India Diagnostics Market Report Description:
India diagnostics market report gives comprehensive outlook on diagnostics across the globe with special emphasis on India. The report on India diagnostics market gives historical, current, and future market sizes (US$ Mn) on the basis of type, product type, application, end user and country. This report studies India diagnostics market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, India diagnostics market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed India diagnostics market to better equip clients with possible investment opportunities across the country (country Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the India diagnostics market report include suppliers, manufacturers, marketers, policy makers, and service providers engaged in India diagnostics products.
India Diagnostics Market:
The India diagnostics market valued US 1,449.8 Mn in 2019 and is poised to grow with a CAGR of 17.1% over 2020-2026. Some of the key factors fostering the market growth include health awareness among people coupled with growing per capita income, recognition of personalized medicines and companion diagnostics and focus on expansion of laboratory or replacing existing manual or semi automated diagnostic systems. In addition, shifting economic standards and continues research and development activities on point-of-care testing are other factors responsible for the market growth. For instance, as per the international federation of diabetes, India has highest number of diabetic patients in the world and the numbers are likely to increase to 151 Mn by 2025.
However, lack of a component manufacturing ecosystem and tax structure are anticipated to limit the growth of the market. In addition, technological innovations and new product launches with cutting edge technology present lucrative opportunities for key players in the market during the forecast period.
Increasing Use of Point-of-Care (POC) Diagnostics:
The occurrence of chronic diseases is rising due to diverse reasons, such as an increase in the aged population, sedentary lifestyles, unhealthful food habits and environmental factors. The diagnostic technologies are an important part of preventive healthcare and there is today a great reemphasis on screening great numbers of people to prevent the onset of diseases like infectious diseases, TB, cardiovascular disease and thyroid dysfunction. The increasing demand capable POC diagnostics kits due to its faster diagnostics when compared to traditional methods will enhance the growth of the market. The surge in the patient population and hospitalization will further create business opportunities for the point-of-care (POC) in the forthcoming years.
The launch of new POC diagnostics by foremost industry players is likely to progress competition in the expected future. Continues research and development activities on point-of-care testings to address challenges of diagnosis and treatment of various cancers are also expected to drive the India market over the forecast period.
Reagents and Kits Accounts for Larger Market Revenue Share in India Diagnostics Market
Reagents and Kits accounted for larger revenue share in India diagnostics market with a CAGR of 17.4% and is expected to grow over the forecast years. The growth for this segment can be attributed to rising demand for self-test & point-of-care products and increase in the number of research & development initiatives related to reagents. Additionally, key market vendors are introducing novel systems using reagents with sophisticated technology. For Instance, the new trend that has been witnessed in the market is that the key player Roche will install a device or provide it to end user at minimal rental charges.
Key player’s profiles in the India diagnostics market include:
- Roche Diagnostics India Private Limited
- Siemens Ltd. (Siemens Healthineers India)
- Becton Dickinson India Pvt Ltd
- Beckman Coulter India Private Limited
- Abbott India
- Transasia Bio-Medicals Limited
- Tulip Diagnostics Pvt Ltd
- Trivitron Healthcare Pvt Ltd
- Agappe Diagnostics Limited
- Accurex Biomedical Pvt Ltd
India diagnostics market is surging owing to strategic alliances by key players for diagnostics to meet the demands of the customers in the market. For instance,
- In July 2018, Siemens Healthineers India introduced FlexForce tech staffing and FlexForce coach performance consulting solutions to educate and improve the workflow of radiologic and laboratory technologists. These solutions would help the healthcare organizations to transform their delivery of care and improve the patient experience.
- In March 2020, BD the company launched rapid serology test to detect exposure to covid-19, point-of-care blood test detects evidence of present or past exposure in15minutes.
Key Findings of the Report:
- India diagnostics market expanding at significant CAGR over 2020 to 2026 owing to increasing preference for point-of-care testing among the general population
- Players focusing on innovation of newer products and collaboration strategies to retain market position in India diagnostics market
Key Features of the Report:
- The report provides granular level information about the market size, country market share, historic market (2015-2019) and forecast (2020-2026)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
- Clinical Chemistry
- Tissue Diagnostics
- Point of Care Tests
- Molecular Diagnostics
By Product Type
- Reagents and Kits
- Infectious Disease
By End User
- Diagnostic Chains
- Individual Diagnostic Laboratories
- Hospital Laboratories