Indian In Vitro Diagnostics (IVD) Market: Trends & Opportunities (2012-2017)

Technological developments and rapid inventions in the field of medical sciences continue to provide the mankind with novel procedures, equipment, and practices. IVD is one of the latest technologies which are finding application in varied medical procedures globally. With its growing popularity and success rate, IVD has created a significant place in the worldwide medical diagnostics market. Focusing on the emerging economies of the world, especially Asian countries, like India, it has been noticed that areas like IVD are recording unabashed adoption in the medical fraternity, which is evident by its increasing market size.

The present report offers an in-depth analysis of the global as well as the Indian IVD market, with a detailed discussion of its major segments: molecular diagnostics, immunochemistry, and hematology, in particular. The study of market trends indicate at a strong growth of the IVD market in India during the past decade, and the same is projected to expand further in the near future.

Currently, the Indian market accounts for a minimal share of the worldwide market yet it is anticipated to increase at a notable pace in the meantime, chiefly as a result of a number of factors, including the increasing adoption of IVD in the Indian medical establishments, growing awareness of its benefits among patients, ongoing entry of foreign players in the Indian market, and improving medical infrastructure in the country, among others.

The key market challenges recognized by the analysts include factors like less regulatory norms, no reimbursement of diagnostics tests, no specified quality of the reagents which are used etc. Some of the key trends of the Indian in vitro diagnostics market (IVD) are technological innovations, market consolidation-opening new avenues and cut down turnaround time and ensuring quality results.