Albany, NY -- (ReleaseWire) -- 05/30/2014 -- The report entails the market share analysis and company profiles of major players operating in the molecular diagnostics market of India. The future analysis, trends and developments, government regulations and segmentation by application have also been discussed in the industry research report.
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The advent of the latest inventions and technologies in accurate detection and quicker screening, and the prolific growth in genetic testing have driven the revenues of the Indian molecular diagnostics market in recent years. The increase in the number of patients stricken with infectious diseases have propelled the revenue growth in FY’2013, which has increased 14.3% to INR million from INR million in FY’2012.
Reagents led the revenues from the molecular diagnostics space with a percentage contribution of % of the total market in fiscal year 2013. The market has transformed from being a labor intensive to the inclusion of latest technologies. Majority of the reagents sales have historically been attributed to the diagnosis of infectious diseases such as tuberculosis, gonorrhea, Chlamydia and influenza virus, as well as the identification and predisposition to several conditions such as cancer and cystic fibrosis.
The molecular diagnostics reagents market in India is segmented on the basis of application which includes virology tests, cancer detection, tuberculosis testing, blood screening, HPV testing and others. Molecular diagnosis helps in providing critical information that the healthcare providers and patients need in order to make the right decisions. Molecular diagnostics help in detecting and measuring the presence of genetic material which are associated with a specific health condition.
The molecular diagnostics market in India is majorly dominated by the virology tests market with a share of % in FY’2013. The infectious diseases such as HIV, HPV, hepatitis B and C and tuberculosis are prevalent in India. The combination of infectious disease immunoassay and molecular testing offers a complete solution for diagnosis and monitoring of HIV and hepatitis. Tuberculosis is one of the major causes of deaths among the people of India. Tuberculosis testing market held a share of % in FY’2013 which has grown from 14.3% in FY’2008. It has been observed that in 2012 about 1.3 million people in the world were killed due to tuberculosis and India accounted for 26% of the total TB cases globally. The rising number of tuberculosis cases in the country has contributed to a strong growth of TB testing in the molecular diagnostics market of India.
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With the health insurance cover expected to increase, the health insurance industry is expected to integrate strongly with diagnostic centres. As the number of people having health insurance policies increases and outpatient diagnostics gets covered, health insurance companies will partner with diagnostic centres for standardized services. Products with superior technologies such as broader range application equipment and multitasking reagents will continue to find a deeper penetration in the Indian molecular diagnostics market. New technologies also will bring greater effectiveness to current methods. Technologies such as nanotechnology are likely to support the development of the molecular diagnostics field. The molecular diagnostic market is presently at its growing stage in the country and is expected to capture a significant share in the in-vitro diagnostics market in the coming years.
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