India In Vitro Diagnostics Market 2030: Surprising Facts and Future Projections Exposed
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According to TechSci Research report, “India In Vitro Diagnostics Market Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2020-2030F”, India In Vitro Diagnostics Market was valued at USD 1.74 billion in 2024 and is anticipated to witness impressive growth in the forecast period with a CAGR of 5.45% through 2030. This growth can be attributed to collaborations and partnerships among leading companies aiming to merge their expertise and strengthen their market positions.
Emerging Trends: What’s Driving the Change?
The Indian in-vitro diagnostics (IVD) market is experiencing rapid transformation driven by several emerging trends. Innovations such as remote collection and digital pathology are revolutionizing the way diagnostic services are delivered. For instance, in October 2022, Proscia launched an expanded digital platform, Concentriq Dx, to streamline primary diagnostic workflows. Similarly, Roche’s next-generation VENTANA DP 600 slide scanner, launched in June 2022, enhances the quality of histology slide imaging, providing flexibility and ease of use for pathology labs.
Technological advancements in healthcare, including biosensors, lab-on-a-chip, and wearable devices, are becoming integral parts of the healthcare landscape. Point-of-care (POC) diagnostics, which bring testing closer to patients and expedite diagnosis and treatment, are increasingly adopted across India.
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How Does Regulatory Scenario Shape this Industry?
Regulations play a crucial role in shaping the IVD market in India. Stringent regulatory frameworks ensure the safety, efficacy, and quality of diagnostic products. However, these regulations can also pose challenges, such as lengthy approval processes and complex compliance requirements. The Indian government has been proactive in updating its regulatory guidelines to keep pace with technological advancements. Initiatives like the Medical Device Rules, 2017, aim to streamline the approval process for new diagnostic devices while maintaining high standards of safety and performance.
Drivers: What Fuels the Market Growth?
Rising Prevalence of Chronic Diseases
One of the primary drivers of the Indian IVD market is the increasing prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases. According to the ICMR 2021 Report, the number of cancer patients in India is projected to rise from 26.7 million in 2021 to 29.8 million by 2025. Similarly, statistics from the International Diabetes Federation (IDF) indicate that the number of people with diabetes in India is expected to increase from 74.1 million in 2022 to 92.9 million by 2030.
Increased Healthcare Awareness
Greater healthcare awareness is another significant factor driving the demand for IVD. Awareness campaigns and health screening programs are encouraging individuals to adopt preventive healthcare measures, including regular check-ups and diagnostic testing. These initiatives help in early disease detection and management, thereby increasing the demand for diagnostic tests.
Technological Innovations
Technological advancements are propelling the IVD market forward. Innovations such as remote sample collection, digital pathology, and advanced imaging techniques are improving diagnostic accuracy and efficiency. The launch of products like Proscia’s Concentriq Dx platform and Roche’s VENTANA DP 600 slide scanner exemplifies the impact of technology on the market.
Market Segmentation: Who are the Key Players?
Top 10 Companies
- Abbott India Limited
- Danaher (DHR) Holding India Pvt Limited
- Roche Diagnostics India Pvt. Ltd.
- bioMérieux India Private Limited
- Transasia Bio-Medicals Ltd.
- bioMérieux India Limited
- Becton Dickinson Private Limited
- Thermo Fisher Scientific India Pvt. Ltd.
- Siemens Healthcare Private Limited
- Sysmex India Pvt. Ltd
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Top Segments
The Indian IVD market is segmented based on product, test type, usability, end-user, application, and region. In 2024, hospitals and clinics held the largest market share and are expected to continue expanding. The high patient volume and the comprehensive range of services offered by these facilities drive the demand for diagnostic tests. Specialized care units within hospitals further boost the demand for IVD products.
Industry Key Highlights
The Indian IVD market has witnessed several significant developments in recent years. Companies are actively engaged in developing new products and forming strategic partnerships. For example, in September 2021, Mylab Discovery Solutions acquired a majority stake in Sanskritech, a developer of portable diagnostic systems. In August 2021, Mylab partnered with Hemex Health to develop next-generation POC diagnostic solutions.
Future Outlook: What Lies Ahead?
The future of the Indian IVD market looks promising, driven by continued technological advancements, increasing healthcare awareness, and a rising burden of chronic diseases. The market is expected to grow at a CAGR of 5.45% through 2030, reaching new heights in terms of value and volume.
10 Benefits of the Research Report
- Comprehensive Market Analysis: Provides an in-depth analysis of market trends, drivers, and challenges.
- Emerging Trends Insight: Highlights key emerging trends shaping the market.
- Regulatory Overview: Detailed analysis of regulatory scenarios and their impact on the market.
- Competitive Landscape: Comprehensive competitive analysis of key market players.
- Market Segmentation: Detailed segmentation analysis based on product, test type, usability, end-user, application, and region.
- Growth Projections: Forecasts market growth with a detailed analysis of growth drivers.
- Technological Innovations: Highlights technological advancements and their impact on the market.
- Strategic Recommendations: Provides actionable insights and strategic recommendations for market players.
- Market Opportunities: Identifies key opportunities for market players to capitalize on.
- Investment Analysis: Offers insights into potential investment opportunities in the market.
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