The Indian healthcare sector is growing at a faster rate with the increase in lifestyle diseases population. Diabetes, cardiac, hepatic, and gastric diseases have shown wide spread in the country in the last two decades. Similarly, IVD sector has also seen dramatic changes with increase in the number of automated instruments and specific tests. India with the competitive advantage of large pool of well-trained professionals, and highly competitive cost, is becoming a hub for medical tourism.
At present, the IVD industry is growing at 18 percent CAGR and is expected to grow at the same rate in the coming years. Last few years have shown a shift in the Indian IVD sector where a couple of acquisitions of the Indian companies created a vacuum in some specific segments. 2016 was a year of transformation in Agappe and in the present scenario, we are expecting a growth of 48 percent as compared to last year. This will make Agappe number one among Indian IVD manufacturers in the clinical chemistry segment. In 2016, we introduced a cartridge-based specific protein system, which contributed to the growth of the company.
Year 2017 is going to be different where we are planning to introduce a couple of new products to the industry. This includes the unique dual-channel coagulation system with smart card technology and a unique clinical chemistry system for the middle segment. POCT is one of the fastest growing sectors in IVD and we are coming up with new POCT instruments in the urine analysis system and in the sepsis diagnosis market. We are in the process of introducing a new-generation automated five-part hematology system in India by middle of 2017 and are in discussion with the industry giants for technical tie ups in this segment.
At present, Agappe is offering automation in clinical chemistry segment from entry-level 100T/H segment to 2000 T/H segment and is in the process of introducing pre-analytical automation to become the unique Indian manufacturer to offer the complete solution in this segment. We are also in the process of introducing highly specific parameters in the clinical chemistry segment in cardiac as well as anemic panel.
At present, Agappe is operating in 55 countries globally and is planning to expand the business with more focus on the SAARC countries in the coming year. We are in discussion with giants in the industry to make India the hub for the Asia and African continents.
The IVD sector is moving toward single-window purchase trend, and to address this, Agappe is planning to increase its portfolio with addition of instrumentations in hematology, immunology, and rapids.
We are also working closely with industrial giants for innovative products and services to serve the IVD industry. With these new additions, we expect to make ourselves present in 90 percent of the lab diagnosis segment by the year 2020 in India.
We believe in providing high-quality diagnostic solutions to our believers, through highest level of customer connect by ensuring innovative and affordable products for an everlasting relationship.