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Written by Kumar Satyam » Updated on: August 02nd, 2024
According to TechSci Research report, “India In Vitro Diagnostics Market Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2020-2030F”, India In Vitro Diagnostics Market was valued at USD 1.74 billion in 2024 and is anticipated to witness impressive growth in the forecast period with a CAGR of 5.45% through 2030. This growth can be attributed to collaborations and partnerships among leading companies aiming to merge their expertise and strengthen their market positions.
Emerging Trends: What’s Driving the Change?
The Indian in-vitro diagnostics (IVD) market is experiencing rapid transformation driven by several emerging trends. Innovations such as remote collection and digital pathology are revolutionizing the way diagnostic services are delivered. For instance, in October 2022, Proscia launched an expanded digital platform, Concentriq Dx, to streamline primary diagnostic workflows. Similarly, Roche’s next-generation VENTANA DP 600 slide scanner, launched in June 2022, enhances the quality of histology slide imaging, providing flexibility and ease of use for pathology labs.
Technological advancements in healthcare, including biosensors, lab-on-a-chip, and wearable devices, are becoming integral parts of the healthcare landscape. Point-of-care (POC) diagnostics, which bring testing closer to patients and expedite diagnosis and treatment, are increasingly adopted across India.
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How Does Regulatory Scenario Shape this Industry?
Regulations play a crucial role in shaping the IVD market in India. Stringent regulatory frameworks ensure the safety, efficacy, and quality of diagnostic products. However, these regulations can also pose challenges, such as lengthy approval processes and complex compliance requirements. The Indian government has been proactive in updating its regulatory guidelines to keep pace with technological advancements. Initiatives like the Medical Device Rules, 2017, aim to streamline the approval process for new diagnostic devices while maintaining high standards of safety and performance.
Drivers: What Fuels the Market Growth?
Rising Prevalence of Chronic Diseases
One of the primary drivers of the Indian IVD market is the increasing prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases. According to the ICMR 2021 Report, the number of cancer patients in India is projected to rise from 26.7 million in 2021 to 29.8 million by 2025. Similarly, statistics from the International Diabetes Federation (IDF) indicate that the number of people with diabetes in India is expected to increase from 74.1 million in 2022 to 92.9 million by 2030.
Increased Healthcare Awareness
Greater healthcare awareness is another significant factor driving the demand for IVD. Awareness campaigns and health screening programs are encouraging individuals to adopt preventive healthcare measures, including regular check-ups and diagnostic testing. These initiatives help in early disease detection and management, thereby increasing the demand for diagnostic tests.
Technological Innovations
Technological advancements are propelling the IVD market forward. Innovations such as remote sample collection, digital pathology, and advanced imaging techniques are improving diagnostic accuracy and efficiency. The launch of products like Proscia’s Concentriq Dx platform and Roche’s VENTANA DP 600 slide scanner exemplifies the impact of technology on the market.
Market Segmentation: Who are the Key Players?
Top 10 Companies
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Top Segments
The Indian IVD market is segmented based on product, test type, usability, end-user, application, and region. In 2024, hospitals and clinics held the largest market share and are expected to continue expanding. The high patient volume and the comprehensive range of services offered by these facilities drive the demand for diagnostic tests. Specialized care units within hospitals further boost the demand for IVD products.
Industry Key Highlights
The Indian IVD market has witnessed several significant developments in recent years. Companies are actively engaged in developing new products and forming strategic partnerships. For example, in September 2021, Mylab Discovery Solutions acquired a majority stake in Sanskritech, a developer of portable diagnostic systems. In August 2021, Mylab partnered with Hemex Health to develop next-generation POC diagnostic solutions.
Future Outlook: What Lies Ahead?
The future of the Indian IVD market looks promising, driven by continued technological advancements, increasing healthcare awareness, and a rising burden of chronic diseases. The market is expected to grow at a CAGR of 5.45% through 2030, reaching new heights in terms of value and volume.
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Competitive Analysis: How are Companies Positioning Themselves?
The competitive landscape of the Indian IVD market is characterized by intense rivalry among key players. Companies are focusing on strategic initiatives such as mergers and acquisitions, partnerships, and new product launches to strengthen their market positions.
For instance, in June 2022, Genes2Me Pvt. Ltd launched the CoviEasy Self-test Rapid Antigen kit for COVID-19, supported by an AI-driven mobile app. Similarly, in February 2022, Mylab Discovery Solutions launched CoviSwift, a POC testing solution for COVID-19 that processes 16 samples within 40 minutes, significantly faster than traditional RT-PCR tests.
Mergers and Acquisitions
Mergers and acquisitions are a common strategy among market players to expand their product portfolios and enhance their market presence. Mylab’s acquisition of Sanskritech is a notable example, enabling the company to establish POC testing systems in various settings, including doctor offices, nursing homes, and airports.
Partnerships and Collaborations
Partnerships and collaborations are another key strategy employed by market players. Mylab’s technology partnership with Hemex Health to develop next-generation diagnostic solutions exemplifies this approach. Such collaborations enable companies to leverage each other’s strengths and expertise, driving innovation and market growth.
Product Launches
Continuous product innovation and launches are critical for staying competitive in the IVD market. The introduction of advanced diagnostic tools, such as Proscia’s Concentriq Dx platform and Roche’s VENTANA DP 600 slide scanner, underscores the importance of technological advancements in driving market growth.
The Indian In Vitro Diagnostics Market is poised for significant growth in the coming years. Driven by rising healthcare awareness, increasing prevalence of chronic diseases, and continuous technological advancements, the market offers numerous opportunities for key players. Despite regulatory challenges, the market’s future looks promising, with robust growth projections and numerous strategic initiatives by leading companies. The comprehensive insights provided in this research report will help stakeholders make informed decisions and capitalize on the emerging opportunities in the Indian IVD market.
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“With a burgeoning middle class and expanding healthcare infrastructure, there's a shift towards preventive healthcare, boosting demand for diagnostics. Innovative solutions like point-of-care testing and molecular diagnostics are gaining traction, enabling quicker and more accurate disease detection. Government initiatives to enhance healthcare accessibility and affordability will further propel market expansion. Collaboration between local and international players will foster expertise interchange, driving the development of tailored diagnostic solutions for India's diverse healthcare landscape.," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.
"India In Vitro Diagnostics Market By Product (Instrument, Reagent, Other Products), By Test Type (Clinical Chemistry, Molecular Diagnostics, Hematology, Immuno Diagnostics, Other Types), By Usability (Disposable In Vitro Diagnostics Devices, Reusable In Vitro Diagnostics Devices), By Application (Infectious Disease, Diabetes, Oncology, Cardiology, Autoimmune Disease, Nephrology, Others), By End User (Diagnostic Laboratories, Hospitals & Clinics, Others), By Region, Competition and Opportunities, 2020-2030F" has evaluated the future growth potential of India In Vitro Diagnostics Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India In Vitro Diagnostics Market.
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