Better healthcare for mankind across the globe

The medical device industry has grown significantly in the last one-and-a-half decade in India. The market which was growing at a CAGR of 15 percent, has suddenly seen a remarkable upward trend, poised to grow at CAGR of 37 percent by 2025, making Indian healthcare and medical device industry one of the top 20 Target Markets worldwide.

The diagnostic industry classified mainly in two segments, Diagnostic Services and Diagnostic Devices has immense growth potential. This segment of the medical device industry is growing at CAGR of >22 percent. Within this, the imaging market contributes 30 percent and pathology market the balance 70 percent.

Traditionally, 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.

On the other hand, GLOBOCAN 2020 study reveals that the number of prevalent cancer cases in five years were 2,720,251 among all age groups in India. Additionally, as per the International Agency for Research on Cancer (IARC), the cases in India are estimated to rise from 1.15 million in 2018 to 1.9 million in 2040. The National Diabetes and Diabetic Retinopathy Survey report 2015-2019, shows there are 11.8 percent prevalent cases of diabetes in India. As diabetes is a major risk factor for many diseases it is expected to have significant growth. Furthermore, emerging technological innovations in healthcare, like bio-sensors, lab-on-a-chip, and POC diagnostics are increasingly becoming an important part of the healthcare landscape. POC testing helps bring testing closer to the patients and obtain results quickly for the healthcare provider, expediting diagnosis and subsequent treatment. This is likely to increase the adoption of in-vitro diagnostics in India.

In addition to the traditional growth drivers for IVD industry in India, COVID-19 has certainly enhanced the significance of diagnosis and brought to the fore the gap that exists between demand and supply. RT-PCR tests have suddenly gained a lot of prominence and proven to be the major reliable tool for diagnosis of the cornonavirus. However, the jet speed research work in diagnosis of the virus has successfully established the usefulness of companion diagnosis in COVID cases like CRP, D-Dimer, LDH, Ferritin, IL-6, and hematological findings like NL ratio, and coagulation PT factors. Hence, currently all major diagnostic companies are aligning themselves to provide these diagnostic tests to cater to the huge demand.

Traditionally in the Indian IVD market the need for affordable and easy to use solutions, which can be operated effectively in low resource settings are always top priority. With a view to compensate this, Beacon started its operations and in 30 years we have covered a huge distance and grown manifolds in our product offerings, geographical coverage and our customer services network. With our skills and dedication, we have provided easy and price-competitive solutions. And over a period of time gained trust of our valued
customers.

Today, as one of the leading IVD manufacturers, Beacon Diagnostics has aggressively succeeded in its efforts of meeting the needs of the customer during the ongoing pandemic. Having the advantage of being a manufacturer with long-standing expertise in developing IVD solutions for the global market, we continue to launch innovative solutions in the areas of clinical chemistry, coagulation, and hematology, the segments most in demand during this period.

As a professional IVD solution provider, we will continue to focus on our expansion plans and reach out to new market segments and customers. We plan to achieve this by expanding the product portfolio, and meeting the latest market demands and trends. Our focus is on molecular diagnostics, HPLC systems, and higher throughput automation products for clinical chemistry immunoassays, immunohistochemistry, and POCT segments.

As an Indian manufacturer, Beacon’s major focus is to complement PM’s vision of Atmanirbhar Bharat. At the corporate HO, major plans through R&D and joint ventures are lined up for indigenous manufacturing of reagents and instruments for the IVD industry.

While the Indian market is our core strength, we pay equal attention to our international customers. Today in over 50 international territories, we cater to our customers and have precise plans and activities to make our presence felt in the export market, thereby ensuring better healthcare for mankind across the globe.