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Future outlook of India Rapid IVD Kits Market: Ken Research

02-03-2023 12:34 PM CET | Health & Medicine

Press release from: Ken Research

Future outlook of India Rapid IVD Kits Market: Ken Research

1. The India Rapid IVD Kits Market is growing at a CAGR of ~113% (FY'2017-FY'2022), owing to a rise in awareness of Rapid IVD Tests due to the pandemic.

The Rapid IVD Kits Industry has emerged as an attractive player in India's growing healthcare sector and is one of the fastest-growing service segments in the country.

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The sector is largely driven by an increase in healthcare spending by the aging population, rising income levels, rising awareness for preventive testing, advanced healthcare diagnostic tests offerings, and central government's healthcare measures. Moreover, India has increased budget allocation for the healthcare sector from ₹ 2.6 Lakh Crore in FY'2017 to ₹ 4.7 Lakh Crore in FY'20212 and ongoing healthcare development projects have played a pivotal role in the continued growth. Also, in 2022, the GOI announced ₹ 64,180 crore outlay for the healthcare sector over six years in the Union Budget 2021-22 to strengthen the existing 'National Health Mission'.

2. With over 250 Mn Application Tests, Parasitology Rapid IVD Tests contributed 55.0% share to the India Rapid IVD Tests market in terms of number in FY'2022

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Parasitological test kits dominated the other tests by application in this segment due to the high parasitology disease prevalence across the country. Presently, the high prevalence of various chronic parasitology, Infectious and enteric diseases along with the increasing use of point-of-care (POC) diagnostics and rising awareness and acceptance of personalized medicine and companion diagnostic kits is driving the India Rapid IVD Kits Market. In addition to this, technological advancements in genomics, proteomics, and molecular pathology have helped introduce disease-specific biomarkers with potential clinical value. The integration of biomarkers and the availability of biomolecular tools are expected to help develop a new range of condition-specific tests, thus creating new opportunities for the IVD market.

3. Malaria Rapid Tests dominated the Parasitology Disease Rapid Tests sharing 80.0% out of the total number of Parasitology Test Kits supplied in India Rapid IVD Kits Market, FY'2022.

Malaria rapid test kits contributed a major chuck of share to this segment in terms of the total number of parasitology disease test kits supplied. Meanwhile, other rapid tests like Dengue rapid tests, Chikungunya rapid tests, and Leishmaniasis rapid tests occupy other parts of the pie. The segment is continuously growing as the government of India has taken several measures for the prevention and control of dengue, malaria, and other Parasitology diseases which includes providing technical guidelines for prevention and control, case management, and effective community participation to the states for implementation. Due to this, as many as 7.26 Lakh IgM tests kits and additional funds to states for procurement of NS1 kits had been provided by the Centre government in 2021.

For more insights on market intelligence, refer to the link below
https://www.kenresearch.com/healthcare/diagnostics/india-rapid-ivd-kits-market-outlook-to-2027/561417-91.html

SECTOR 49 GURGAON

Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

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