India and Neighboring Countries PoC Molecular Diagnostics Market Highlights Over 2019 - 2026
The India and neighboring countries PoC molecular diagnostics market is estimated to grow with a CAGR of 16.34% during the forecast period, i.e., 2021-2026. The market which registered a revenue of USD 1672.94 Million in the year 2019, is further anticipated to reach USD 6432.57 Million by the end of 2026. The growing population in several of these countries, along with the rising prevalence of infectious diseases are some of the major factors anticipated to drive the growth of the market during the forecast period.
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India is known to be the second largest populous country in the world with a recorded total population of 1.366 Billion in the year 2019, according to the statistics by the World Bank. Infectious diseases are the leading cause of deaths worldwide, and it is of great concern in the low- and middle-income nations, such as India, Nepal, Bangladesh, and others. In the statistical report “National Health Profile (NHP) of India, 2019”, published by the Ministry of Health & Family Welfare, Government of India, pneumonia, and acute respiratory infections were the two communicable diseases which held the highest share for the total mortality of 30.65% and 27.21% respectively in the year 2018.
The market is also anticipated to grow on account of the increasing prevalence of cancer in these countries, and therefore the need for molecular diagnostics to get rid of the diseases. Cancer is the second leading cause of death in many developing countries and has created a serious concern amongst the public. According to the statistics by the Indian Council of Medical Research (ICMR), in association with National Centre for Disease Informatics & Research (NCDIR), it is estimated that cancer cases in India would increase to nearly 1.57 Million by 2025. The PoC molecular diagnostics market in India and Neighboring countries is further anticipated to reach USD 3018.59 Billion by the end of 2021.
India and Neighboring Countries PoC Molecular Diagnostics Market Geographical Synopsis
Geographically, the India and neighboring countries PoC molecular diagnostics market is segmented into India, Bangladesh, Pakistan, Sri-Lanka, Nepal, and Maldives. Amongst the market in these countries, the market in India is anticipated to hold the largest market share throughout the forecast period and further gain a revenue of USD 5323.40 Million by the end of 2026. The market in the country is further anticipated to grow with the highest CAGR of 17.29% during the forecast period. The growth of the market in the country can be attributed to the growing economy and the increasing health expenditure by the government of the nation. In other statistics by the World Bank, the current health expenditure per capita (in current US$) in India, Bangladesh, Pakistan, Sri Lanka, Nepal, and Maldives in the year 2018 was recorded to USD 72.835 thousand, USD 41.909 thousand, USD 42.873 thousand, USD 157.466 thousand, USD 57.847 thousand, and USD 973.537 thousand respectively.
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The market in the country is also anticipated to grow on account of the numerous health initiatives initiated by the government for the well being of its citizens, and for the growing focus of the nation to develop advanced healthcare resources. The market is also driven by the rising concern for the coronavirus cases in the country, which according to the WHO recorded to be 28,996,473 confirmed cases between the period 3rd of January 2020 and 8th of June 2021.
Growth Drivers and Challenges Impacting the Growth of the India and Neighboring Countries PoC Molecular Diagnostics Market
Growth Drivers
- Growing Prevalence of Infectious Diseases
- Increasing Advancements in Healthcare
Challenges
- Lack of Reimbursement Policies
India and Neighboring Countries PoC Molecular Diagnostics Market Segmentation Synopsis
The India and neighboring countries PoC molecular diagnostics market is segmented on the basis of product type into kits & assays, analyzers, and software & services, out of which, the kits & assays segment in hospitals is anticipated to hold the largest market share throughout the forecast period and generate a revenue of USD 972.21 Million by the end of 2026. In the clinics end user segment, the kits & assays segment is anticipated to gain a market revenue of USD 1431.05 Million by the end of 2026. The market is further segmented by technology type into PCR, DNA microarray, isothermal amplification, genetic sequencing, hybridization, and others, out of which, the PCR segment in the clinics end user segment is anticipated to hold the largest market share and generate a revenue of USD 582.14 Million by the end of 2021. Based on application, the market is segmented into respiratory disease, infectious disease, oncology, STDs, prenatal testing, hematology, hepatitis, and others. Amongst these segments, the infectious disease segment is anticipated to hold the largest market share throughout the forecast period in the diagnostic labs end user segment, and further generate a revenue of USD 91.97 Million by the end of 2026.
Top Featured Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the India and neighboring countries PoC molecular diagnostics market that are included in our report are F. Hoffmann-La Roche Ltd, Bio-Rad Laboratories, Inc., Molbio Diagnostics Pvt. Ltd., bioMerieux SA, Becton, Dickinson and Company, QuantuMDx Group Limited, Beckman Coulter, Inc., Abbott, MedGenome, Chembio Diagnostics, Inc., Sysmex Europe GmbH, Cepheid, and others.
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