Delhi, India (PressExposure) July 14, 2009 -- Advances in human genomics, bioinformatics, miniaturization, and microelectronics often blended with information and computer technology have led to a growth spurt in the global market for in vitro diagnostic (IVD) tests. Among others, Indian IVD market is anticipated to grow at a CAGR of around 15% during 2009-2012, emerging as Asiaâs third largest IVD market after Japan and China, says our econometric study âGlobal In Vitro Diagnostic Market Analysisâ. This growth rate compares with a CAGR of around 9% in the global IVD market during the same period.
We have done extensive research on the global IVD market in order to monitor various trends and developments undergoing across the key IVD markets. We have found that although Indian IVD market is very small compared to the global IVD market, it is growing at a rapid pace to outperform other major markets in near future. âVarious factors, such as increasing urbanization, unhealthy diets and growing sedentary lifestyle, have strongly boosted the prevalence of lifestyle-related diseases such as diabetes and cardiovascular diseases in the country. Owing to these factors Indian IVD market is projected to grow at double the pace of the global IVD market,â says a research analyst at RNCOS.
We have observed that growing health consciousness among middle- and high-income families in India is heralding a new business opportunity. This has shifted focus from in-patient treatment to a regular preventive health check. For example, corporate companies offer annual health check for their employees, insurance companies conduct pre-insurance policy check, and self paid health checks also give out a potential business opportunity.
Our study analyzes the key markets and segments of Industry to give a brief about the future scenario of the industry. The technological factors driving the growth are improving techniques, lab automation process, improved data delivery system, etc. According to our industry experts, several steps should be taken by IVD manufacturers to invest in dedicated research and development.
âGlobal In Vitro Diagnostic Market Analysisâ includes detailed analysis of the factors which are fueling the growth of Indian IVD market. Besides this, report also provides rational analysis and forecast on various segments and sectors of the industry.
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