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Indian In-vitro Diagnostics Market
Frost & Sullivan, Jan 2011, Pages: 89
This Frost & Sullivan research service titled Indian In-vitro Diagnostics Market provides the market size, competitive landscape, and revenue forecast for various segments. In this research, Frost & Sullivan's expert analysts thoroughly examine the following markets: biochemistry, immunology, hematology, urine analysis, molecular diagnostics, and microbiology.
MARKET OVERVIEW
Expansion of Corporate Hospitals to Drive the $331.7-Million Indian In-Vitro Diagnostics Market to $900.2 Million in 2016
Rising Prevalence of Chronic and Lifestyle Diseases in Rural Areas Creates a Vast Untapped Market for IVD
With a compound annual growth rate (CAGR) of 18.1 percent from 2009 to 2016, in-vitro diagnostics (IVD) has emerged as one of the most profitable markets in the Indian healthcare industry. The improving corporate hospital infrastructure and installation of automated and semi-automated biochemistry, immunology, and hematology equipment have enabled the market to achieve this healthy double-digit growth rate.
“While most people in tier I and II cities are aware of the benefits of frequent checkups and preventive healthcare, hospitals are looking to reach out to patients in tier III cities and rural areas,” says the analyst of this research. “This is a well thought-out move on the part of these hospitals, since lifestyle and communicable diseases are no longer restricted to urban centers, but are spreading to rural areas as well.” As a large portion of rural areas do not have even the basic healthcare facilities, several cases remain undiagnosed. These changing disease patterns, rising incidence of diseases, higher healthcare spending, and untapped markets create abundant opportunities for IVD manufacturers.
Although their prospects are bright, companies will not find the going easy in the unorganized and fragmented IVD market. The major reasons for this market fragmentation are the low entry barriers, which has led to the mushrooming of laboratories, and the complete lack of standardization. Only 150-200 laboratories in India have accreditation, and due to the absence of legislation, standardized procedures and equipment are unavailable.
Another significant concern for market participants is the inadequate insurance coverage. Responding to the demand for quality healthcare, most corporate labs have introduced cost-effective and convenient patient care packages.
“Apart from the involvement of external parties, participants can gain an edge by establishing efficient logistic partners and distribution strategies,” notes the analyst. “They should offer efficient service backup and carefully price their products in a way that justifies the quality and services provided.”
MARKET SECTORS
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
- Biochemistry
- Immunology
- Hematology
- Urine analysis
- Molecular diagnostics
- Microbiology
REASONS TO BUY
This comprehensive, objective information allows your company to mitigate risk, identify new opportunities, and drive effective strategies for growth.
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