New York, July 15, 2021 (GLOBE NEWSWIRE) -- According to the statistics by the World Bank, the share of total number of deaths caused due to communicable diseases and maternal, prenatal and nutritional conditions in the year 2019 in India, Bangladesh, Pakistan, Maldives, and Sri Lanka recorded to 24.166%, 22.613%, 33.148%, 8.159%, and 9.47% respectively. Moreover, in 2019, the World Health Organization (WHO), in one of its statistics, stated that the lower-middle-income countries, had the most disparate top 10 leading causes of death; 4 communicable, 5 non-communicable, and 1 injury.
A report titled “India and Neighboring Countries PoC Molecular Diagnostics Market” has recently been published by Research Nester which is studied for the forecast period 2021-2026. The report on the market provides a detailed assessment on the growth drivers, along with the latest trends, opportunities, and the challenges that are associated with the growth of the market over the forecast period. In addition, the report also covers risk analysis, average price analysis, along with the impact of COVID-19 on the market growth.
India is a highly populous country whose population, according to the statistics by the World Bank, grew from 1.057 billion in 2000 to 1.366 billion in 2019. According to the statistics by the United States Census Bureau, India is the second most populous country in the world. Additionally, Pakistan and Bangladesh took the fifth and eighth position respectively. The neighboring countries of India, namely Pakistan, Bangladesh, and Sri Lanka registered a population count of around 215 million, 163 million, 21 million respectively. Amidst the growing population in these countries, there is a rising concern for the burden of infectious diseases which is raising the need for rapid diagnosis and testing. According to the report titled “World Health Statistics 2021” of the WHO, two thirds of the global tuberculosis burden were concentrated in eight countries, with highest burdens in India, Indonesia, Pakistan, Bangladesh, Nigeria, China, the Philippines, and South Africa. Further, the government of the nations are increasingly focusing on to develop their healthcare infrastructure, by raising the total healthcare investments. For instance, according to the statistics by the Organisation for Economic Cooperation and Development (OECD), health spending as a share of GDP in India increased from 3.25% in 2011 to 3.60% in 2017. Such factors are estimated to help drive the growth of the market by a CAGR of 16.34% during the forecast period, i.e., 2021-2026. Further, the rising concern for the spread of the coronavirus in these nations, is also driving the need for several molecular diagnostics, thereby create opportunities for the market growth. In other statistics by the WHO, confirmed coronavirus cases from January 3, 2020 to June 21, 2021 in India, Bangladesh, Pakistan, Maldives, and Sri Lanka were 29.93 million, 0.85 million, 0.95 million, 0.07 million, and 0.24 million cases respectively. The market garnered a revenue of USD 1672.94 million in 2019 and is further projected to reach USD 6432.57 million in 2026. By the end of 2021, the market in these countries is expected to reach USD 3019 million.
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Based on geography, the India and neighboring countries PoC molecular diagnostics market is segmented into India, Bangladesh, Pakistan, Sri-Lanka, Nepal, and Maldives. Out of the market in these countries, the market in India is expected to hold the largest share of the market and gain a revenue of USD 5323.40 million by the end of 2026. The market in the country is also expected to grow with the highest CAGR of 17.29% during the forecast period. Increasing focus of the Government of India in terms of numerous health initiatives for its citizens, especially for people with low income, followed by the rise in funds allocated for improving healthcare system, and the increasing availability of doctors in the country, are some of the factors projected to boost the market growth in the coming years. According to the statistics by the Indian Brand Equity Foundation (IBEF), the healthcare market in India is expected to reach USD 372 billion by 2022. Further, the government allocated funds worth USD 4.80 billion for COVID-19 vaccines in its Union Budget 2021. Additionally, the number of recognized medical doctors grew from 827,006 in 2010 to 1,255,786 in September 2020.
The India PoC molecular diagnostics market is segmented by end user into hospitals, clinics, diagnostic labs, research & academic institutes, and others. Out of these segments, the clinics segment in the country is expected to gain the largest share of the market and is estimated to gain a revenue of USD 904.23 million by the end of 2021. The segment in the country is further expected to grow with the highest CAGR of 18.36% during the forecast period. Further, on the basis of product type, the market in the country is segmented by kits & assays, analyzers, and software & services, out of which, the kits & assays segment in hospitals is expected to gain the largest revenue of USD 365.11 million by the end of 2021. The segment is further expected to attain a revenue of USD 801.07 million by the end of 2026
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Besides this, the PoC molecular diagnostics market in Pakistan is expected to attain a revenue of USD 299.33 million by the end of 2021, backed by the increasing focus of the Government of Pakistan to improve the medical facilities in both the private and public healthcare sector, as well as the increasing burden of several infectious diseases in the nation. Moreover, increasing availability of medical professionals in the country is also expected to boost the market growth. According to the statistics by the Pakistan Medical Commission (PMC), in June 2021, the nation had 281072 number of doctors, out of which, 252336 doctors had a MBBS degree.
The Pakistan PoC molecular diagnostics market is segmented on the basis of technology type into PCR, DNA microarray, isothermal amplification, genetic sequencing, hybridization, and others. Out of these, the PCR segment in hospitals is expected to gain the largest revenue of USD 41.52 million by the end of 2021. The segment is also expected to grow with the highest CAGR of 13.02% during the forecast period. Further, based on product type, the market is segmented into kits & assays, analyzers, and software & services. Out of these, the kits & assays segment in clinics is expected to hold the largest market share and further touch a market revenue of USD 59.48 million by the end of 2021. The segment is further expected to reach USD 119.34 million by the end of 2026.
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The India and neighboring countries PoC molecular diagnostics market is segmented by end user into hospitals, clinics, diagnostic labs, research & academic institutes, and others, out of which, the clinics segment is expected to hold the largest market share and further grow with the highest CAGR of 17.33% throughout the forecast period. The segment is further expected to reach USD 1153.81 million by the end of 2021. The market is also segmented by application into respiratory disease, infectious disease, oncology, STDs, prenatal testing, haematology, hepatitis, and others. Out of these, the infectious disease segment in research & academic institutes is expected to hold the largest share of the market and is further anticipated to gain a revenue of USD 44.12 million by the end of 2021. The segment is also expected to touch a revenue of USD 91.97 million by the end of 2026.
The India and neighboring countries PoC molecular diagnostics market is also segmented on the basis of product type, and by technology type.
India and Neighboring Countries PoC Molecular Diagnostics Market, Segmentation by Product Type
- Kits & Assays
- Analyzers
- Software & Services
India and Neighboring Countries PoC Molecular Diagnostics Market, Segmentation by Technology Type
- PCR
- DNA Microarray
- Isothermal Amplification
- Genetic Sequencing
- Hybridization
- Others
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Some of the major industry leaders mentioned in our report that are associated with the India and neighboring countries PoC molecular diagnostics market are F. Hoffmann-La Roche Ltd, Bio-Rad Laboratories, Inc., Molbio Diagnostics Pvt. Ltd., bioMerieux SA, Becton, Dickinson and Company, QuantuMDx Group Limited, Beckman Coulter, Inc., Abbott, MedGenome, Chembio Diagnostics, Inc., Sysmex Europe GmbH, Cepheid, and others.
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