India In Vitro Diagnostics (IVD) Market Forecast, 2019-2025 - Future Growth Will Be Driven by Tier-II & Tier-III Cities
DUBLIN, Nov. 28, 2019 /PRNewswire/ -- The "Indian In Vitro Diagnostics (IVD) Market By Product Type (IVD Equipment and IVD Reagents); Technology Type; Application Type; End-users - Forecast up to 2025" report has been added to ResearchAndMarkets.com's offering.
This report predicts that the Indian IVD Market will grow at a CAGR of ~13% 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.
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.
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.
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.
Market Dynamics
Drivers
- Economic growth, increasing population, urbanization, and rising healthcare expenditure per capita
- Sedentary lifestyle, increasing prevalence of smoking and alcohol consumption resulting in incidence of lifestyle-related chronic disorders, cancer, and infectious diseases
- Growing penetration of IVD testing in tier-II and III cities
- Growing market of biomarker-based and genetic testing in India
Opportunities
- Point-of-care testing, near patient testing, and home-based testing products and services (direct-to-patient testing services)
- Adoption of fully automated systems in India and increasing number of phase-III clinical trials in India
Restraints
- High costs of testing cancer, genetic disorders, and other disease
- Tightening regulatory requirements but lack of reimbursement policies
For more information about this report visit https://www.researchandmarkets.com/r/lo29cp
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