Increasing funding for research activities is expected to drive India In-Vitro Diagnostic Reagents Market in the forecast period, 2024-2028.
According to TechSci Research report, “India In-Vitro Diagnostics Reagents Market -By Region, Competition Forecast and Opportunities, 2018-2028F”, India In-Vitro diagnostic reagents market is anticipated to grow at an impressive rate in the forecast period, 2024-2028. This can be ascribed to the growing advancement in protein-engineering technologies along with growing development in diagnostic techniques. Similarly, growing investment in the research and development sector along with multiple collaborations with academic institutes to maximize their gains, is further expected to increase the demand for the In-Vitro Diagnostic Reagents market in the forecast period. Additionally, the development of new diagnostics tests and growing awareness about new tests with affordable costs is expected to drive the market during the forecast period. Similarly, the growing geriatric population along with increase in disposable income across the region is anticipated to boost the growth of the in-vitro diagnostic reagents market during the forecast period.
However, strict regulations and policies related to the approval of diagnostic regents can hamper the growth of the India In-Vitro Diagnostic Reagent Market. Similarly, high prices of the reagents along with the risk of using chemical reagents, lack of skilled workers for using the reagents, and lack of reimbursement scenario for IVD test are the main factors that will hamper the India In-Vitro Diagnostic Reagents Market in the forecast period.
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The India In-Vitro Diagnostic Reagents Market is segmented by type, by application, by end user and by region.
Based on Application, the India In-Vitro Diagnostic Reagents Market can be segmented into Immunoassay, Clinical Chemistry, Molecular Diagnostics, Hematology Analysers, Urinalysis, and Others. The Immunoassay segment is expected to dominate the market for the forecast period because of the increasing usage of immunoassays in POC & infectious diseases testing, and the growing development of novel tests. Similarly, increasing number of government initiatives taken to fight chronic diseases like influenza outbreaks, and the rising the number of cardiovascular diseases and diabetes, are expected to propel the market growth during the forecast period.
Based on Type, the India In-Vitro Diagnostic Reagents Market can be further segmented into Chemical, Bio-Chemical, and Immunochemical. The Immunochemical segment is predicted to dominate the market in 2023 and maintain its dominance throughout the forecast period. However, increasing approval of therapeutic peptides along with increasing demand for therapeutic proteins and medicines, combined with their subsequent increase in approvals is expected to enhance the demand for In vitro diagnostics reagents market during the forecast period.
Major operating companies operating in India In-Vitro Diagnostic Reagents Market are:
- DiaSys Diagnostics India Pvt Ltd
- Transasia Bio-Medicals Ltd.
- Oscar Medicare Pvt. Ltd.
- CPC Diagnostics (P) Ltd.
- Agappe Diagnostics Ltd
- BioSystems Diagnostics Pvt. Ltd
- Tulip Diagnostics (P) Ltd
PCR Biosystems has expanded its comprehensive range of diagnostic reagents with the launch of the Lyo-Ready Probe 1-Step Kit, a lyophilisable 4x RT-qPCR reagent mix designed for ultra-sensitive high-throughput detection of RNA sequences. Similarly, in 2022, the Indian government announced a complete financial cost of USD 665.5 million for the period FY 2021-22 to FY 2025-26 under the Strengthening of Pharmaceutical Industry (SPI) Scheme. Abbott Laboratories, Sysmex Corporation, Thermo Fisher Scientific Inc. and Biomerieux are other top four players in the India IVD market.
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“India is expected to register the highest growth in the India In-Vitro Diagnostic Reagents Market due to the rapid urbanization along with growing investments by healthcare providers towards infrastructure improvement across the region. Similarly, growing demand for managing the burden of infectious diseases, and increasing accessibility to healthcare services and advanced products is further expected to support the market growth. Additionally, increasing income levels of the middle-class population and increasing the number of hospitals, and clinics, is anticipated to growth of the market. Similarly, growing demand for personalized medicine for the treatment of chronic diseases along with demand for point of care testing are expected to propel the market growth till 2028” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India In-Vitro Diagnostic Reagents Market -Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Chemical, Bio-Chemical, Immunochemical), By Application (Immunoassay, Clinical Chemistry, Molecular Diagnostics, Hematology Analysers, Urinalysis, Others), By End User (Hospitals & Clinics, Diagnostic Laboratories, Academic & Research Institutions, Others), and By Region”, has evaluated the future growth potential of India In-Vitro Diagnostic Reagents Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India In-Vitro Diagnostic Reagents Market.