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"Indian In Vitro Diagnostics Market Opportunity Analysis 2018
Reports Corner added a new report ""Indian In Vitro Diagnostics Market Opportunity Analysis 2018" to its database
By: Reports Corner
"The Indian IVD market is valued at more than US$ 500 Million, and is expected to touch the US$ 1 Billion in 2016 growing steady at a CAGR of 19%. This remarkable growth can be attributed to increased healthcare awareness, desire to undergo preventive health checkups, availability of disease specific tests, corporate setups promoting health focus of employees, and drift from manual to semi-automated and automated equipment. Emergence of new concepts like point of care testing, near patient testing, increased automation, hospital laboratory management and customer relationship management have revolutionized this segment and contributed towards providing accurate and precise diagnosis at much faster rates.
Apart from catering to people in the Tier I cities, IVD setups are now eyeing expansion in the Tier II and Tier III cities. This can be attributed to high revenue generating option that lie untapped in these cities clubbed with minimum investment required in order to generate high revenues. These IVD majors tie-up with the existing high reputation laboratory adding value in terms of providing technical help as well as contributing significantly in the advising physicians panel.
The Indian IVD market is led majorly by global players in absence of necessary skills, technical knowhow and the infrastructure to bear the high end costs for carrying out research and development of own products possessed by local players. There is massive prevalence of product imported either in finished form or as Original Equipment Manufacturer (OEM) and lesser focus on indigenous research. Market leaders usually offer competitive prices and innovative technologies which have been in use in the developed countries and have been absorbed on a gross scale.