Market and technology trends in IVD

The global IVD market was approximately USD 83.97 billion in 2020, where in North America was a major sooq with Asia-Pacific becoming one of the fastest-growing markets. The Covid-19 pandemic significantly and positively impacted this market, which led to +45.4 percent growth over the previous year. This positive impact will continue even during 2022. One of the major drivers for this trend would be increase in serological tests to map the antibodies after vaccination. On the technology front, the pandemic has benefited the areas of immunoassay testing, molecular and genetic testing, which can be seen by the all-time highest growth rates in these segments.

While the global IVD market registered phenomenal growth during the pandemic, the Indian IVD market also shows promising opportunities. The market size in 2020 was approximately USD 1255 million, which is likely to reach approximately USD 2000 million by 2026 with CAGR of over 7 percent. One of the major reasons for this high growth can be attributed to the efforts by the manufacturers of IVD in India, who kept up the pace for supplying the material to meet the growing demands of testing volumes.

Emerging technological innovations, such as biosensors, wearable devices, molecular and NexGen sequencing, and POC testing, became an important part of IVD landscape. Manufacturers are paying special attention to R&D activities to bring more and more such innovations with a bird eye watch on offering testing closer to the patient and obtain accurate and reliable results quickly for healthcare provider to expedite subsequent treatment for better outcome. Rapid tests and POC, which are the perfect artifacts in meeting these requirements, have shown promising growth trends during Covid-19.

The unprecedented growth in testing requirements has triggered the business of automation in IVD sectors. Many laboratories are now upgrading from the routine semi-automated testing to fully automated testing in clinical chemistry, hematology, and immunoassay segments. With this incremental growth, manufacturers in automation segment are leveraging data and building up intelligence by incorporating technologies like Internet of Things (IoT), which give advantages of round-the-clock remote access to manufacturers, thereby improving in the areas like predictive maintenance and inventory management for effective and uninterrupted use of automation by end users. The entry of AI enhances the workflow efficiency due to shorter TAT and ensures more accurate and precise analysis of images for better diagnostic outcome.

The Indian IVD market, which was at a nascent stage prior to Covid-19 pandemic, has suddenly witnessed promising changes for business opportunities, looking to which large corporates from Pharma business as well as chain hospitals have started entering into this niche segment of healthcare business, which also will be one of the major factors for its dynamic and eye-catching growth. Collective efforts by the manufacturers and the government are also showing promising results. Implementation of the country’s first indigenous quality assurance system Indian Certification of Medical Devices will surely provide boon to IVD manufacturers. In government’s initiative for Atmanirbhar Bharat, the medical devices industry is also seen as a rising sunshine sector, and hence lot of efforts are being made to uplift this sector.

Beacon Group, as a leading IVD manufacturer, keeps the pace with this ever-changing dynamic market and in the pre- and post-Covid period, they continue to bring novel and innovative IVD solutions like high-speed automation products and innovative reagents, which are of best quality and user-friendly. The incorporation of a new vertical of Serve All by Beacon Group is setting an example of providing best quality of services and application support to our customers across the globe.