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Description
India Diagnostics Market size is anticipated to be valued at USD 2,013.5 million in 2021, and it is expanded to grow at a significant CAGR of 16.3% over 2022-2028. Increasing demand for novel healthcare facilities, rise in awareness of various diseases, health consciousness among people, growing per capita income, and high need for regular health check-ups in recent periods in India will be expected to drive the India diagnostics market over the forecast period. Rising awareness of communicable and non-communicable diseases among the population and subsequent preventive/treatment measures by regular monitoring of health with frequent check-ups under physician guidance is also a significant factor to drive the diagnostics market over the forecast period. The Indian diagnostics market players are majorly focusing on the majority of the in-vitro diagnostic products. However, while entering into new domains or developing a new product that has a more lucrative opportunity in the Indian IVD market, these companies follow a few strategic procedures. For instance, The Agappe company has focused on the hematology domain and started developing hematology analyzers. The company hired a clinical guide and a technical expert who has worked in several multinational corporations’ research and development departments to develop this product. Finally, the company developed and launched India’s first indigenous three-part diff hematology system. In 2021, the clinical chemistry segment accounted for a larger revenue share and projected to grow with a CAGR of 15.4% from 2020-2026, owing to the launch of newer diagnostics products.
Recent Market Developments:
In March 2022, Trivitron Healthcare acquires US-based medical devices firm Kennedy Company. The acquisition will allow the Chennai-based Trivitron to get a 7 acres’ campus with 25,000 square feet of production space in Scottsboro, Alabama.
In Dec. 8, 2021, Thermo Fisher Scientific Inc. announced that it has completed its acquisition of PPD, Inc. a leading global provider of clinical research services to the biopharma and biotech industry, for $17.4 billion.
