Metropolis’ 100 collection centres
The Indian In-Vitro Diagnostics (IVD) market is likely to exceed US$1.8 billion mark by 2025 as major technological advancements and higher efficiency systems have taken the sector to new heights.
Advanced cutting-edge technologies are being used to understand disease prognosis, thereby strengthening the sophistication level of the participants in the health sector.
Outlining such prospects, a report on the industry noted that the industry has been witnessing immense progress.
The growing demand for personalized medicines, innovations in diagnostic techniques, increasing preference for point-of-care testing among the general population, a growing geriatric population base and an increase in disposable incomes are driving the growth of the IVD sector in India.
In India, the emerging trend of corporate players establishing diagnostic centers in small towns and rural areas tends to provide opportunities for the import of automated systems and reagents, according to the report “India IVD (Instruments & Reagents) Market, Share, Registration, Regulations & Classification of IVD and Key Players Analysis – Forecast to 2025”. It was release by ResearchAndMarkets on 25 April 2019.
For instance, Metropolis Healthcare has announced plans to add 800 collection centers, and 10 labs by the end of Fiscal Year 2019.
Moreover, global IVD companies are expanding their operational footprint in India which presents a growing market for their products like ready-to-use test kits equipped with features like high specificity and acute diagnostic analysis.
“Thus, the IVD market in India is growing at an extraordinary pace and the country has the potential to emerge as a global manufacturing hub in the medical devices space,” said the report.
Biochemistry is the leading segment in India IVD market. Immunochemistry holds the 2nd position in India IVD market being followed by Hematology.
Microbiology is the fastest growing segment of the Indian IVD market.
The Indian urinalysis (instruments and reagents) market was in the range of US$20-$25 Million in 2018.
Molecular diagnostics and Coagulation segments are competing closely with each other to grab the maximum share of the pie.
Roche has captured maximum share of the India IVD market. Siemens and Transasia held the 2nd and 3rd position in Indian IVD market.
TransAsia has a strong presence in small and medium-sized independent diagnostics centers across India.
Abbott Laboratories, Sysmex Corporation, Thermo Fisher Scientific Inc. and Biomerieux are other top four players in the India IVD market. fiinews.com
