According to our research report “Global In Vitro Diagnostic Market Analysis”, the Indian IVD market is increasingly grabbing a larger share of the global IVD market, as it is growing at a CAGR of around 10% during 2011-2013. This is mainly due to the definite supportive factors, such as rising health consciousness and related increase in disposable income, better health facilities, and insurance support. As a result, the multinational IVD companies are also targeting the Indian market through product innovation and effective marketing. This methodology is part of their strategy to capitalize on developing markets to boost their overall revenue.
Our research indicates that, despite being largely dominated by foreign companies, the Indian IVD market still has a lot of potential for growth through the introduction of revolutionary products. Understanding this fact, Quest Diagnostics, one of the world’s leading provider of diagnostic testing, information and services, announced the introduction of OVA1®, the first blood test cleared by the US FDA for aiding in the pre-surgical evaluation of a woman's ovarian mass for cancer, in India. For a country having a high prevalence of ovarian cancer in women, this move will help in boosting the share of the company in the country’s IVD market.
Besides Indian market, we have focused on other prominent countries contributing to the global IVD market. Through prudent research and analysis, we have identified some critical factors that would act as a catalyst for the industry’s current and future growth outlook. The report reckons that new and improved products in terms of efficacy and specificity will have a positive impact on the growth of the industry in coming years.
Our report “Global In Vitro Diagnostic Market Analysis”, includes rational of reliable statistics of the individual country market and the global market. The report also provides extensive information on the traditional IVD testing markets as well as on the emerging technologies. An insight of market size, growth, share, segmentation, and geographic distribution has been included in the report to present a comprehensive view of the IVD market. The report has thoroughly examined current market trends, industrial technology developments, and competitive landscapes to enable clients understand the market structure and its progress in coming years.
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Article By: Shushmul Maheshwari