India serological testing market size was USD 191.4 million in 2020. The market is projected to grow from USD 212.1 million in 2021 to USD 813.6 million in 2030 at a CAGR of 16.1 % in the 2021-2030 period. The global impact of COVID-19 has been unprecedented and staggering, with serological testing witnessing a negative demand shock across India amid the pandemic. Based on our analysis, the Indian market witnessed a strong decline of -15.2% in 2020. The sudden rise in CAGR is attributable to this market’s growth and demand returning to pre-pandemic levels once the pandemic is over. Forex Signals Telegram
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Emergence of Domestic Companies for Serological Testing in India to Determine Growth Trajectory
A significant trend observed in the market is the emergence of new domestic companies engaged in developing serological tests in India. For instance, in December 2021, Lupin announced the launch of their diagnostic division, Lupin Diagnostics. The company’s newly formed testing division’s product portfolio also includes serological tests. This strategic decision by the company was taken to provide India with integrated healthcare. The company also announced the establishment of a 45,000.0 sq. ft. National Reference Laboratory in Navi Mumbai. The facility would have all the major diagnostic services, including serology testing for their customers.
The growing prevalence of infectious diseases and the rising cases of covid-19 in the region opened various opportunities for major companies to launch various types of serological tests. This factor also catered to the increasing needs of the population of India. The plethora of opportunities available for the organizations will thus boost the growth in the forecast period. As more companies become engaged in the development of serological testing in India, more product launches are expected to screen infectious diseases, which is expected to significantly contribute to the surge of the market in the forecast period.
Increased Awareness about Infectious Diseases to Boost Demand for Serological Testing
The growing awareness of infectious diseases in India is one of the most important reasons for the region’s rising adoption for serological tests. With the increase in awareness amongst the Indian population, key players in the market, have introduced different products in the country. The region is steadily working towards reducing the prevalence of infectious diseases like hepatitis C and HIV. Therefore, the demand for these tests is also increasing significantly. For instance, according to an article in November 2015, the Prime Minister of India and 17 other Asia Pacific leaders, endorsed a plan to eliminate malaria from the region by 2030. Furthermore, it was noted that India pledged to achieve the goal by 2027, 3 years before that of the global target.
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