The leap in MedTech and IVD for a post-Covid world

Over the last two years, Covid-19 has brought to light a humanitarian emergency unlike any other. Indeed, the pandemic’s pace and breadth of disruption posed unprecedented challenges to society and economies throughout the world. However, it was the medical fraternity that came under the spotlight with everyone’s hopes pinned on the healthcare industry to help wade through the crisis. With unparalleled demand for diagnostic testing, personal protective equipment (PPE), ventilators, and other crucial medical supplies, Covid-19 pushed the MedTech industry to the fore.

In addition to the extraordinary measures being taken to rapidly ramp up manufacturing capacity and capabilities, MedTech leaders were compelled to look beyond traditional boundaries for innovative solutions to supplement capacity. This included partnerships with companies outside the sector, open-source equipment design, and deployment of medically trained employees to support public-health needs.

Emergence and relevance of in vitro diagnostics
As mentioned, the pandemic not only altered the landscape of healthcare and MedTech but also caused seismic transformations in the in-vitro diagnostics (IVD) business in particular. For instance, only one laboratory was performing molecular assays for Covid-19 in January 2020, but by May 2020, 600 Indian RT-PCR laboratories had been set up in an effort to increase testing capacity a thousand-fold. This was driven by the demand for not only faster but also higher-volume testing.

With molecular assays, particularly the reverse-transcription polymerase chain reaction (RT-PCR), regarded as the gold standard for diagnosing viral load prevalence, rate, and cyclicity, the IVD emergence was bound to grow.

However, this industry is not just bound by Covid. Other factors, such as an ageing population, increasing disposable income, growing awareness, changing attitudes toward healthcare, POC diagnostics, and insurance access will scale the market for IVDs in the years to come.

According to a report, the Indian IVD market was valued at USD 1240 million in 2019, and is projected to reach USD 2060 million by 2027, registering a CAGR of 7.5 percent from 2020 to 2027. Integration of modern digital technology has the potential to make healthcare for a substantial portion of the population much more accessible and inexpensive. With an emphasis on prompt medical intervention, effective disease management, and improved patient outcomes, India’s IVD business would be critical to rethinking digital healthcare in the nation. With increased knowledge of preventive healthcare cleanliness, the number of individuals making educated decisions regarding healthcare services is on the rise. Consumers are demanding a bigger role in making key healthcare decisions, and solutions like IVD are forging new ground for tailored healthcare.

While the Indian government strives to make healthcare more accessible and inexpensive, aligning it with the interests of stakeholders is still a balancing act.

Today, a plethora of large, midsized, and small enterprises make up the Indian MedTech industry, with the potential to fulfill the demand from both domestic and international markets. The focus of these companies is on developing cost-effective, high-end, technology-enabled healthcare products that can assist millions of people to enhance their well-being.

Another key facet is the power of data – secure data that can be readily stored and analyzed for tailored solutions. While the government intends to develop a single digital healthcard for all as part of the National Digital Health Mission, progress at the grassroot level is required to develop our country as an emerging hub for medical technology.

With fast technical breakthroughs and doctors increasingly depending on evidence-based treatment, India’s diagnostics sector is on the rise.

Adding to this, consumers’ increased awareness of preventative and curative healthcare is also turning the growth wheel. Both opportunities and hurdles abound; the future of the industry will be determined by seizing the appropriate opportunity and making the correct investments.