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Indian In-vitro Diagnostics Market
Frost & Sullivan, Dec 2009, Pages: 65
This Frost & Sullivan research service titled Indian In-vitro Diagnostics Market provides an in-depth analysis of the market drivers and restraints, industry trends, and competitive environment, in addition to the challenges and issues faced by market participants. In this research, Frost & Sullivan's expert analysts thoroughly examine the following sectors: biochemistry, hematology, immunology, urine analysis, and molecular diagnostics.
Market Overview
Proliferation of Lifestyle Diseases Revs up Prospects for the Indian In-vitro Diagnostics Market
The increase in lifestyle diseases, such as cardiovascular disease (CVD) and diabetes, as well as growing awareness among the public coupled with the emergence and acceptance of new technologies, such as nucleic acid testing (NAT), are driving the Indian in-vitro diagnostics market. Apart from this, the emergence and acceptance of new technologies such as nucleic acid testing (NAT) are fuelling market momentum. The Indian population is displaying a significant change in disease patterns. Cardiovascular diseases are expected to contribute over 40 percent of total deaths by 2020, compared to 24 percent in 1990. As lifestyle diseases increase their contribution to the total percent of deaths, it is expected that there is likely to be a massive reduction in fatalities caused by communicable diseases (21 percent in 2020 as against 51 percent in 1990). Moreover, the need for early detection of cancer in the metros and Tier 1 cities has led to a demand upswing for diagnostics in private and government hospitals. 'With the increase in the number of corporate hospitals reaching out to consumers in the Tier 2 and 3 cities as well as rural areas, diagnostic services in India have witnessed considerable expansion,' notes the analyst of this research service. 'Going forward, consumers would expect private and government hospitals to have all the amenities for patient testing and exceptions may be accepted only for some special cases of cancer.'
The Indian diagnostics market was valued at $105 million in 2007. Over 90 percent of the market is unorganized or fragmented and this poses the biggest challenge for the industry in India. 'The major reasons for the highly fragmented market are the low entry barriers, which have led to the mushrooming of laboratories and the complete lack of standardization,' says the analyst. 'Only about 150-160 laboratories in India have accreditation, and due to the absence of legislations on laboratories, standardized procedures and equipment are unavailable.' Malpractices, such as incentives to referral centers, are also reining in market progression. Corruption has caused the quality of tests to deteriorate. Low awareness levels among referring clinicians are proving to be roadblocks for the market as well. Delayed diagnosis, late referrals and unavailability of proper healthcare facilities in the local area have triggered higher healthcare spend in rural areas.
Another prominent issue that has slackened the pace of the market is the lack of insurance, resulting in out-of-pocket expenditure. At present, only 8 percent of the Indian population is under an insurance/reimbursement scheme. However, in the future, rising income levels and increase in employment in sectors such as IT and financial services will lead to an expanding base of employees receiving insurance cover. Household expenditure on health is expected to grow at 14 percent for the next 3-5 years. Private health insurance is poised to grow at 25 percent to reach 16 million policies by 2012. New business models such as public private partnerships will gain ground. The government is expected to play the role of a facilitator rather than that of a provider. Participants in this arena can obtain the cutting edge by rolling out broad product offerings, establishing efficient distribution strategies, and exploring niche areas such as flow cytometry.
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
- Biochemistry
- Immunology
- Hematology
- Molecular diagnostics
- Urine analysis
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