In Vitro Diagnostic Industry Needs to Produce Accurate Diagnosis with Appropriate Drugs: Suresh Vazirani
The year 2018 saw the global In Vitro Diagnostics market size with the value of US $ 69.6 billion. Now, it is estimated to register a compound annual growth rate (CAGR) of 4.75 per cent from 2019 to 2026.
In the era of developing medical facilities, diagnosis upgradation is an indispensable aspect. Diagnosis helps in understanding and interpreting the human body’s reactions to infections or various disease-causing bacteria.
Apart from clinical services, Global healthcare industry is also driven by In-Vitro Diagnostic (IVD) sector. The oligopoly is driven by better diagnostic tools, improved treatment monitoring and increased availability of over-the-counter tests, which has led to the rapid growth of the industry.
The year 2018 saw the global In Vitro Diagnostics market size with the value of US $ 69.6 billion. Now, it is estimated to register a compound annual growth rate (CAGR) of 4.75 per cent from 2019 to 2026. Moreover, technological developments and new product launches are expected to spur market growth in the next few years, in terms of cost-effectiveness, accuracy and portability. One of the impact rendering drivers for the market will be the elderly population, who are susceptible to various diseases and requires regular diagnostic tests.
It is segmented on the basis of product type, technique, application, end-user and region. Depending on product type, the market is categorized into reagents, instruments and software & services. Based on techniques, the market is segmented into immunodiagnostics, haematology, molecular diagnostics, tissue diagnostics, clinical chemistry and other IVD techniques. Based on application, the market is bifurcated into classes of infectious diseases, cancer, cardiac diseases, immune system disorders, nephrological diseases, gastrointestinal diseases whereas, depending on the end-user, it is divided into hospitals, academic & medical schools, point of care testing and others.
‘‘With major technological advancements such as molecular diagnostics and next-generation sequencing, the IVD sector has touched new heights, thereby, making possible an entire array of genetic, genomic and proteomic testing. As per a recent study, India accounts for only 1 per cent of the global IVD share and expected to double its share to 2 per cent by 2020. This has led to increased accuracy of test outcomes along with a significant reduction in the turnaround time,” said Zoya Brar, Founder & Managing Director – CORE Diagnostics.
There’s a need for affordable diagnostics and as data suggests, it will double over the next 3 years. Presently, there are very few companies that are working in the IVD industry. Out of these few, BW Healthcareworld connected with Transasia Bio-Medicals Ltd for the interview with Suresh Vazirani, Chairman & Managing Director of Transasia- Erba group.
With the vision of providing improved and affordable diagnosis solutions, Transasia Bio-Medicals Ltd. is one of the leading In-vitro Diagnostics (IVD) company in India. During the interview, Suresh Vazirani told us, “With accurate diagnosis and appropriate drug at low cost, we can have improved healthcare system to provide a healthy living to the population of our country.”
Talking about the efforts made by their company to offer affordable diagnosis, Vazirani said, “We are planning to bring down the cost by 25% after which Transasia- Erba is targeting a 25% revenue growth. By 2020, the company also plans to up its annual R & D investments to 200 crores a year.
After investing 40 years in the industry, Erba group plans to expand and become a total solution company. Currently, the company has launched affordable IVD solutions in Hematology, clinical chemistry, urinalysis, immunoassay and NEXUS which is an advanced automation range.
With a vision for the company, Vazirani added, “Transasia plans to bring affordable cancer test kits to India in affordable prices from US subsidiary and make affordable cancer diagnosis possible in India and eradicate thalassemia disorder and help to not pass it to other family members.”