India In-Vitro Diagnostics Market to Grow at a CAGR of 7% by 2023: Top Key Vendors - ABBOTT LABORATORIES, AFFYMETRIX, ALERE, ARKRAY, BECKMAN COULTER, BECTON DICKINSON, BIOHIT OY, BIOMERIEUX, BIO-RAD LABORATORIES, GRIFOLIS

The India In-vitro diagnostics market is estimated to grow, at a CAGR of approximately 7% during 2019-2023 (the forecast period). The India in-vitro diagnostics market study covers the major technologies, such as immunochemistry, Point-of-care (POC) diagnostics, tissue diagnostics, molecular diagnostics, microbiology, hematology, and self-blood glucose monitoring, among other minor technologies.

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Emerging Minimally Invasive Technologies Spurring the IVD Market
In-vitro diagnostics has witnessed several changes and additions to its gamut of offerings in the recent past. There has been a paradigm shift from traditional diagnostics to a new generation diagnostics that work on gene level. This change was possible only due to the inclusion of advanced technology, such as genetic testing, molecular diagnostics, Polymerase Chain Reaction (PCR), and Next-Generation Sequencing (NGS). Fast turnaround, reliability, user-friendliness, and predictability of predisposed diseases are a few significant qualities that is making these technologies attain their share in major offerings of diagnosis providers around the world. An increasing demand from educated public for more information about their predisposition for serious diseases, and how these potential illnesses can be detected at an early stage are the factors driving the market for in-vitro diagnostics. This factor has been posing a significant growth in the market, with the entry of several new technologies that are being adopted by primary end-users, such as hospitals, clinics, laboratories etc. The advantages of these new and upcoming technologies, such as precision, resourcefulness, portability and efficiency, are expected to fuel the market growth further.

Key Developments in the Market
October 2017: Abbott acquired Alere Inc., a global manufacturer of rapid point-of-care diagnostic tests.

Major Players:
ABBOTT LABORATORIES, AFFYMETRIX, ALERE, ARKRAY, BECKMAN COULTER INC., BECTON DICKINSON, BIOHIT OY, BIOMERIEUX, BIO-RAD LABORATORIES, GRIFOLIS amongst others.

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Disposable IVD Devices Dominating the India IVD Market
Based on usability of IVD devices, the disposable devices segment led the India IVD market with approximately 70% of the share in 2017. This share is expected to further increase over the forecast period, due to the emergence of point-of-care testing and the growing demand for portable diagnostic devices.

Complex Reimbursement Policies and Procedures
The lack of proper reimbursement system around the globe is the major concern for the in-vitro diagnostics market. The process of securing reimbursement and funding for a diagnostic test in India is extremely challenging. Stakeholders need to recognize the knowledge required by the payers/purchasers. This fact asks for the extensive research and interpretation of a very large amount of data. Moreover, international reimbursement structures vary from country to country; hence, interested parties have to come up with new and effective strategies/tactics every now and then. India can take cue from the global leaders, like the United States and Germany, to draft a national plan for healthcare insurance and coverage. Therefore, strategies are required to be altered as per the target market, making it a really cumbersome and tedious task. Moreover, the developers and marketers of IVD tests have to go through a time-consuming and resource-intensive regulatory procedure, in order to bring their test to the market. Moreover, they not only have to clear the US FDA hurdles, but also have to gain confidence of the payers to obtain insurance coverage and payment for their devices. As a result, several companies tend to avoid these series of procedure or drop the idea of entering in this market, altogether.

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