Manav Teli, Executive Director, Lord’s Mark Industries emphasises that the future of the IVD sector in India is connected with a slew of technology breakthroughs that promise to revolutionise healthcare participation
In the ever-changing face of healthcare, In Vitro Diagnostics (IVDs) have emerged as a revolutionary force, transforming how individuals participate in their own well-being. IVDs are a class of tests performed on biological samples such as blood or tissues with the primary goal of diagnosing diseases, monitoring health, and helping the prevention and treatment of various medical disorders. As Asia’s fourth-largest manufacturer of medical equipment, India is experiencing a stunning increase in the IVD sector, which is primed for significant expansion in the future years.
A thriving market
The Indian IVD market is expanding rapidly, with a compound annual growth rate (CAGR) of 6.5 per cent expected from 2023 to 2033. This phenomenal rise can be due to a convergence of forces that are moving the industry forward.
One of the key driving causes behind this expansion is the Indian government’s unwavering commitment to improving healthcare facilities. Significant investments are being made in the healthcare industry, which is improving access to diagnostic services across the country. This is a critical step towards democratising healthcare access and enabling active patient participation.
Furthermore, India’s developing middle class, defined by increased disposable incomes, is progressively committing a sizable percentage of its resources to healthcare expenses, including IVDs. This generational transition not only broadens the IVD client base, but it also emphasises the significance of preventive healthcare practises.
The demand for IVDs is not limited to urban areas. In rural India, where access to comprehensive healthcare is typically restricted, there is an increasing demand for these tests. IVDs are addressing this gap by providing early disease identification and successful disease management, hence increasing healthcare involvement in previously underserved areas. The newly approved New Medical Devices Policy of 2023 has played a critical role in stimulating the IVD sector’s growth by reducing regulations and promoting an atmosphere favourable to innovation. This policy framework is functioning as a catalyst for the industry, clearing the path for new and improved diagnostic technologies to develop.
Technological advancements reshaping healthcare participation
The future of the IVD sector in India is connected with a slew of technology breakthroughs that promise to revolutionise healthcare participation.
Chemiluminescent Immunoassay (CLIA) and Fluorescence Immunoassay (FIA) technologies are at the forefront of this shift. These adaptable and ultra-sensitive instruments are being used across multiple domains in biotechnology, making them indispensable in identifying a wide range of disorders ranging from infectious diseases to cancer.
Furthermore, molecular diagnostics are gaining popularity, providing a potent armament for early illness identification and customised treatment methods. These diagnostics, which are based on genetic and molecular markers, not only improve diagnosis accuracy but also help to cost-effective healthcare management.
POCT (Point-of-Care Testing) devices are becoming more common, particularly in remote and rural locations. These gadgets enable healthcare personnel to make speedy and precise diagnoses at the patient’s bedside, reducing delays and assuring prompt actions.
Biochips are yet another technical marvel, enabling for the simultaneous assessment of many biomarkers in a single sample. This breakthrough not only improves diagnostic efficiency but also offers up new options for research and development in the healthcare sector.
Additional driving factors
Aside from technological advancements, a number of additional reasons are expected to promote the expansion of the IVD business in India. The growth of private hospitals and diagnostic laboratories is boosting the IVD market. The pharmaceutical and biotechnology sectors are increasingly relying on IVDs for R&D. This rising demand is stimulating investment and encouraging innovation in the field.
In conclusion, as the IVD environment evolves, it holds the promise of revolutionising healthcare in India, improving the lives of millions, and encouraging greater healthcare engagement across the country.
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