The Indian in vitro diagnostics market is expected to witness a CAGR of ~13.0% to reach revenue of over $15.81 billion by 2025
Bangalore, India, July 12, 2019: With its recently published study “Indian In Vitro Diagnostics Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the Indian In Vitro Diagnostics market is expected to witness double-digit growth during the forecast period 2019–2025. This is mainly because of rising healthcare expenditures, possible upcoming medical devices related policies to support domestic manufacturing, expanding healthcare access in tier-II and tier-III cities, increasing investments from healthcare providers, and diagnostic labs at new locations outside saturated markets.
With respect to the IVD equipment market, the fastest growing segment by technology would be molecular diagnostics, followed by blood gas & electrolyte and microbiology and biochemistry equipment. Urinalysis equipment is an outlier in the current market with a CAGR estimated to be more than 15% during 2019–2025.
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. With India’s focus on eradicating TB from the country, the expenditure on TB testing is about $115–$140 million, inclusive of both public and private segments and is expected to increase multiple folds during 2019 and 2020.
In-vitro diagnostics include immune chemistry, clinical chemistry, molecular diagnostics, clinical microbiology, coagulation, hemostasis, hematology, urinalysis, and others. Cardiovascular and metabolism, oncology, immunology, infectious diseases, and now genetic testing are some of the fast-growing areas in this sector. Increasing number of chronic diseases, growing elderly population, and rising healthcare awareness are the factors driving the market growth. The stringent government approvals and improper reimbursement policies in the developing countries are among the key factors that are deterring the market growth.
“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 growth of novel sectors such as companion diagnostics in both, developed and developing economies. Increase in the elderly population, intensification of chronic diseases, pandemic situations in case of infectious diseases, and the growing importance of medical diagnostics are further boosting the growth of this market.” – Rikitha K Murthy, Senior Research Analyst, Infoholic Research.
Key Segments of the Report Include:
- Indian In Vitro Diagnostics Market By Technology Type:
- Blood Gas and Diagnostics
- Molecular Diagnostics
- Indian In Vitro Diagnostics Market By Application:
- Infectious Disease
- Autoimmune Disease
- Indian In Vitro Diagnostics Market By End Users
- Home Care
- Academic and Research Institute
Industry outlook: Market trends, drivers, restraints, and opportunities
Ms. Sunanda Ganguli
Infoholic Research LLP