How will the IVD industry pan out over the next year?

One word comes to mind when we look at the progress the IVD sector has made over the last few years – Resilience!

The Indian IVD industry has demonstrated its ability to adapt, learn, and evolve by overcoming obstacles and taking advantage of exciting growth opportunities. The numbers speak for themselves.

Statistics for market growth in the IVD segment look promising. Revenue is expected to show an annual growth rate of 8–10 percent in India, resulting in a market volume of USD 2.5 billion by 2027. At the moment, it is due to the right mixture of optimum factors that may be attributed to these advances.

• The Union Budget of 2021-22 allocated ₹50,000 crore to the National Research Foundation (NRF) over the next five years as we realize the importance of self-reliance, especially in healthcare and science.
• We have several new national medical institutions in the pipeline. There are plans to develop the national institution for One Health with four regional national institutes for virology, nine bio-safety level-III laboratories, and five regional branches of the National Center for Disease Control (NCDC), along with 20 metropolitan health surveillance units. These centers bring increasing demand for medical devices and testing.
• Indian Council of Medical Research (ICMR) has also collaborated with the Indian Institutes of Technology (IITs) to set up ICMR at IITs. These are meant to be Centers of Excellence (CoE) for Make in India product development and commercialization in the medical devices and diagnostics space.
• The hospital sector continues to expand in India. Specialized tertiary care centers will continue to be set up by the government as well as the private sector all over India. The hospital space contributed over 30 percent to the IVD sector in India. If this grows over 10 percent, the IVD sector can witness a faster growth.
• Rise in insurance for OPD will also play a part in the IVD sector growth.

The IVD industry has several opportunities to nurture further and improve public health, disease surveillance, clinical care, and medical research.

With the promise of support and innovation, we look forward to several new initiatives at SRL Dr Avinash Phadke Labs.

As always, our focus has been on dependable services for our patients. We have established more collection centers in remote and hard-to-reach areas to give the people in those communities easy access to modern testing facilities. We understand the importance of convenience and have strengthened our home collection facilities and point-of-care-testing (POCT) services to keep up with the demand.

We have broadened our test panels to include both infectious and communicable disease panels, with a focus on preventive health. The increasing incidence of chronic diseases highlights the importance of using advances in testing to screen and diagnose patients with these conditions early.

This has led to an expansion in technology and skill as we focus on newer testing methodologies like genomics and sequencing. We stepped up automation in our laboratories to deliver timely and accurate reports.

Another area where we have experienced considerable growth is in patient outreach. Communication and education build trust. This is why we continue to engage with patients using in-person events as well as leveraging webinars or video conferencing to reach larger audiences.

While the last few years have severally challenged medical systems, our healthy future is – with the right investments – within reach.