The market in India for in vitro diagnostics (IVDs)—the simple but effective laboratory tests on tissue samples used to detect diseases, conditions, and infections—is growing by a rapid 8.6% annually, according to a report from The Business Research Company. India’s IVD market was worth $2.1 billion last year, according to the report, making it the fourth largest market in the world for IVD devices. About eighty percent of the devices are imported.
Driving the demand for in vitro diagnostics in India is a growth in the population with disposable incomes, as well as innovations in diagnostic techniques. As an IVD market, India leads the emerging nations and lags behind only the populous, developed markets of the United States, Western European countries, Japan, and China. The country shares the healthcare challenges of developing countries, along with rising rates of diabetes, cardiovascular disease, and diseases associated with aging.
The global IVD market was valued at $65.2 billion in 2016. It is expected to expand at a combined annual growth rate (CAGR) of more than 7% in the next three years.
IVDs include a wide range of testing kits and devices, including clinical chemistry, hematology, molecular testing, and urinalysis.