The Leaders Globe- Business Magazine
Posted by samriddhitlg on February 3rd, 2020
Global IVD Industry: IVD testing is a 69 billion-dollar market worldwide.
Demand for faster detection and better outcomes drives the IVD market.
A clear majority of the market is outside the United States. All of the major IVD companies reported double-digit increases in their sales in China with growth in the other top emerging markets: Brazil, Turkey, Korea, India, Saudi Arabia, and Mexico. Other emerging markets of interest for IVD vendors were Colombia, UAE, South Africa and the Eastern Europe region.
In vitro, diagnostic testing costs little to the healthcare system and contributes much to clinical practice. For some time this was stated as educated conjecture; a recent study of U.S and German physicians offered proof. The study found that 66% of clinical decisions made were based on diagnostic tests, while the costs of those tests were just 2.3% (Rohr U., Binder C, PLoS One. 2016). When the ostensible value of in vitro diagnostic testing is considered along with its beneficial effects on treatment outcomes, therapy choices, and hospital management, there should be little surprise about the amount of interest in IVDs and the amount of activity in the market.
Consolidation remains the rule in the industry among both customers and vendors. Top-tier IVD companies accounted for some billion of IVD product sales last year, 82.5% of the market. Part of this development is related to organic company growth but also to strategic acquisitions that add a revenue stream and product innovations.
Less than 40 companies – account for 94% of the world market for IVDs. The remaining 6% is held by 100s of companies some of which specialize in specific test segments and others that serve their local markets.
According to an August 2019 estimate from EY Parthenon, there were billion dollars invested in IVD-related businesses and more than 170 investment rounds between May 2018 and April 2019. There were also over 9 IPOs worldwide, raising 0M for diagnostic-related ventures.
This financial activity in the market is proof of the increase in interest in the IVD industry.
Indian IVD Industry:
The Indian In Vitro Medical Diagnostics sector, included under the Make-in-India initiative of the Government of India, has huge market potential and is witnessing double-digit growth.
The IVD market in India is estimated to be billion currently and experiencing an annual growth of 15% and has the potential to be a .8 billion industry by 2025 as per industry estimates. India is the fourth largest market for IVD devices in Asia after China, Japan, and South Korea.
India being an emerging market is also evolving as a potential manufacturing hub for key global medical IVD players and some IVD companies such as Siemens, Arkray, Perkin Elmer, Sysmex Corporation, Horiba, Randox and so on, have set up their manufacturing facilities in India.
India is to date dependent on imports for its IVD needs with almost 80% of IVDs being imported. The cost of manufacturing in the developed world is many times higher than the cost of manufacturing in India hence there has to be a strong push for MAKE IN INDIA IVD’s to lower the healthcare costs in India.
It is estimated there are 70 IVD reagent manufacturer’s in the country.
IVDs play a key role in improving the health and quality of life. Recognising the fact that diagnostics are a critical part of healthcare both the private and public sector is investing heavily into diagnostics. This makes IVDs the next big story after pharma.
Abhinav Thakur, Managing Director, Accurex Biomedical
Abhinav is a graduate of world renowned University Of California- Davis. He has completed his PGDM from NMIMS University, Mumbai. He is the Managing Director at ACCUREX since 2004.
Due to Abhinav’s dedication and passion, the company has grown 4.2 times in revenue and team strength has increased from 90 to 200 employees since he has been appointed as the Managing Director of the company.
Previously he has worked with California Diabetes Prevention Program in California, U.S.A.
Abhinav is an active member of the Association of India Medical Devices (AIMED) as the Jt. Coordinator and Secretary for the Association for Diagnostic Manufacturer’s Of India (ADMI). He has spoken at various industry forums such as Bombay Chamber of Commerce and Industry, Voice of Healthcare, CLIN-LAB & Dun & Bradstreet.
About the Authorsamriddhitlg
Joined: February 3rd, 2020
Articles Posted: 9
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