The Indian in-vitro diagnostics (IVD) market is witnessing a remarkable growth, with an anticipated compound annual growth rate (CAGR) of around 15 percent from 2022 onwards.
The rising prevalence of chronic diseases
One of the key drivers propelling growth of the Indian IVD market is the escalating prevalence of chronic diseases. Regular monitoring and diagnostic testing are vital for managing these conditions effectively, thus boosting the uptake of IVDs in the Indian healthcare landscape.
Increasing awareness of laboratory testing
In the post-pandemic scenario, there has been an increase in awareness about importance of diagnostic testing among the masses. This has been possible through awareness programs and marketing initiatives that have brought forth the importance of these tests in detecting lifestyle issues as well as medical problems. Government support as also the partnership among various healthcare stakeholders for a collaborative approach toward healthcare have been major contributors, consecutively translating into increase in number of tests, especially the wellness tests and health check-up packages.
Increasing demand for POC testing
POC testing allows diagnostic tests to be conducted at the point of care, such as in a doctor’s office, or even at a patient’s home, providing convenient and cost-effective solutions. The popularity of POC testing is on the rise, driven by its accessibility and ability to deliver quick results.
Government initiatives to promote IVD adoption
The Indian government has been actively promoting the adoption of in-vitro diagnostics through various initiatives. One such crucial endeavor is the Pradhan Mantri Jan Arogya Yojana (PMJAY), which has extended health insurance coverage to over 500 million Indian citizens. Additionally, the government has established a well-defined regulatory framework to ensure the quality and safety of IVDs in the Indian market.
The Central Drugs Standard Control Organization (CDSCO) is the regulatory body responsible for the registration and approval of IVDs in India. With a well-established regulatory framework, the CDSCO plays a crucial role in safeguarding quality and safety. This has instilled confidence among both manufacturers and consumers.
The Indian government’s favorable import policy allows the import of products from countries approved by CDSCO. The open import policy enhances the availability of advanced diagnostic technologies and ensures competitive pricing, further contributing to growth.
Government of India’s investments
Recognizing the importance of a robust IVD industry, the government has made significant investments. The establishment of the National IVD R&D Center in Hyderabad is a noteworthy initiative. Additionally, financial assistance to domestic IVD manufacturers reinforces the country’s self-reliance in this critical sector.
The future prospects
The future prospects of the Indian IVD industry are promising, with several factors poised to drive its growth further. Advancements in technologies, such as molecular diagnostics and next-generation sequencing will create new opportunities, revolutionizing diagnostics in the country. Moreover, the increasing emphasis on preventive healthcare and the need for better patient monitoring will fuel demand for IVDs, providing ample growth potential.
Challenges and strategies
Despite the optimistic outlook, the Indian IVD industry faces certain challenges that must be addressed strategically. Improving the quality of IVDs, increasing awareness among healthcare providers and patients, and tackling the issue of high costs are paramount for a sustained growth. The industry should focus on research and development, effective communication, and collaboration with global players to overcome these challenges successfully.
The Indian IVD industry is experiencing rapid growth with a favorable regulatory framework and government investments in research and development, the industry is set to flourish in the coming years.