Report Ocean published the latest research report on the Indian IVD market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, the Indian IVD market study demonstrates a detailed examination of the business state, which represents creative ways for company growth, financial factors such as production value, key regions, and growth rate.
The “Indian IVD Market” will grow at a CAGR of ~13.0% during the forecast period 2019-2025.
The Centers for Medicare and Medicaid Services data estimates that the U.S. national healthcare expenditure surpassed US$ 4.1 trillion in 2020 and is forecast to reach US$ 6.2 trillion by 2028. According to the Commonwealth Fund, the U.S. expended nearly 17% of gross domestic product (GDP) on healthcare in 2018. Switzerland was the second-highest-ranking country, expending 12.2%. In addition, New Zealand and Australia devote only 9.3%.
According to the U.S. Bureau of Labor Statistics, employment in healthcare fields is forecast to grow 16% from 2020 to 2030, much quicker than the standard for all occupations, counting about 2.6 million new jobs. This estimated growth is mainly due to an elder population, showing to greater demand for healthcare services. The median annual wage for healthcare practitioners and technical fields (such as registered nurses, physicians and surgeons, and dental hygienists) was US$ 75,040 in May 2021, which was greater than the median annual wage for all occupations in the economy of US$ 45,760.
Overview of the Indian IVD Market
Reportocean market research report predicts that the “Indian IVD Market” will grow at a CAGR of ~13.0% 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.
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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.
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By Technology Type:
– Blood Gas and Diagnostics
– Molecular Diagnostics
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:
– Infectious Disease
– Autoimmune Disease
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:
– Home Care
– Academic and Research Institute
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.
Indian IVD Market Research 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.
– Danaher Corporation
– Abbott Laboratories
– F. Hoffmann-La Roche
– 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.
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Benefits – The report provides complete details about the sub-segments of the Indian IVD market. Through this report, the key stakeholders can know about the major trends, drivers, investments, vertical player’s initiatives, and government initiatives toward the disease management in the upcoming years along with details of the existing pure-play companies and new players entering the market. Moreover, the report provides details about the major challenges that are going to impact the market growth. Additionally, the report gives complete details about the key business opportunities to key stakeholders in order to expand their business and capture the revenue in specific verticals and to analyze before investing or expanding the business in this market.
Table of Content:
- Market Definition and Overview
- Research Method and Logic
- Market Competition Analysis
- Product and Service Analysis
- Strategies for Company to Deal with the Impact of COVID-19
- Market Segment by Type, Historical Data and Market Forecasts
- Market Segment by Application, Historical Data and Market Forecasts
- Market by by Region, Historical Data and Market Forecasts
- Market Dynamic Analysis and Development Suggestions
– 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.
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