher), Abbott Diagnostics, Siemens Healthcare Diagnostics, Sysmex, Becton Dickinson, Johnson & Johnson, Qiagen N.V. and PerkinElmer have established operations in the country through subsidiaries, JVs and outsourcing agreements.
Unlike the Chinese IVD industry, however, only a limited number of domestic Indian IVD companies have emerged. Leveraging the cost advantages of India's cheap currency and labor force, these companies have tended to focus on labor-intensive products such as rapid tests and low-technology items such as reagents. Indian IVD manufacturers face a number of challenges, which pose barriers to entry and constrain growth. These include: Product opportunities for international IVD companies in the Indian market include rugged, easy-to-use rapid tests with built-in high specificity and sensitivity for applications in rural healthcare. Opportunities also exist for instrumentation in advanced diagnostics, including sequencers and molecular test analyzers, as well as microarrays and other multi-analyte molecular assays and multi-tool analyzers capable of running hematology and immunodiagnostic assays.
India has the world's seventh-largest economy by nominal gross domestic product (GDP) and third largest by purchasing power parity. The country is one of the G-20 major economies, with a stable growth rate averaging approximately 7% for the last two decades. In the final quarter of 2014, India became the world's fastest growing major economy, replacing China. Its long term growth prospects are considered moderate due to its young population, corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. Many analysts believe that the Indian economy has the potential to become the world's third largest economy by the next decade.
IVD in India provides segment level market and forecasts for various IVD segments. Projections of the total Indian IVD market and its component segments are provided for 2015-2025, including total IVD sales in India, 2015-2025; IVD sales in India by market segment (immunoassays, clinical chemistry, hematology, POC/OTC, molecular, urinalysis, other) in 2015; IVD sales in India by market segment (immunoassays, clinical chemistry, hematology, POC/OTC, molecular, urinalysis, other) in 2020; and IVD sales in India by market segment (immunoassays, clinical chemistry, hematology, POC/OTC, molecular, urinalysis, other) in 2025.
IVD in India can be found at Kalorama Information: http://www.kaloramainformation.com/IVD-India-9596771/
About Kalorama Information
Kalorama Information, a division of MarketResearch.com, supplies the latest in independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare; as well as a full range of custom research services. Reports can be purchased through Kalorama's website and are also available on www.marketresearch.com and www.profound.com.
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