India In-Vitro Diagnostics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

India In-Vitro Diagnostics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • April 2021 •
  • 110 pages •
  • Report ID: 6062827 •
  • Format: PDF
India In-vitro diagnostics market estimated to be valued at USD USD 1255.18 million in 2020 and is expected to reach approximately USD 1990.99 million in 2026, registering a CAGR of nearly 7.10% during the forecast period.

In the context of COVID-19, government organizations in various countries, research institutes, and many global and domestic companies are focusing on the launch of new products, which may contribute to the growth of the market studied. For instance, in July 2020, the Indian Institute of Technology (IIT), Delhi, launched a COVID-19 test kit and approved by the Indian Council of Medical Research (ICMR). In September 2020, the Central Drugs Standard Control Organization (CDSCO), which regulates pharmaceuticals and medical devices in India, approved the manufacture and sale of ‘CoViDx One,’ an RT-PCR test kit developed by Pune-based GenePath Diagnostics.

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 the GLOBOCAN factsheet, in 2020, the number of prevalent cancer cases in five years was found to be 2,720,251 among all age groups in India. Additionally, as per the International Agency for Research on Cancer (IARC), the incident cases in India are estimated to rise from 1.15 million in 2018 to 1.9 million in 2040. 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.

Key Market Trends
Molecular Diagnostics Segment is Expected to Grow with CAGR of 7.12% 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.

Moreover, with the advent of COVID 19, many of the companies are focused on developing effective molecular diagnostics for the disease. In March 2020, Co-Diagnostics Inc. announced that its joint venture, CoSara Diagnostics Pvt. Ltd, had received the license from the Central Drugs Standards Control Organization (CDSCO) to manufacture RT-PCR COVID-19 test kits. Similarly, Mylab Discovery Solutions, which is a Pune-based molecular diagnostics company, launched ist Compact XL to automate the manual processes of molecular diagnostic tests, such as RT-PCR tests for COVID-19.

The technological advancements in this segment have been significant, and the cost of these molecular diagnostic tests have decreased steadily, to make them accessible to more patients suffering from genetic diseases and infectious diseases. Additionally, the outbreak of COVID-19 in the region has increased the demand for molecular diagnostics, which is boosting market growth.

Competitive Landscape
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, BioMérieux, Bio-Rad Laboratories Inc., Danaher Corporation, F. Hoffmann-La Roche AG, Qiagen NV, and Thermo Fisher Scientific. Companies are adopting various strategies such as collaborations, acquisitions, new launches to expand market position. For instance, in February 2018, Fujifilm Corp announced its foray into India’s fragmented diagnostics market with the launch of a medical screening centre focusing on cancer screening in Bengaluru in collaboration with Dr Kutty’s Healthcare.

Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Loading...

We are very sorry, but an error occurred.
Please contact support@reportbuyer.com if the problem remains.