India’s market for serological testingwas worth191.4 million USDin 2020. The market is anticipated to increase at aCAGR of 16.1%between 2021 and 2030, rising fromUSD 212.1 million in 2021toUSD 813.6 million in 2030. The COVID-19 pandemic has had an unprecedented and staggering impact on the world, with serological testing experiencing a decline in demand across India. According to our analysis, the Indian market will experience a significant drop of -15.2% in 2020. The market’s growth and demand returning to pre-pandemic levels after the pandemic is over is what caused the abrupt increase in CAGR.
Therefore, it is evident that the aforementioned factors, such as the rising incidence of infectious diseases, rising public awareness, and the introduction of new, highly advanced products, will result in promising growth prospects during the forecast period.
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Market Growth Drivers:
Technologically advanced medical devices such as serological test equipment are used for the detection of antibodies in the blood that occurs after an immune response and thus is used to diagnose different disease conditions. This diagnostic procedure provides highly efficient real-time results. Furthermore, these tests are also used in blood banks for the detection of infections like HIV, HCV, HBV, syphilis and malaria in blood or blood products. Serological tests are also used for blood group typing before any blood transfusion process.
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Who are the Major India Serological Testing Market Vendors?
- F. Hoffmann-La Roche Ltd(Basel, Switzerland)
- Abbott (Abbott Park, U.S.)
- Thermo Fisher Scientific, Inc. (Waltham, U.S.)
- Beckman Coulter, Inc.(Danaher) (Brea, U.S.)
- Tulip Diagnostics (P) Ltd (PerkinElmer Inc.) (Bambolim, India)
- Eurofins Scientific (Luxembourg, Luxembourg)
- DiaSorin S.p.A (Saluggia, Italy)
- Grifols, S.A. (Barcelona, Spain)
- Siemens Healthineers AG(Munich, Germany)
- Mylab Discovery Solutions Pvt. Ltd. (Lonavla, India)
- Ortho-Clinical Diagnostics (Raritan, U.S.)
Market Share Analysis:
The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market. It provides the idea of its revenue generation into the overall market compared to other vendors in the space. It provides insights into how vendors are performing in terms of revenue generation and customer base compared to others. Knowing market share offers an idea of the size and competitiveness of the vendors for the base year. It reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.
Competitive Strategic Window:
The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. It describes the optimal or favourable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research and development, and new product introduction strategies to execute further business expansion and growth during a forecast period [2022 2029].
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