India In-Vitro Diagnostic Reagents Market, By Type (Chemical, Bio-Chemical, Immunochemical), By Application (Immunoassay, Clinical Chemistry, Molecular Diagnostics, Others), By End User, By Region, Competition, Forecast & Opportunities, 2018-2028F

Report
74 Pages
December 2022
Region: India
TechSci Research
ID: 5706804

The growing consumer awareness about new diagnostic techniques and the increasing geriatric population has led to an increase in laboratory testing and diagnostic procedures which are anticipated to boost the market growth during the forecast period

The India In-Vitro Diagnostic Reagents market is anticipated to witness impressive growth during the forecast period. This can be ascribed to the growing number of accredited clinical laboratories, along with the increasing prevalence of chronic diseases across the country. Additionally, securing accreditation from regulatory bodies is important for all clinical laboratories to perform diagnostic tests in the country, which is further driving the market growth over the years. Besides, growing awareness about the advantages of using new tests, along with increasing healthcare expenditure for the treatment of chronic diseases across the globe is further expected to support the In-vitro diagnostic reagents market during the forecast period. Similarly, increasing health awareness and demand for quality of healthcare is further expected to create lucrative growth during the forecast period. Also, developing the clinical research market in the underdeveloped region along with an increasing corporate presence in healthcare including establishing diagnostic laboratories is anticipated to boost the growth of the market during the forecast period.

Increasing Funding for Research and Development Activities

The increasing research and development activities in private and government research institutes in the last years, along with various government organizations investing in novel technologies are expected to create lucrative growth during the forecast period. Similarly, rising healthcare concerns globally, combined with various complexities in clinical trials, and higher failure of drugs in the earlier phase of studies, can enhance the demand for In-vitro diagnostic reagents, boosting the market growth. India accounts for 1% of the global IVD reagents market which is currently more than $ 60 billion and its share is expected to double by 2020 with an estimated 5-year CAGR of 15% to 20%. In 2019, the drop-off for dyslipidemia in India from the patient pool to the treated pool, was the steepest with over 500 million patients in the patient pool while 63 million were treated and increasing the number of people suffering with diabetes which in turn enhanced the demand for diagnostic reagents in India. Also, the increasing and mortality rate because of COVID-19, cardiovascular diseases, and cancers is expected to drive the In-vitro diagnostic reagents market during the forecast period. The rise in adoption of various mergers and acquisitions, partnerships and collaborations, product launches between India and global pharmaceutical companies such as GlaxoSmithKline (GSK), Eli Lilly, and others are facilitating the growth of the market.

In March 2021, Thermo Fisher Scientific launched Applied Biosystems QuantStudio 5 Dx Real-Time PCR System to analyse a large number of samples in a short duration, resulting in an increase in efficiency of clinical laboratories and providing customizable output and used in molecular diagnostic testing.

Growing development in the Healthcare Industry

The pharma and healthcare sector are rapidly growing with technological innovations, increasing healthcare spending, and improving healthcare facilities and systems. This is expected to create lucrative growth during the forecast period. Many hospitals, ambulatory surgical care centers, and clinics are adopting advanced devices and equipment across the region which will enhance the growth of the market. Increasing initiatives and subsequent collaborations between research organizations are facilitating the development of novel tests for the detection of diseases, which is expected to boost market growth during the forecast period. For instance, in February 2022, Thermo Fisher Scientific Inc. launched the Renvo Rapid PCR Test to detect in-air SARS-CoV-2 pathogens.

Market Segmentation

The India In-Vitro Diagnostic Reagents market can be segmented by type, by application, by end-user, and by region. Based on type, the market can be segmented into Chemical, Bio-Chemical, and Immunochemical. Based on application, the market can be differentiated into Immunoassay, Clinical Chemistry, Molecular Diagnostics, Hematology Analysers, Urinalysis, and Others. Based on end-user, the market can be differentiated into Hospitals & Clinics, Diagnostic Laboratories, Academic & Research Institutions, and Others.

Market Players

DiaSys Diagnostics India Pvt Ltd, Transasia Bio-Medicals Ltd., Oscar Medicare Pvt. Ltd., CPC Diagnostics (P) Ltd., Agappe Diagnostics Ltd, BioSystems Diagnostics Pvt. Ltd, and Tulip Diagnostics (P) Ltd are some of the leading players operating in the India In-Vitro Diagnostic Reagents Market.

Recent Development

For instance, F. Hoffmann-La Roche Ltd experienced a surge in the revenue generated from the point of care segment by 139.4% in 2021 compared to 2020.

Report Scope:

In this report, India In-Vitro Diagnostic Reagents Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below: