The India in-vitro diagnostics market is expected to grow from USD 1.60 billion in 2023 to USD 2.20 billion by 2028, at a CAGR of 6.58 percent. According to a press note released by Clinical Trial Erena (CTE) in September 2021, chronic illnesses increased during the lockdown period. Physical inactivity during this time gave rise to obesity conditions, which subsequently led to chronic illnesses, such as type-2 diabetes, endometrial cancer, and many likewise. This increase in chronic diseases will become the driver for increasing demand for IVD products in India during the subsequent period.
The major challenges faced by clients of IVD products are quick turnaround time, maintaining the quality of reports, and chasing price wars between chain laboratories, private laboratories, and large public sector institutions. In order to address these challenges, increased use of point-of-care (POC) testing, widened research and development for application of IVD for better and quick diagnosis became apparently important. Moreover, increasing awareness, growing use of personalized medicine, as well as companion diagnostics are among the major factors driving the growth of this market.
Beacon Diagnostics, which is one of the leading brands in IVD business segment, offer wide range of quality IVD solutions, covering immunodiagnostic reagents, clinical chemistry reagents for semi-automated as well as fully automated analyzers, hematology analyzers, and reagents, to name a few. We offer instruments having higher throughput capacities, with high-quality reagents that match QC requirements, and maintaining cost thereby making them most ideally suited for all classes of customers.
Our core competency is in manufacturing of immunodiagnostic reagents, clinical chemistry reagents, as well as hematology reagents. Our processes are driven by two major factors like making the products that suit the need of our end users and the quality that is second to none. In order to achieve this, we carefully study the customer requirements to design the products. During the manufacturing process, we adopt practices of in-process quality assurance checks and finish product quality control checks, which ensure the total quality of our products.
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, off line customer support, as well as hardcore sales and product training to our staff.
The client engagement, which we consider as our prime focus, is the sum total of our activities that ensures effective reach to our customers and offering them the solutions, which are best to address their needs and wants. In order to comply with this, we are having a dedicated team of marketing personnel, who regularly visits our customers in all geographical territories. These marketing personnel are well qualified and technically trained, who interview customers for their needs and accordingly offer them solutions that match their requirements. We also have a trained and skilled team for service and application support, who provides round the clock support to our valued customers and keep them satisfied while using our product solutions. This is one of the major reasons our clients’ numbers grow consistently, which helps us in enhancing our business.
Currently, as Beacon Group, we are having IVD products like immunodiagnostic reagents, clinical chemistry reagents and instruments, hematology instruments and reagents, immunoassay instruments and reagents, urine chemistry systems, POCT systems, HPLC systems, etc. We are strategically moving ahead by adding product portfolios in the areas of molecular diagnostics, oncology, hemostasis, etc., by having JV’s, distribution arrangements, and joint manufacturing activities like business modules.
We keep an eye on emerging technology trends in IVD like use of biosensors, lab-on-a-chip, wearable devices, etc. As a leading and fast-growing organization, the days are not far for us to say: We are the one conglomerate that serves IVD industry as the one-stop guiding light for all that the customer needs for perfect diagnosis.