India In-Vitro Diagnostics Market Size (2024 - 2029)

Indian in-vitro Diagnostics (IVD) Market Analysis

The India In-Vitro Diagnostics Market size is estimated at USD 1.71 billion in 2024, and is expected to reach USD 2.34 billion by 2029, at a CAGR of 6.58% during the forecast period (2024-2029).

COVID-19 significantly impacted the growth of the in vitro diagnostics market. The spread of the virus increased the demand for products in the in vitro diagnostic devices market and the in vitro diagnostic kit market for rapid and accurate diagnosis. Research laboratories and major IVD companies in India manufacturing sites were closed during the initial phase, and this is expected to have impacted the market for in vitro diagnostics (IVDs) in India. However, the increasing number of chronic diseases, along with expanded research and development for the application of IVDs for better and quick diagnostics, has recently increased in India, contributing to the growth of in vitro diagnostics industry. For instance, in May 2022, Cipla Limited started the commercialization of the 'RT-Direct' multiplex COVID-19 RT-PCR Test kit in India, contributing to the in vitro diagnostic kit market in India. Moreover, a press release published by Clinical Trials Arena (CTA) in September 2021 mentioned that chronic illness among the Indian population increased during the COVID-19 lockdown. Physical inactivity during the lockdown led to a rise in obesity, and a subsequent increase in chronic illnesses, contributing to the expansion of the diagnostics market in India. Thus, the increased cases of chronic diseases in India during the pandemic phase are anticipated to generate demand for IVDs, boosting the IVD market in India over the forecast period.

Additionally, the increased use of pandemic-required innovations, such as remote collection and digital pathology, is expected to fuel the growth of the in vitro diagnostics market. For instance, in October 2022, Proscia launched an expanded digital platform, Concentriq Dx, for primary diagnostic workflows. In June, Roche, one of the leading in vitro diagnostics companies, launched a next-generation VENTANA DP 600 slide scanner that produces excellent image quality of stained histology slides from patient tissue samples while providing ease of use and workflow flexibility for the pathology lab. Thus, such technological advancements and product launches to ease in-vitro diagnostics procedures are anticipated to significantly impact the in-vitro diagnostics instruments market over the forecast period.

The major factors driving the growth of the Indian IVD market are the high prevalence of chronic diseases, increasing use of point of care diagnostics, and rising awareness and acceptance of personalized medicine and companion diagnostics.

The increasing number of cases of chronic diseases such as cancer, diabetes, and others in the country is the key factor driving the growth of the diagnostics market in India. For instance, as per the ICMR 2021 Report, it was observed that the number of cancer patients in India was expected to rise from 26.7 million in 2021 to 29.8 million in 2025. Thus, the rising burden of cancer raises the need to detect cancer early for more effective and timely treatment, increasing the demand for in-vitro diagnostics in India, which is anticipated to boost the in vitro diagnostics market in India over the forecast period.

Similarly, as per 2022 statistics published by IDF, about 74.1 million people had diabetes in India in the base year, and this number was estimated to reach 92.9 million and 124.8 million by 2030 and 2045, respectively. Thus, the expected increase in the number of people who have diabetes will increase the demand for conducting in-vitro assays for detecting blood glucose. This is anticipated to propel the demand for effective in-vitro diagnostics, contributing to the expansion of the IVD market size in India over the forecast period.

Furthermore, emerging technological innovations in healthcare, such as biosensors, lab-on-a-chip, wearable devices, and point of care diagnostics, are increasingly becoming an important part of the healthcare landscape. POC testing helps bring testing closer to the patients and obtain results quickly for the healthcare provider to expedite diagnoses and subsequent treatment. This is likely to increase the adoption of in-vitro diagnostics in India.

Moreover, rising company activities among IVD manufacturers in India in developing in-vitro diagnostic products and increasing product launches in the country contribute to the market's growth. For instance, in September 2021, Mylab Discovery Solutions acquired the majority stake in Sanskritech, a developer of Swayam, a portable diagnostic and telemedicine point-of-care system that can be used to create a small lab anywhere. This acquisition helps the company to establish point of care (POC) testing systems at doctor offices, nursing homes, community health centers, and airports through lab partners that enable patients to get test results faster at a lower cost.

In addition, in August 2021, Mylab Discovery Solutions entered a technology partnership with Hemex Health to develop next-generation diagnostic solutions for point-of-care (POC) testing of coronavirus and other diseases. In this partnership, Mylab develops test assays and Hemex provides its Gazelle POC testing platform and expertise.

Therefore, owing to the aforementioned factors, the IVD market in India is expected to grow over the forecast period. However, stringent regulations and cumbersome reimbursement procedures will likely hamper the market growth over the forecast period.

Indian in-vitro Diagnostics (IVD) Industry Segmentation

As per the scope of the report, the in-vitro diagnostics market includes all medical devices and consumables that are utilized to perform in-vitro tests on various biological samples used to diagnose many medical conditions, such as chronic diseases. The market is segmented by test type (clinical chemistry, molecular diagnostics, immunodiagnostics, hematology, and other test types), product (instruments, reagents, and other products), usability (disposable IVD devices and reusable IVD devices), application (infectious disease, diabetes, cancer/oncology, cardiology, autoimmune disease, nephrology, and other applications), and end-user (diagnostic laboratories, hospitals and clinics, and other end-users). The report offers the value (USD million) for the above segments.