CLINICAL CHEMISTRY MARKET OVERVIEW
Anil Makhija Product Manager Clinical Chemistry Mindray Medical India Pvt. ltd.
Clinical Chemistry market size in India is USD 251 Million in the year 2020
Market growth is driven by the rising geriatric population and the increasing prevalence of chronic & lifestyle diseases, growing adoption of Point-of-care testing devices and rising demand for laboratory automation.
Key Growth Drivers in Clinical Chemistry Segment
Key Growth drivers are Health awareness, Demand for quality healthcare, Willingness to spend on healthcare, Rise in disease prevalence and incidence expansion of pathology diagnostic market and developing clinical research market. The growth can be attributed to incline in number of Cardiovascular cases, Diabetic cases, Anemia cases, Lung infection cases and Oncology cases The diagnosis and management of such diseases are responsible for the increasing number of prescriptions for tests such as basic metabolic panel, lipid profile, and liver & renal panel. The rise in chronic illnesses will increase the demand for tests prescribed for the prevention, diagnosis, and treatment for the same. These factors, alongside the growing trend for preventive medicine, is expected to drive the demand for clinical chemistry analyzers.
Industry trends: Government participation in Clinical Chemistry segment
India’s public expenditure on healthcare allocation at 1.2% as a percentage of the GDP as per union budget 2021-22. Government participation in healthcare sector by planning to set-up 22 more AIIMS institute across India which are expected to be operational by the year 2025. Lot of tertiary care hospitals/ Medical colleges set up and AIIMS hospital across India will further boost the demand for clinical chemistry segment.
Private Hospitals participation in Clinical Chemistry segment
India will have 2500 new private hospitals by the year 2024 as per Niti Ayog report so the clinical chemistry market size would increase significantly. Increase in participation from Corporate hospitals which includes preventive health checkup will increase the demand for clinical chemistry segment
Private Diagnostic laboratories participation in Clinical Chemistry segment
Increase in participation from organized diagnostics chains like Thyrocare, Metropolis, SRL Phadke and Dr. Lal Path labs by setting up the diagnostics center across India. Emerging laboratories like Igenetic, Preventine, Medlife, Healthians and Nueberg Diagnostic, Lupin Diagnostics, Redcliffe Diagnostics and Reliance life Sciences would also require good number of instruments which will further boost the Instrument and reagent consumption.
Mindray’s Mission has always been “Advance medical technologies to make healthcare more accessible” abiding by its mission, Mindray Medical India Private limited is committed to deliver total solutions to laboratories from semiautomated Biochemistry analyzers to fully automated integrated systems. Mindray is honored to partner with Government Hospitals, Private Hospitals and Diagnostics laboratories with its vision “Better healthcare for All”.