India Molecular Diagnostics Market to Grow at 10% until 2026
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.
Browse over 12 market data Figures spread through 70 Pages and an
in-depth TOC on "India
Molecular Diagnostics Market"
https://www.techsciresearch.com/report/india-molecular-diagnostics-market/5076.html
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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