Indian In Vitro Diagnostics Market To Surpass USD 1 Billion by 2016

Indian IVD market will witness exponential growth in coming years.

The Indian IVD market is valued at is valued at more than US$ 500 Million, and is expected to touch the US$ 1 Billion in 2016 growing steady at a CAGR of 19% as research report “Indian In Vitro Diagnostics Market Opportunity Analysis 2018” published by KuicK Research. This remarkable growth can be attributed to increased healthcare awareness, desire to undergo preventive health checkups, availability of disease specific tests, corporate setups promoting health focus of employees, and drift from manual to semi-automated and automated equipment.

The market is led majorly by global players in absence of necessary skills, technical know how and the infrastructure to bear the high end costs for carrying out research and develop their own products possessed by local players. There is massive prevalence of product imported either in finished form or as Original Equipment Manufacturer (OEM) and lesser focus on indigenous research. Newer concepts like point of care testing, near patient testing, increased automation, hospital laboratory management and customer relationship management have revolutionized this segment and contributed towards providing accurate and precise diagnosis at much faster rates.

Strategies that have been devised to spread the diagnostic network throughout the country include consolidation of labs as well organized mergers and acquisitions. Multinationals that specialize in products which cut across all segments have now started considering India as one of the preferred destination to set up their laboratory replicas in India which has further been supported by increasing medical tourism in India.

In order to emerge as one of the major players in the IVD industry, India needs to follow a streamlined and conglomerate approach that should be followed with efforts and resources should be invested by all including the government. Regulatory framework needs to be strengthened and quality standards have to be maintained to establish globally.

Contact Info:
Name: Avinash Arora
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Organization: KuicK Research
Phone: +91-11-47067990

Release ID: 13133