India COVID-19 Diagnostics Market 2022-2028

India COVID-19 Diagnostics Market 2022-2028

India reported the first confirmed COVID-19 case on 27th January 2021. Gradually, the COVID-19 cases peaked initially during April-May 2021, and after weeks of decline in COVID-19 cases, the second wave took hold with the highest number of daily cases compared to the first wave. TheCOVID-19 pandemic created significant demand for its diagnosis in India, which in turn, is anticipated to drive the growth of the Indian COVID-19 diagnostic market. The exponential growth in positive COVID-19 cases gave rise to the demand for quick diagnostic test kits to detect the COVID-19. The longer time of diagnosis created a serious concern related to the further infection in the community, as a result, the country is inclined towards the development of quick diagnostic kits. As per the Worldometer, as of 25th June 2021, the total number of COVID-19 cases reported in India was 30 million. Initially, during the period of March-May 2021, the country was facing a shortage of test kits which has increased the government’s focus to increase the country’s testing capacity. As of 24th June 2021, around 400 million cumulative total samples were tested in the country. The hike in the number of the COVID-19 diagnostic tests in the country supports the growth of the Indian COVID-19 diagnostics market.

The Indian COVID-19 diagnostics market was valued at around $1.2 billion in 2021 and is anticipated to show a declined CAGR of -14.6% during the forecast period (2021-2028). The COVID-19 diagnostics market registered robust growth in 2021-2021 owing to the rising new cases of COVID-19. Second wave in May and the expected third wave in last quarter of 2021 will continue to boost the India COVID-19 diagnostics market. By the end of 2021, the Indian COVID-19 diagnostic market will reach around $2.4 billion showing 93.9% YoY growth. However, the robust vaccination drive across India will reduce the demand for the COVID-19 diagnostics kits, as a result of which, the market value in 2028 will declined to $481 million. As of 24 June 2021, India has administered 307 million doses overall, including the first and second doses of the currently approved vaccines such as Covishield, Covaxin, and Sputnik V. The vaccination in India is growing at a significant rate which is expected to reduce the COVID-19 impact.

The Indian COVID-19 diagnostics market is segmented based on product type, technology type, end-user, and sample type. By technology type, the market is further segmented into PCR test/molecular diagnostic, antigen test, and serology test. Among these, the PCR segment had a major share of 68.0% accounted for $845 million in 2021, and is estimated to decline to $280 million in 2028. The factor that contributed to the highest market value of the PCR test in 2021 includes the wide availability of such tests and their highly accurate results. Major players in the market such as Mylab, Applied Bio-Systems, Cepheid, Roche Molecular, Inc., PerkinElmer, BioGenomics Ltd., and Thermo Fisher Scientific, among others, are generating significant sales for their PCR tests that are used for the COVID-19 diagnosis. PCR test has been used mainly in symptomatic COVID-19 patients, to get accurate test results. However, due to its time-consuming and expensive attributes, these tests are being replaced with other tests such as antigen tests and serology tests. The market value for antigen tests was $364 million in 2021 and is anticipated to decline to $165 million in 2028. The demand for antigen tests is growing across India owing to the significant demand for lateral flow test/immunochromatographic due to rapid test results. The Indian Government is focusing on antigen test for rapid COVID-19 diagnosis as unlike conventional PCR tests, antigen test does not need to be analyzed in a laboratory. For instance, in May 2021, the Government set the target to increase rapid antigen test capacity to 4.5 million per day by June end, however, a smaller number of COVID-19 test kit production compared to the specified target due to delayed payments by states has led to overlooking the target.
 
Based on product type, the Indian COVID-19 diagnostic market is segmented into instruments, reagents & kits, and laboratory testing services. Among these segments, the instruments segment dominated the market and held 38.5% of the share, generating $479 million in 2021. This value is estimated to fall at $116 million in 2028, projected to decline at a negative CAGR of -21.0% during the forecast period. The factor that contributes to the segment value in 2021 includes the increased adoption of instruments for the testing of the COVID-19. Numerous companies across the globe including Thermo Fisher Scientific and Abbott Laboratories, among others, are working to provide an effective instrument to cater to the high demand for diagnosis. Whereas the reagents & kits segment is projected to decline at a CAGR of -8.7% during the forecast period. The reagents & kits segment was valued at $329 million in 2021 and is estimated to decline to $191 million in 2028.

By sample type, the market is segmented into oropharyngeal & nasopharyngeal swabs, blood, urine, saliva, and others. In 2021, the oropharyngeal & nasopharyngeal segment held 88.9% share, accounted for $1.1 billion, and is anticipated to decline to $372 million in 2028. In 2021, the highest share of oropharyngeal & nasopharyngeal samples is attributed to the fact, that the test available primarily takes the oropharyngeal & nasopharyngeal samples as input owing to its high accuracy (also with low false-positive rate) results for the samples. Further, the World Health Organization (WHO) also recommends nasopharyngeal swab sampling as a reference method to detect SARS-CoV-2.

By end-user, the Indian COVID-19 diagnostics market is segmented into hospitals, homecare, diagnostics centers and clinics, and research institutes. The hospital segment held a market share of 45.0%, accounted for $559 million in 2021, and is anticipated to decline to $190 million in 2028. The highest market share is attributed to the availability of several diagnostic tests provided by the hospitals.

Key Industry Highlights-

In June 2021, India’s first indigenous home-based COVID-19 rapid testing kit known as ‘CoviSelf’ developed by Mylab Discovery Solutions Ltd. that detects the virus within 15 minutes has been commercially launched and is now available at chemist shops across the country.

In September 2021, Tata group to launch India's first CRISPR COVID-19 test. An indigenous paper-strip COVID-19 diagnostic test received approval from the Drugs Controller General of India (DCGI) for a commercial rollout.

In July 2021, Mylab announced that its antigen rapid test kit for the detection of COVID-19 has obtained ICMR approval. It is the first made-in-India antigen test kit with Mylab becoming the first company to receive commercial approval from ICMR. The kit was developed in association with LabCare Diagnostics, a Gujarat-based manufacturer of diagnostic kits.

In June 2021, J Mitra & Co. Pvt Ltd. launched the COVID-19 total antibody detection ELISA test kit in the Indian market. Based on the Double-Sandwich Elisa technology, the test kit is known as COVID-19 [IgM, IgG, IgA] MICROLISA.

In May 2021, CPC Diagnostics (CPC) has launched COVID-19 antibody tests — SARS COV-2 IgM and SARS COV-2 IgG in India. Both CE-approved tests are the first of their kind to be approved by the ICMR.

In April 2021, ADT Biotech Sdn Bhd received a license for the LyteStar 2021-nCoV RT-PCR Kit and the LyteStar SARS-CoV-2 RT-PCR Kit S for import in India after receiving validation by the ICMR, Ministry of Health & Family Welfare, India, and CDSCO (Central Drugs Standard Control Organisation).

In April 2021, Bione, a Genetic, and microbiome testing firm declared the launch of a rapid COVID-19 at-home screening test kit that displays accurate results within minutes. The kit is approved by the ICMR and will be deployed in the market after proper quality checks and assurance. Bione is well-equipped to supply 20,000 kits per week and intends to build its manufacturing facilities in the coming months to sufficiently cater to the high demand.

In April 2021, Mylab announced its collaboration with Kiran Mazumdar Shaw’s Syngene, Asia's largest contract research & manufacturing organization, to provide RT-PCR COVID-19 testing kits to India. Syngene supported Mylab to secure a stable supply of indigenously made raw materials.

In March 2021, India-based Mylab Discovery has become the first company in the country to receive approval for its COVID-19 diagnostic test kits, called RT-PCR tests. The testing kit has been commercially approved by the Indian FDA / Central Drugs Standard Control Organization (CDSCO).

In March 2021, Thermo Fisher Scientific announced that its diagnostic test to detect nucleic acid from SARS-CoV-2 has obtained the CE mark in the European Union. Additionally, the company has received designated approvals in Canada, India, New Zealand, Australia, and Singapore.

In February 2021, ADT announced the launch of a device named “LyteStar 2021-nCoV RT-PCR Kit” for the detection of COVID-19. It is a first-line screening assay for routine diagnostic laboratories. The test was made available as a complete dual-target kit, additionally with individual kits for screening. The kits had been delivered to India, Thailand, and South Korea for assessment by the national reference laboratories.