NEW YORK, Jan. 25, 2016 /PRNewswire-USNewswire/ -- According to Kalorama Information, the in vitro diagnostic (IVD) testing market in India is estimated to have reached $782 million in 2015. Further, the health care market researcher says that a modernizing healthcare infrastructure and steady migration from manual to automated processes will support further growth. 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/redirect.asp?progid=88278&productid=9596771.
"India will continue to offer one of the better markets for IVD products among emerging nations because of its economic stability," said Bruce Carlson, Publisher of Kalorama Information. "Leading IVD companies have all established themselves in India and are seeking long-term market growth in the country."
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.
India as an IVD market opportunity is defined by its standing next to other populous countries with demonstrated economic promise for over the past decade – Brazil, Russia and China. India and its healthcare system are confronted by challenges shared by less developed countries, but also burdens common among developed middle-income and affluent countries such as diabetes, cardiovascular disease, obesity and diseases of aging. Economic growth has been fueled largely by the transfer of know-how, technology and business practices from developed countries, as Indian citizens educated and working outside of the country return home or send resources to friends and family at home.
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.
IVD in India features a ten year forecast period, with projections of the total Indian IVD market and its component segments from 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.
For more information on IVD in India visit: http://www.kaloramainformation.com/redirect.asp?progid=88278&productid=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.
We routinely assist the media with healthcare topics. Follow us on Twitter, LinkedIn and our blog at www.kaloramainformation.com.
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SOURCE Kalorama Information