Market Research Report
India In-Vitro Diagnostics Market - Growth, Trends, and Forecasts (2020 - 2025)
|Published by||Mordor Intelligence Pvt Ltd||Product code||391043|
|Published||Content info||80 Pages
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|India In-Vitro Diagnostics Market - Growth, Trends, and Forecasts (2020 - 2025)|
|Published: June 1, 2020||Content info: 80 Pages||
The major factors that are driving the growth of the Indian in-vitro diagnostics market are the high prevalence of chronic diseases, increasing use of point-of-care (POC) diagnostics, and rising awareness and acceptance of personalized medicine and companion diagnostics.
According to Globocan, there were 11,57,294 new cancer cases reported in 2018 with the major share of breast, lip and oral cavity and cervical cancers respectively. Similarly, according to the National Diabetes and Diabetic Retinopathy Survey report 2015-2019, there are 11.8% prevalent cases of diabetes in India. As diabetic is a major risk factor for many diseases it is expected to have significant growth of the market over the forecast period.
Furthermore, emerging technological innovations in healthcare, such as bio-sensors, lab-on-a-chip, wearable devices, and POC diagnostics, are increasingly becoming an important part of the healthcare landscape. POC testing helps bring testing closer to the patients and obtain results quickly for the healthcare provider to expedite diagnoses and subsequent treatment. This is likely to increase the adoption of in-vitro diagnostics in India.
However, stringent regulatory policies and lack of sufficient reimbursement policies are projected to hamper the market growth of in-vitro diagnostics market over forecast period.
Molecular Diagnostics Segment is Expected to Grow with Good CAGR Over the Forecast Period
Molecular diagnostic devices are used to analyze biological markers in the genome and proteome to detect pathogens or mutations. On the basis of technology used, molecular diagnostic devices can be segmented into chips and microarrays, mass spectroscopy, next-generation sequencing (NGS), polymerase chain reaction (PCR)-based methods, cytogenetics, and molecular imaging.
Factors, such as large outbreaks of bacterial and viral epidemics in India, increasing demand for point-of-care diagnostics, and rapidly evolving technology, are driving the growth of the molecular diagnostics segment. Also, advancements in molecular diagnostics and new product launches in India projected to boost the segment growth over the forecast period. For instance, in January 2020, CO-Diagnostics, Inc. and Cosara have launched CoSara tests for tuberculosis, malaria, hepatitis B, hepatitis C, and human papillomavirus.
The market studied is consolidated with the presence of a few major players. For the new entrants in the market, the barriers are high in this industry, and hence, few major market players hold the maximum market share. Some of the market players are Abbott Laboratories, Becton, Dickinson and Company, BioMerieux, Bio-Rad Laboratories Inc., Danaher Corporation, F. Hoffmann-La Roche AG, Qiagen NV, and Thermo Fisher Scientific.