The IVDs market in India is estimated to be $1 billion currently and experiencing an annual growth of 15 per cent and has the potential to be a $1.8 billion industry by 2025 as per industry estimates. India is the fourth largest market for IVDs 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 IVDs players and some IVDs companies such as Siemens, Arkray, Perkin Elmer, Sysmex Corporation, Randox and so on, have set up their manufacturing facilities in India.
India is till date dependent on imports for its IVDs needs with almost 80 per cent 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 IVDs’ to lower the healthcare costs in India.
Regulatory Landscape
This story is from the Decemeber 2019 edition of Bio Spectrum.
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This story is from the Decemeber 2019 edition of Bio Spectrum.
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