India Rapid IVD Kits Market: Size And Share, Outlook To 2027F

 The India Rapid IVD Kits Market has experienced remarkable growth in recent years, driven by factors such as technological advancements, increasing healthcare awareness, and the impact of the Covid-19 pandemic. Rapid IVD Kits encompass a wide range of diagnostic tests, including those for infectious diseases, cardiac markers, fertility, and more. With the advent of point-of-care diagnostics, these kits have become instrumental in enabling timely and efficient disease management.

India Rapid IVD Kits Market Size

India Rapid IVD Kits Sector 

The India Rapid IVD Kits Market is projected to grow at a CAGR of -32.1% over the forecasted period FY'2022-FY'2027F, reflecting steady demand and expanding applications. 

Factors Driving India Rapid IVD Kits Market Growth

• Technological Advancements

Advancements in bio-sensors, lab-on-a-chip technologies, and wearable devices are driving innovation in the Rapid IVD Kits Market. These innovations are enhancing the accuracy, speed, and accessibility of diagnostic tests, thereby fueling market growth.

• Impact of Covid-19 Pandemic

The Covid-19 pandemic has underscored the importance of rapid diagnostic testing in disease containment efforts. The demand for Covid-19 Rapid Antigen Tests has surged, leading to an overall growth in the Rapid IVD Kits Market. Manufacturers have ramped up production to meet the growing demand, contributing to sector expansion.

• Healthcare Infrastructure Improvement

Improvements in healthcare infrastructure, coupled with increasing healthcare access, are driving the adoption of Rapid IVD Kits across India. These kits are being deployed in various healthcare settings, including hospitals, clinics, and diagnostic laboratories, to facilitate timely disease diagnosis and management.

India Rapid IVD Kits Market Major Players

Key players in the India Rapid IVD Kits Sector include 

• SD Biosensor

• J. Mitra & Co

• Meril Diagnostic

contributing to the market's high fragmentation.

Segmentation of India Rapid IVD Kits Industry

The India Rapid IVD Kits Market can be segmented based on various factors, including the type of tests, procurement methods, mode of selling, end users, and regional distribution. Covid-19 Rapid Antigen Tests and Rapid IVD Tests (Excluding Covid-19 Tests) are the primary segments, each with its unique market dynamics and growth drivers.

Market Trends And Outlook In The India Rapid IVD Kits Sector 

India Rapid IVD Kits Market Analysis

The market is witnessing several trends that are shaping its future trajectory. The adoption of point-of-care diagnostics is on the rise, driven by the need for rapid and decentralized testing solutions. Emerging technologies, such as bio-sensors and wearable devices, are adding tailwinds to market growth, enabling innovative diagnostic solutions.

Supply and Demand Ecosystem

The supply side ecosystem of the India Rapid IVD Kits Market comprises manufacturers, distributors, and retailers, each playing a critical role in the market's dynamics. A detailed analysis of the market's value chain, business cycle, and genesis provides insights into the underlying factors driving market growth.

Regulatory Framework

Regulatory bodies oversee the licensing and approval processes for Rapid IVD Kits in India, ensuring product quality, safety, and efficacy. Manufacturers and importers must adhere to stringent regulatory requirements, including licensing procedures and compliance with quality standards.

India Rapid IVD Kits MarketOpportunity and Recommendations

Key enablers for market players include leveraging emerging technologies, investing in research and development, and enhancing distribution networks. Success case studies, such as the CoviSelfTM Covid-19 RAT Kit, provide valuable insights into effective market strategies.

Conclusion

The India Rapid IVD Kits Market presents lucrative opportunities for market players, driven by technological innovation, increasing healthcare access, and growing demand for rapid diagnostic solutions. With the right strategies and regulatory compliance, players can capitalize on the market's growth potential and contribute to improving healthcare accessibility and outcomes in India.

Read Also:- In Vitro Diagnostics Market Overview and Trends

FAQs

Q.1 What factors are driving the growth of the India Rapid IVD Kits Market?

Technological advancements, the impact of the Covid-19 pandemic, and improvements in healthcare infrastructure are key drivers of market growth.

Q.2 How is the India Rapid IVD Kits Market segmented?

The market can be segmented based on the type of tests, procurement methods, mode of selling, end users, and regional distribution.

Q.3 What are some key trends shaping the future of the market?

Key trends include the adoption of point-of-care diagnostics, emerging technologies, and the emphasis on regulatory compliance and quality standards.

Q.4 What regulatory bodies oversee the India Rapid IVD Kits Market?

Regulatory bodies such as the CDSCO regulate the licensing and approval processes for Rapid IVD Kits in India, ensuring product safety and efficacy.

Q.5 How can market players capitalize on the market's growth opportunities?

Market players can leverage emerging technologies, invest in research and development, and enhance distribution networks to capitalize on the market's growth potential.

Unlocking the Potential: A Deep Dive into Retail Banking Services, Sector, Market Size, Research, and the Future

 In the dynamic landscape of finance, retail banking emerges as a cornerstone, connecting financial institutions with individuals. This article explores the multifaceted dimensions of retail banking Market, from its diverse services and distinctive sector, to the expansive market size, ongoing research, and the exciting prospects shaping the future.

1. Retail Banking Service: Tailoring Financial Experiences
   

At its core, retail banking prioritizes providing tailored financial services to individual consumers. These services span from fundamental savings and checking accounts to complex offerings like mortgage loans and personal lines of credit. The emphasis is on creating a seamless and personalized experience for customers at every financial touchpoint.

2. Retail Banking Sector: Navigating the Financial Landscape

The retail banking sector constitutes the segment of the financial industry dedicated to serving individual consumers. Unlike investment or corporate banking, retail banking focuses on the day-to-day financial needs of people. It includes branches, online platforms, and ATMs, all working together to deliver accessible financial solutions.

3. Retail Banking Market Size: Dimensions of Growth

Understanding the Retail Banking Market Size involves examining the monetary value of transactions, assets under management, and the overall economic impact. As of [current year], the global retail banking market size stands at [market size], reflecting the significant role this sector plays in the broader financial ecosystem.

4. Retail Banking Research: Insights Shaping the Future

Continuous research is vital to adapting retail banking services to evolving consumer needs and technological advancements. Retail banking research explores topics such as customer behavior, emerging technologies, and regulatory changes. This ongoing investigation is crucial for banks to stay competitive and innovative.

5. Future of Retail Banking: Anticipating Trends and Innovations

As we peer into the future of retail banking, several trends and innovations come into focus. The integration of artificial intelligence, the rise of mobile banking, and the emphasis on sustainable and ethical banking practices are anticipated to shape the future landscape of retail banking.

In Conclusion

In conclusion, retail banking stands as a dynamic force in the financial realm, offering personalized services, steering a dedicated sector, and contributing significantly to the global economy. With ongoing research and an eye on future trends, retail banking is poised for continued evolution and innovation, ensuring it remains a cornerstone of individual finance.

The US Biosimilar market is expected to reach ~USD 96 Bn Industry by 2028

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The United States Biosimilar market which currently has a market size of ~USD 9.48 Bn. is expected to grow at a CAGR of ~40% in the next five years and become a ~USD 96 Bn. industry as per the findings of Ken Research.

STORY OUTLINE

• Biosimilar drugs tend to be cost effective and this reason is a major factor which contributes highly to the growth of US Biosimilar market.
• Rising geriatric population results in an increased demand for Biosimilar drugs which ultimately helps in the growth of US Biosimilar market.
• Increasing cases of chronic diseases in the country also raises the demand for Biosimilar drugs thereby accelerating the US Biosimilar market.
• Growing partnerships between companies to develop Biosimilar drugs also helps in the growth and expansion of the US Biosimilar market.

A fast growing industry, cost effective nature of Biosimilar, rising cases of chronic diseases, and increase in geriatric population, along with rising strategic partnerships are the various reasons responsible for the growth of US Biosimilar market. This market is anticipated to grow at a CAGR of ~40% in the next five years.

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1.Cost effective nature of Biosimilar drugs: major factor responsible for the growth of US biosimilar market

One of the major reasons behind the significant growth of US Biosimilar market is the cost-effective nature of Biosimilar drugs.

Typically, Biosimilar drugs cost lesser than the generics products due to which they have gained popularity in the healthcare sector. Generally, these drugs cost 30% lesser than the generic or original drugs.

Lucentis is an original drug which is primarily used to treat macular degeneration. This drug is priced at around USD 1200 in the United States.

 Its most common biosimilar is Cimerli which is priced way lesser than Lucentis. It costs around USD 800 in the United States.

Humira is another generic biological which is generally used in the treatment of various autoimmune diseases. This drug is priced at approximately USD 3000. Amjevita is its popular Biosimilar drug which is priced at about USD 1500 in the US which is approximately 50% cheaper than the original drug.

Rituxan is a generic drug which is typically used to treat blood cancer. It is priced at about USD 1000 in the US. Its popular biosimilar drug is Truxima which is priced at about USD 900 in the US.

Herceptin is another expensive generic drug which is mainly used in the treatment of various cancers primarily stomach and breast cancers. The average cost of this generic drug in the US is USD 6800. Ogiviri is its biosimilar drug which is sold at approximately USD 3900 in the US.

Thus, it is evident that biosimilar drugs tend to be more cost effective than the original or generic drugs. Their cost effective nature is a major contributor of the growth of US Biosimilar market.

2.Rising geriatric population: generating the demand for Biosimilar drugs

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The geriatric population also has been increasing at a significant rate in the United States. The main reasons behind geriatric population are increase in life expectancy rates and decrease in fertility rates.

There were almost 25 aged people per 100 people in the US in 1980s. The number rose to 32 aged people per 100 people in 1990s. In 2000s, there were 35 aged people per 100 people. 2010 witnessed 40 aged people per 100 people.

 In 2020s, the number reached to 54 aged people per 100 people. This number is further expected to reach 72 aged people per 100 people in 2030s.

As the population rises, aged population becomes vulnerable to many health conditions and they end up requiring many medicines for the treatment of their health conditions.

In the US, approximately 80% of aged people (above 65) have at least one chronic health condition.

The rise in aged population also results in an increased demand for Biosimilar drugs as most of the aged population do not have any strong source of income and thus, they cannot afford generic drugs or original drugs which tend to be really expensive.

Thus, the geriatric population also contribute to the growth of the US Biosimilar market.

3.Increasing cases of chronic diseases: accelerating the US Biosimilar market

The prevalence of chronic health conditions is very high in the United States. A chronic disease is a health condition that prevails for a longer period. Some of the major chronic diseases in the US are cardiovascular diseases, cancer, diabetes, kidney diseases, Alzheimer’s, etc.

In the 2010, there were almost 140 million people living with chronic diseases. In 2015, USA witnessed approximately 150 million people with chronic diseases. This number rose to 155 million people in 2020. Further, this number is anticipated to become 165 million and 170 million people in 2025 and 2030 respectively.

As the prevalence of chronic health conditions rises, their dependence of medicines and drugs also rises. However, not everyone is able to afford original or generic drugs because they tend to be expensive. Thus, that is where the need to develop biosimilar rises.

Moreover, any country would not like to see its people suffer because they cannot afford original drugs. Thus, the countries put emphasis on developing cost effective drugs in the form of Biosimilar drugs.

4.Increasing partnerships between pharmaceutical companies to develop Biosimilar drugs:

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Biocon Biologics, a US firm, was involved in the acquisition of Viatris which is a global organization and is concerned with making Biosimilar drugs in the fields of endocrinology, and oncology along with immunology. The main aim of this acquisition was to make their portfolio as well as future Biosimilar drugs pipeline strong.

AbbVie collaborated with Samsung as well as Amgen to develop Biosimilar drugs for Humira which is a generic drug. For this purpose, AbbVie has started to give the license to Samsung as well as Amgen in various countries to produce the Biosimilar.

Teva Pharmaceuticals, which is a pharmaceutical company concerned with development of generic drugs formed a strategic partnership with Alvotech, which is Biosimilar pharmaceutical company to strengthen their business for developing Biosimilar drugs.

Sandoz and Just – Evotech Biologics decided to collaborate through a partnership to develop various Biosimilar drugs. This partnership also as resulted into former’s pipeline’s expansion to more than 20 biosimilar drugs.

Merck Bioventures and Hanwha made a partnership which involved approximately USD 7 Tn. to make a Biosimilar version of Enbrel which is a generic drug primarily used to treat Rheumatoid Arthritis and is currently developed by Pfizer and Amgen.

CONCLUSION

The United States Biosimilar Market can be best described as a market that is associated with the development of Biosimilar drugs which are an exact copy of original or generic drugs. There are various factors responsible for the growth of US Biosimilar Market.

Some of the major factors contributing to the growth of this market includes the cost-effective nature of Biosimilar drugs, rising geriatric population, rising cases of chronic diseases and increasing partnerships between companies to develop Biosimilar drugs.