Market Insights Health Medical Technology

In Vitro Diagnostics - India

India

The Indian market for In Vitro Diagnostics market is anticipated to witness a substantial growth in the coming years.
According to projections, the revenue is expected to reach US$1.71bn by 2024.
Furthermore, it is estimated that the market will experience a steady annual growth rate of 4.39% from 2024 to 2029, resulting in a market volume of US$2.12bn by 2029.
In a global comparison, it is worth noting that the United States is poised to generate the highest revenue in this market, with a projected revenue of US$30,100.00m by 2024.
India's growing middle class and increasing healthcare expenditure are driving demand for In Vitro Diagnostics in the country.

Key regions: China, France, Japan, Netherlands, Italy

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Analyst Opinion

The In Vitro Diagnostics market in India has been experiencing significant growth in recent years.

Customer preferences: Customers in India are increasingly seeking out In Vitro Diagnostics products and services due to a variety of factors. One key factor is the rising prevalence of chronic diseases such as diabetes and cardiovascular conditions. As the population in India continues to grow and age, the demand for diagnostic tests to detect and monitor these diseases is also increasing. Additionally, customers in India are becoming more aware of the importance of early detection and prevention of diseases, leading to a greater demand for diagnostic tests.

Trends in the market: One major trend in the In Vitro Diagnostics market in India is the adoption of point-of-care testing (POCT). POCT allows for rapid and convenient testing at the patient's bedside or in a non-laboratory setting. This trend is driven by the need for faster and more accessible diagnostic results, especially in rural areas where access to healthcare facilities may be limited. Another trend in the market is the increasing use of molecular diagnostics, which allows for more precise and personalized testing. This trend is fueled by advancements in technology and the growing understanding of the genetic basis of diseases.

Local special circumstances: India has a large and diverse population, with varying healthcare needs and infrastructure. This presents both challenges and opportunities for the In Vitro Diagnostics market. On one hand, the market potential is immense, given the size of the population. On the other hand, there are significant disparities in healthcare access and infrastructure between urban and rural areas. Companies operating in the In Vitro Diagnostics market in India need to consider these local special circumstances and tailor their products and services accordingly.

Underlying macroeconomic factors: Several macroeconomic factors are driving the growth of the In Vitro Diagnostics market in India. One key factor is the overall economic growth of the country, which has led to an increase in disposable income and healthcare spending. Additionally, the government of India has been actively promoting healthcare reforms and initiatives to improve access to healthcare services, including diagnostics. These factors, coupled with the rising burden of chronic diseases, are creating a favorable environment for the growth of the In Vitro Diagnostics market in India. In conclusion, the In Vitro Diagnostics market in India is experiencing significant growth due to customer preferences for early detection and prevention of diseases, as well as the rising prevalence of chronic conditions. The adoption of point-of-care testing and molecular diagnostics are key trends in the market. Local special circumstances, such as the diverse population and varying healthcare infrastructure, need to be considered by companies operating in the market. Overall, the macroeconomic factors of economic growth and government initiatives are driving the growth of the market in India.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.