India is hailed as the `pharmacy of the developing world’ because of the huge strides we have made in innovation, product development and export. But, when it comes to medical devices industry in general and in-vitro diagnostics (IVD) sector in particular, we still remain a heavily import-driven consumer country with not much happening to stimulate local manufacturing.
At present, India has a very minimal share of one percent in the world IVD market which is worth around $60.3 billion. Going by the past performance in the recent years, the market is expected to grow at a CAGR rate of 6% and then would reach $74.46 billion by 2020. But, riding on several conducive domestic factors, the Indian IVD industry has the potential to outgrow the global rate. According to some projections, we will claim at least 2% of the global industry share by 2020, assuming that we would register a CAGR of 15-20%.
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