Connect with us

Buyers Speak

IVD industry is poised to boost the healthcare ecosystem

The in vitro diagnostic (IVD) industry in India has been witnessing immense progress in recent times, and is at the cusp of a huge transformation. Major technological advancements and the need for accurate and quick results has led to the introduction of high-end products. The IVD market was valued at USD 1.24 billion in 2019 and is projected to reach USD 2.06 billion by 2027. The growing demand for personalized medicines, innovations in diagnostic techniques, increasing preference for point-of-care (POC) testing among the general population, and a growing geriatric population base are driving the growth of this sector in India.

The sector is witnessing a paradigm shift, resulting in adoption of technology and automation. Today, the industry is seeing more real-time innovations as increasing technological advancements continue to play a key role in diagnosis.

A few trends that we will witness include:

  • Increased thrust for smaller, faster, and easily accessible devices.
  • Higher research and development on diagnostic testing to aid public health.
  • Advanced and efficient screening tools with better digital monitoring will make diagnostic procedures easy and smooth.
  • The advances in digital healthcare technologies, including 3D printing, remote diagnosis, wearables, digital therapeutics, virtual reality, augmented reality, artificial intelligence (AI), computer vision, IoT, etc., are set to pave the way for innovation in diagnostics, and helping us solve critical challenges in healthcare, and bring significant and affordable benefits to human health.
  • There is a big shift in health burden from communicable to non-communicable diseases. Non-communicable diseases like diabetes, high blood pressure, cardiac conditions, cancer, etc., in India are on the rise. In 2006, about 46 percent of the disease burden was due to chronic/non-communicable diseases. The share of these diseases is expected to increase to about 57 percent by 2051. Thus, the rising burden of non-communicable diseases, and the need to detect them early for more effective and timely treatment, will further augment the demand for high-quality, affordable, and India-specific IVD products.
  • Automation. With the rising demand for new technology, most of the lab owners are shifting to automation for clinical testing like hematology, biochemistry immunoassay, and molecular diagnostic testing. This will propel IVD manufacturers to provide solutions that meet the increasing demand for speed, quality, affordability and accuracy.
  • We expect to see a rise in POC testing owing to the decentralization trend in testing. POC testing will take center stage in the coming years and with AI-driven interpretation, it will break barriers that had existed for quite a time.

The digital transformation of healthcare has led to a shift toward preventive care. Hence, adoption of technologies that enable prevention and monitoring so that diseases may be detected at an earlier stage will be the way forward.

At Mylab, we provide complete IVD solution – from kits to automated instruments to software and the entire ecosystem around a disease group for its proper management. We have a comprehensive portfolio of devices and reagent kits in the IVD segment, including clinical chemistry, hematology, microbiology, immunology, blood grouping, health kiosk system, lab consumables, among others.

Over the last one year, we have introduced conventional diagnostic solutions to create a decentralized diagnostic ecosystem where the lab near you will be able to offer quality diagnostics at faster turn around. The intent is to help labs in semi-urban and rural areas in India to offer specialized tests to patients. This will help patients from remote areas to access specialized tests easily at their home locations and avail timely treatment. We are doing this by offering devices, which have smaller reagent packs, smaller sample volume requirements, better sensitivity, linearity, and are POC and high throughput. Among high-end technologies, we plan to launch dry luminescence technology, which provides significant practical benefits in terms of reducing sample volume requirements, better sensitivity, linearity, POC, and high throughput.

We are well-positioned to empower laboratories with accelerated, cost-effective conventional IVD tests and offer digital aids that will allow them to achieve clinical outcomes more quickly.

Copyright © 2024 Medical Buyer

error: Content is protected !!