IVD industry – Road ahead

Diagnosis of any disease has been an impactful topic to conceptualize discussion for ages. But the increasing recent numbers in research and cure of diseases either physical or psychological is all due to the advancement and innovations in the diagnostic industry. The in vitro diagnostic market outlooks these advances as a key element of growth in generalized form. Rather than profits, the highlight depends on the tenderness of bond as a country that evolves as an emotional unity. With the government rolling PLI schemes for the manufacturing of medical devices, the growth of the IVD industry is again objectified resulting in a system that values health more than wealth.

The Indian diagnostics industry has been rapidly evolving over the years and has emerged as a key component of the healthcare segment.

The advent of Covid-19 pandemic has pushed the healthcare industry to tickle around the world with numerous challenges, and as a result, the diagnostic sector has also seen a significant change in this phase. Whether its about keeping pace with the concept of telemedicine or addressing the change within the consumer mindset, the diagnostic sector has been facing different challenges with the increase of Covid cases at multiple levels.

To address these challenges, the country’s diagnostic landscape is poised to grow dramatically with the health-sensitive awareness wave. Looking at post Covid time, one can conclude that the diagnostic marketplace is extremely promising and if present developments are in any manner indicative, then enterprise will continue to experience accelerated increase in coming years – Affordable quality diagnostics for all, particularly in semi-urban and rural areas, will further stimulate growth. Increased awareness of preventive health, lifestyle developments and insurance coverage will feed into the prevention sector. People are now opting for well-being tests and early diagnosis as this increases the chances of a positive outcome, saving lives and the cost of subsequent treatments.

On account of technology, since 1990 genomic research has been a key driver that has benefited the IVD industry, but more recently industry is developing to widespread progress, which has triggered the innovation and expansion of IVD technologies.

In recent years, molecular advances have continued at a phenomenal rate, offering highly sensitive methods for disease diagnosis and, in some cases, opportunities for healing through gene therapy.

Traditional areas such as clinical chemistry, hematology, immunodiagnosis, hemostasis, and urinalysis have undergone a complete change of model with the swarming of new technologies. Emerging minimally invasive technologies are spurring the IVD market. In vitro diagnostics has experienced several changes and additions to its range of offerings over the past few years. There has been a paradigm shift from traditional diagnostics to a new generation diagnostic that works on gene level. This change is only possible because of the inclusion of advanced technologies such as genetic testing, molecular diagnostics, polymerase chain reaction (PCR) and next generation sequencing (NGS).

Fast turnaround, reliability, user-friendliness, and predictability of predisposed diseases are a few significant qualities enabling these technologies attain their share in major offerings of diagnosis providers around the world. An increasing demand from educated public for more information about their pre-disposition for serious diseases, and how these potential illnesses can be detected at an early stage are the factors driving the market for in vitro diagnostics. This factor has been posing a significant growth in the market, with the entry of several new technologies that are being adopted by primary end-users, such as hospitals, clinics, laboratories etc. The advantages of these new technologies, such as precision, ingenuity, portability and efficiency, should drive market growth.

While technology is evolving fast for IVD in current times, on the business front to more effectively address competitive pressures by capitalizing on economies of scale and scope, the IVD industry continues to experience consolidation, particularly with US and European companies seeking to enter Asia. Many also involve acquiring specific product lines or commercial units, rather than entire companies.

The localization of the medical sector in India has proved the key factor for the base of the IVD industry in the boomed pandemic season. IVD market is on the cusp of development with a projected annual growth rate of 7.01 percent by 2026. With this one can conclude that development in the healthcare landscape is adding tailwinds to the sector.