India In-vitro diagnostics market estimated to be valued at USD USD 1255.18 million in 2020 and is expected to reach approximately USD 1990.99 million in 2026, registering a CAGR of nearly 7.10% during the forecast period.
In the context of COVID-19, government organizations in various countries, research institutes, and many global and domestic companies are focusing on the launch of new products, which may contribute to the growth of the market studied. For instance, in July 2020, the Indian Institute of Technology (IIT), Delhi, launched a COVID-19 test kit and approved by the Indian Council of Medical Research (ICMR). In September 2020, the Central Drugs Standard Control Organization (CDSCO), which regulates pharmaceuticals and medical devices in India, approved the manufacture and sale of ‘CoViDx One,’ an RT-PCR test kit developed by Pune-based GenePath Diagnostics.
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The major factors that are driving the growth of the Indian in-vitro diagnostics market are the high prevalence of chronic diseases, increasing use of point-of-care (POC) diagnostics, and rising awareness and acceptance of personalized medicine and companion diagnostics. According to the GLOBOCAN factsheet, in 2020, the number of prevalent cancer cases in five years was found to be 2,720,251 among all age groups in India. Additionally, as per the International Agency for Research on Cancer (IARC), the incident cases in India are estimated to rise from 1.15 million in 2018 to 1.9 million in 2040. Similarly, according to the National Diabetes and Diabetic Retinopathy Survey report 2015-2019, there are 11.8% prevalent cases of diabetes in India. As diabetic is a major risk factor for many diseases it is expected to have significant growth of the market over the forecast period.
Key Market Trends
Molecular Diagnostics Segment is Expected to Grow with CAGR of 7.12% Over the Forecast Period
Molecular diagnostic devices are used to analyze biological markers in the genome and proteome to detect pathogens or mutations. On the basis of technology used, molecular diagnostic devices can be segmented into chips and microarrays, mass spectroscopy, next-generation sequencing (NGS), polymerase chain reaction (PCR)-based methods, cytogenetics, and molecular imaging.
Factors, such as large outbreaks of bacterial and viral epidemics in India, increasing demand for point-of-care diagnostics, and rapidly evolving technology, are driving the growth of the molecular diagnostics segment. Also, advancements in molecular diagnostics and new product launches in India projected to boost the segment growth over the forecast period. For instance, in January 2020, CO-Diagnostics, Inc. and Cosara have launched CoSara tests for tuberculosis, malaria, hepatitis B, hepatitis C, and human papillomavirus.