Increasing incidence of cancer and other chronic disorders is driving molecular diagnostics market in India

According to TechSci Research report, “India Molecular Diagnostics Market By Application, By Technology, By End User, By Region, Competition, Forecast & Opportunities, FY 2026”, India molecular diagnostics market was pegged at $ 920 million in FY 2020 and is forecast to witness a CAGR of 10% until FY 2026. Growth in the market is anticipated on account of increasing cases of chronic and infectious diseases across the country. Moreover, now amidst the COVID-19 pandemic, the molecular diagnostics market is expected to witness a steep jump.

Technology has introduced the healthcare sector with more convenient methods to provide more accurate diagnostic results. Another factor that can be held responsible for driving market growth is the rising awareness among the population in context of advanced treatments that are possible now due to consistent technological advancements. To add to this, several government initiatives have been contributing to the market growth. For instance, National Health Assurance Mission (NHM) was launched in 2013 with the motive of providing free drugs and essential diagnostic services along with insurance for the treatment of serious disorders. However, lack of professionals and scarcity of competent skill set can hamper the growth of the market. Also, the high cost of molecular diagnostics is expected to be a hurdle in the market growth. Nonetheless, growing medical insurance is reducing the financial inadequacy, which will eventually translate into higher market growth.

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India molecular diagnostics market is fragmented based on application, technology, end user, and region. Based on application, the market is segmented into infectious disease, blood screening, genetic testing and oncology testing. Amongst these, oncology testing segment holds the largest market share, followed by infectious disease segment. Both of these segments account for more than 80% of the market and their dominance is expected to continue during the forecast period. Some of the leading players operating in India molecular diagnostics market are Roche Diagnostics India Pvt Ltd, Abbott India Limited, Qiagen India Pvt Ltd, bioMérieux India, Becton Dickinson Private Limited, Biocartis, Bio-Techne India Private Limited, Cepheid India Pvt Ltd, Bio-Rad laboratories India Pvt.Ltd, Cleaver Scientific, among others.

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“India molecular diagnostics market is anticipated to witness growth over the next five years. With increasing technological penetration in the healthcare sector, Indian molecular diagnostics industry is witnessing huge transformations. A rising number of diagnostic centers are being deployed in almost every city to give people access to advanced diagnostic services. As per the stats, there are as many as 60,000 diagnostic labs and 6,000 diagnostic centers in various cities and regions across the country right now, and the future of the molecular diagnostics market looks bright.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“India Molecular Diagnostics Market By Application, By Technology, By End User, By Region, Competition, Forecast & Opportunities, FY 2026” has evaluated the future growth potential of India molecular diagnostics market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India molecular diagnostics market.

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