Mr Amit Manjure, Head-Clinical Marketing, Laboratory Diagnostics, Siemens Healthcare, India.
Rising populations in emerging economies will lead to increased demand for medical devices, diagnostic equipment and pharmaceuticals in the near future. At the same time, this demand will leverage technological advances. In vitro diagnostics (IVD) is one such industry that is witnessing proliferation of technology in terms of new assays, workflow excellence, turn-around time, etc.
IVD plays an integral role in healthcare & disease management. The influence of diagnostic tests on clinical decisions is very high - almost 75% of clinical decisions are based on a diagnostic test. The global in vitro diagnostics market is estimated to reach $75.1 billion by 2020, growing at a CAGR of 5.8%1. The Indian IVD industry, still in the inception stage is valued at more than $500 Million and is expected to surpass $1.5 Billion by 20182.
Growth Drivers for IVD
With a population of more than 1 billion, India is world's second largest country and therefore a significant market to the healthcare providers. The demographic change has led to growth in tier || and ||| cities creating disposable income ultimately leading to a change in lifestyle patterns and an increase in the lifestyle diseases like cardiovascular diseases, lung disease, cancer, obesity, diabetes, etc. One in four Indians is at a risk of non-communicable lifestyle disease3.
Accurate and quick diagnosis of diseases has thus become a crucial factor in providing quality patient care.