The vision to lead Indian IVD industry in 2024

In vitro diagnostic (IVD) products continue to see positive sales growth in many categories. New products, changes in global health spending, regulatory changes in major markets, and disease trends are among the factors that produce a constantly changing market picture. In this environment, companies are making strategic acquisitions that simultaneously add a revenue stream and product innovation. Though some segments of the overall IVD market are still relatively small, they represent the biggest growth areas in the market. These growing segments are anticipated to show big part of future IVD market.

In order to meet the future needs of the industry, embracing, scaling, and adapting technology will play the role for IVD players. Technologies like AI and ML will bridge the distance and bring the industry closer to clinicians and patients. Reduction in cost, more accessibility, and acceptability with higher levels of precision can be easily achieved.

The medical devices market in India is growing at a staggering pace and the country is poised to become a global manufacturing hub in the medical devices space, with 100-percent FDI allowance under the automatic route for both brownfield and greenfield setups adding to its growth and resilience. The Indian in vitro diagnostics 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. The demand in the Indian market for IVDs is expected to grow in the long run, driven by ageing population, increasing disposable income, growing health awareness, changing attitudes toward preventive healthcare, increasing lifestyle diseases, POC diagnostics, and insurance access. The Indian government’s recent launch of the production-linked incentive (PLI) scheme aims to enhance India’s manufacturing capabilities by increasing investment and production in the IVD sector, and intends to create global champions out of India who have the potential to grow and scale using cutting-edge technology, and thereby penetrate the global value chains. To scale the next growth trajectory within the IVD sector, this scheme is inviting applicants from all over the world from various categories.

Currently, if we look at the promising segments of Indian IVD sector, they are comprising of the disciplines like clinical chemistry, which covers blood chemistry testing for substrates, enzymes, plasma proteins, urine analysis, immunoassay testing, which covers hormone testing, anemia, neonatal screening, cancer screening, toxicology, and many like wise. In addition to these two major segments, POC testing, which was growing steadily in the pre-Covid arena, has shown sudden hike in its utility following the pandemic. In line with the trends of world IVD market, molecular testing is also gaining very high growth potential in Indian IVD market segments. In all these segments, reagent consumables and automation are in high demand all the time now, hence showing greater opportunities in coming years for the IVD players from the country and also from the IVD companies all over the world. It will not be wrong to state that this is the right time for entrepreneurs and business communities to step in IVD business in India.

So far the Indian IVD manufacturers have focused on developing cost-effective and innovation-driven diagnostic products, which address the need for affordability, reliability, precision and accuracy to bridge the gap between demand and supply for better patient care.

As a leading and well established IVD manufacturer, Beacon group has always remained in the forefront to offer the IVD solutions, which are the need of the hour. With our core competency area of manufacturing IVD reagents right from the day of our inception, we have offered numerous innovative IVD reagents in the market till date, which are well accepted not only within the country but also across many global territories. Now the world is changing to automation and also a focus is on using the latest technology like AI in IVD. At Beacon, we are fully equipped to cope with these new areas of IVD.

We see quality as total customer satisfaction. All our activities are purely based on this philosophy, and we strive hard to maintain this by continuous improvement policies, online, offline customer support, as well as hardcore sales and product training to our staff. We keep an eye on emerging technology trends in IVD like use of biosensors, lab-on-a-chip, wearable devices, etc. We are the one conglomerate that serves IVD industry as the one-stop guiding light for all that the customer needs for perfect diagnosis.

After having successfully established in reagent manufacturing, we are now all set to develop the IVD lab automation products like clinical chemistry analyzers, immunoassay analyzers, hematology instruments, and many more within the country, and thereby supporting the noble idea of popularizing Make In India across the globe.

In majority of our developments, we are proud to state we did that as a stand-alone organization but now as the need of the hour, we are also working on strategic partnerships with leaders in global IVD market by virtue of joint ventures, brand acquisitions, and marketing partnership.

We intend to strengthen our current manufacturing capabilities in all areas of IVD segments with innovative R&D-based ideologies, which will serve to develop the IVD products, which will be best suited for making diagnosis simple, fast, reliable for the mankind all across the world.