As part of the final report, an analysis will be included to examine the effects of the Russia-Ukraine War and COVID-19 on the India Home Testing Kits industry.
New Industry Report on India Home Testing Kits Market Status and Prospects [2023-2032] has been released. The report is 100 pages long and provides an overview of the business with key types and applications along with the industrial chain structure. It includes information about the global market, such as development trends, competitive landscape analysis, key regions, and their development status. The report also examines advanced approaches and plans, as well as manufacturing processes and cost structures. It analyzes import/export utilities, market figures, cost, price, revenue, and gross productivity of the market. If you are interested in the report, Please Request Free a Sample Copy
The home testing kits market in India was valued at INR 9.05 Billion in 2019. Further, the market is anticipated to expand at a compound annual growth rate (CAGR) of 9.88% during the 2020-2025 period, to reach a value of INR 15.57 Billion by 2025.
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With the growing population and changing lifestyle of Indians, the market for home used testing kits in the country has gained momentum over the past few years. Home testing kits that are most popularly used in India include at-home pregnancy test kits, home testing kits for fertility prediction, at-home HIV test kits, at-home blood pressure monitoring devices, glucometer and thermometer. Europe, North America and the Asia-pacific region together account for more than three-fourth of the global home testing kits market. China, India and Japan contribute significantly to the market revenue in the Asia-pacific region.
As of 2019, India accounted for about 7% of the overall revenue generated by the global home testing kits market.
Rising prevalence of chronic ailments like hypertension, diabetes and cardiovascular diseases is one of the major factors propelling the growth of the market in India. Increase in disposable income, improved awareness regarding physical wellbeing among people, and easy accessibility of home testing devices in urban and semi-urban areas of the country are some of the other important factors contributing to the growth of the market. However, the lack of accuracy in test results, awareness, affordability and accessibility of these devices in rural areas is impeding the development of the industry.
COVID-19 impact analysis:
The worldwide outbreak of the COVID-19 pandemic, followed by a long-term nationwide and global lockdown to curb contagion proved difficult for the manufacturing and logistics sectors. As a result, the home testing kits market is anticipated to witness a breach in the demand and supply of testing devices. The market experienced an unexpected increase in the demand for home testing kits like infrared thermometer and glucometer on account of the lockdown following the outbreak. The sudden rise in demand of these devices significantly contributed to the market revenue in the first quarter of 2020. However, due to the unanticipated disruption in international trading and halt in the production of devices, the supply is expected drop in the post-lockdown period, leading to a fall in the market revenue. This scenario is expected to persist until the market stabilizes itself in a healthy business cycle, overcoming the effects of the pandemic and lockdown.
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The home testing kits market in India is highly competitive, owing to the presence of numerous players in the market. The market is not only dominated by its existing established players like Morepen Laboratories and Mankind Pharma (Prega News) but also by a number of prominent start-ups including OMRON Healthcare India, Bright Healthcare Limited (HealthSense) and Roche Diabetes Care India (Accu-Chek). New market entrants like Bione Ventures Private Limited and CPC Diagnostics Private Limited intend to establish their roots in the market with their latest venture into the COVID-19 home screening kits.
Morepen Laboratories Limited
Nectar Lifesciences Limited
Mankind Pharma Limited
Advacare Pharma LLP
Swiss Precision Diagnostics GmbH
Bright Healthcare Limited
Nureca Private Limited
OMRON Healthcare India Private Limited
Roche Diabetes Care India Private Limited
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On June 8th, 2022, the Bureau of Economic Analysis and U.S. Census Bureau released a report detailing the recovery of the U.S. market and international trade. The report highlighted the significant growth in exports and imports, with exports reaching $300 billion in April 2022, an increase of $13.4 billion, and imports amounting to $294.5 billion, increasing by $17.4 billion. Despite the impact of COVID-19 on the global economy, the U.S. market is showing signs of recovery.
However, the Healthcare/ICT/Chemical industries are still feeling the effects of the pandemic, which is creating a large market for India Home Testing Kits. As the recovery of the U.S. market continues, there will be a direct impact on these industries, and the demand for India Home Testing Kits is likely to increase. The report highlights the need for businesses to stay informed about market trends and adjust their strategies accordingly to take advantage of emerging opportunities in this evolving landscape.
Asia-Pacific market is forecast to emerge as rapidly growing region in global market, owing to governments’ initiatives towards increasing urbanization and growing population leading to increasing demand of energy-based products and services. Also, North America is forecast to grow rapidly because of high energy consumption in the region and technological advancements across the sector. Energy consumption has been increasing in the region, mainly in the US; the primary energy consumption is segmented on the basis of nuclear electric power, petroleum, coal, renewable energy, and natural gas. The petroleum and natural gas segment is dominating the overall sector. In the mix of energy sources, petroleum accounts for around 35% of the overall consumption, whereas natural gas accounts for 34%.
In-depth Analysis of the Russia-Ukraine War Impact:
Global industries were impacted by the Russia-Ukraine War, which started in February 2022. There have been widespread announcements of strict travel restrictions over Ukrainian airspace. The market in 2022 has been damaged by the Russia-Ukraine War.
The conflict between Russia and Ukraine raises defense spending and fortifies NATO nations’ armed forces. Due to Russia’s invasion, the majority of European nations have raised their defense budget. Germany earmarked USD 109 billion, which is more than the whole cost of the military in 2021, increasing its defense spending above 2% of GDP.
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Some Questions Answered in the India Home Testing Kits Market Report:
- What is the projected size of the India Home Testing Kits market in 2030, and what growth rate is expected?
- What are the primary drivers of growth in the India Home Testing Kits industry?
- What are the major market trends that are affecting the expansion of the India Home Testing Kits market?
- What obstacles must be overcome in order to achieve sustained growth in the India Home Testing Kits market?
- What opportunities and threats do vendors in the India Home Testing Kits Market face?
- What are the raw materials and manufacturing equipment used in the production of India Home Testing Kits, and what is the manufacturing process?
- What are the different types and applications of India Home Testing Kits, and what is the market share of each type and application?
- What factors, such as trends, challenges, and risk factors, are currently shaping the growth of the India Home Testing Kits market?
- What factors are driving the growth of the India Home Testing Kits market in the top regions worldwide?
- Who are the major players in the India Home Testing Kits market, and what strategies are they employing to succeed?
- What industrial trends, drivers, and challenges are influencing the expansion of the India Home Testing Kits market?
- What are the main findings of a five forces analysis of the India Home Testing Kits market?
To gain a better understanding of market conditions, a Five Forces analysis is conducted, which includes an assessment of the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
Additionally, a PESTLE analysis is performed to evaluate the external factors that may impact the market:
- Political factors: This includes political policies and stability, as well as trade, fiscal, and taxation policies.
- Economic factors: Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates are all considered under this category.
- Social factors: Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles are taken into account when analyzing the social factors that may affect the market.
- Technological factors: Changes in digital or mobile technology, automation, research, and development are evaluated to determine the potential impact on the market.
- Legal factors: Employment legislation, consumer law, health and safety regulations, and international trade restrictions are among the legal factors that may affect the market.
- Environmental factors: Climate, recycling procedures, carbon footprint, waste disposal, and sustainability are all taken into consideration when assessing the potential impact of environmental factors on the market.
Our India Home Testing Kits Market Report is a comprehensive analysis of the market, providing valuable insights for businesses looking to invest in this industry.
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