The market for IVD in India reached $1.5 billion in 2021. The market is expected to increase through the 2021-2026 period.
ARLINGTON, Va., Aug. 2, 2022 /PRNewswire-PRWeb/ -- India, which is expected to surpass China as the most populous country in the world by 2023, has a growing $1,482 million ($1.5 billion) in vitro diagnostics (IVD) industry that is forecast to increase through 2026, as reported by Kalorama Information in the new medical market research study, In Vitro Diagnostics (IVD) in India.
The IVD market in India is considered complex in its regulatory process and has a fragmented system for device registration and geographical market penetration. Despite the challenges, the IVD market is growing at a 2% compound annual growth rate (CAGR) and showing a strong influx in foreign investments. India is highly dependent on medical imports and continues to grow despite the increasing number of domestic medical equipment suppliers.
An overarching trend affecting India's healthcare system is the expected and continued shift toward aging adults. India already saw an uptick in its age 65+ population between 2017 and 2022. India's elderly population is expected to rise 20% over the next decade reaching 115 million in 2030 from 95 million in 2020. By 2060, the 65+ population will account for 19% of the total population, up from just 6% in 2010. The age 15-64 population group is expected to remain relatively stable; while the age 0-14 population is declining, and is forecast to account for just 16% of the population in 2060, down from 30% in 2010. This is expected to place an increasing strain on caring for the country's oldest population.
"A graying population is a trend that is consistent with most other countries of the world, as the distribution of the population is expected to shift toward the 65 and over population. The shift is expected to increase disease incidence overall as older adults are more vulnerable to disease and illness," says Daniel Granderson, associate editor for Kalorama Information.
The growing rate of cardiovascular disease, diabetes and other non-communicable diseases has and is expected to continue to influence life expectancy in India. There is an expected increase in chronic diseases incidence and morbidity of disease for the years ahead forecast by Kalorama Information.
"Increasing disease prevalence and a growing adoption of Western lifestyle trends will continue to negatively impact healthy life years, while overall life expectancy is increasing, thus placing increased pressure on India's healthcare resources," says Granderson.
For more insights like these or to purchase our report, "In Vitro Diagnostics (IVD) in India," visit: https://kaloramainformation.com/product/in-vitro-diagnostics-ivd-in-india/.
Media Contact
Daniel Granderson, Kalorama Information, (703) 783-1721, [email protected]
SOURCE Kalorama Information
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