Increasing Automation and Accreditation to Drive the Market Growth in India: Ken Research

Topics: Automation, Laboratory, Laboratory equipment Pages: 2 (429 words) Published: October 11, 2013
India has been one of the fastest growing diagnostic markets over the past few years, with a growing share in the global in-vitro diagnostics industry. Growing personal disposable incomes, inclining population of people suffering from lifestyle diseases, increasing penetration of preventive healthcare, rapid growth of laboratory automation and expansion in test menus across labs in India are some of the factors for the growth of the India in-vitro diagnostics market. The rising number and complication of tests, together with a scarcity in laboratory staff, has resulted in a greater level of automation in laboratories. Since labor accounts for approximately 65% of operating expenses in a typical laboratory, automating laboratories has enabled the expansion of their capabilities while ensuring noteworthy savings. With the increasing automation in the clinical chemistry labs, the demand for reagents and consumables has grown tremendously for the past few years. Poorly defined regulatory norms for both the domestic as well as imported products make the IVD space in India a free-for-all market. Owing to this, the quality of such products has been a major concern for a number of years. Due to the deficiency of regulatory legislation, there is no lucidity on the categorization and requirements for authorization of diagnostic instruments and reagents in India. Owing to this, cheaper and substandard products have been imported from other countries. Regardless, several domestic laboratories have sought to be accredited by NABL, which has in turn exerted a positive influence on the overall laboratory space. According to the research report “India In-Vitro Diagnostics Industry Analysis till 2018” by Ken Research, the India in-vitro diagnostics market would grow at a considerable CAGR, reaching USD 2,226 million by 2018 due to the major push from automation in laboratories. “While rising disposable incomes, soaring population with lifestyle diseases and increase in the...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Market Research Essay
  • Changing Taste Preferences to Contribute to the Growth of Restaurant Market in India: Ken Research Essay
  • Modular Kitchen Market in India Essay
  • Cadbury's Use of Market Research Essay
  • Market Research Essay
  • Essay about Music Player Market Research in India
  • Essay on LV and MV Switchgear Market in India
  • Market Research Report: India Hearing Impairment Market Essay

Become a StudyMode Member

Sign Up - It's Free