The COVID-19 pandemic in India has increased the demand for its diagnosis in the country, which in turn, is anticipated to drive the growth of the Indian COVID-19 diagnostics market. In India, the COVID-19 cases initially peaked during April-May 2020 and in the second wave, more cases have been observed in the country that was more than the first wave.
India is among the leading producer and suppliers of vaccines globally. Vaccines are chemical preparations that include immunization to a variety of diseases. They are made up of an agent that is similar to a disease-causing pathogen.
India is the second most populated country across the globe and the seventh-largest country in terms of GDP. As per International Monetary Fund, the GDP of India in 2017 was $2.8 trillion. It is the third-largest economy of Asia-Pacific after China and Japan.
Diabetes has been a major epidemic, globally. The adult diabetic population was 463 million in 2019 with the prevalence rate reaching 8.5%, as per International Diabetes Federation (IDF). Over 4.2 million mortalities occurred due to diabetes, globally. India’s population is more than 1.3 billion that is estimated to be around 17.7% of the global population in 2019 which is increasing every year.
Cardiovascular diseases (CVDs) are amongst the fatal diseases across the globe, accounting for over 25% of the total mortalities in India every year. The Harvard School of Public Health (HSPH) and the World Economic Forum (WEF) revealed that between 2012 and 2030, the total economic burden of non-communicable diseases in India is estimated to reach $1.7 trillion (INR 126 lakh crore).
Healthcare sector is a key contributor to the growth of the Indian economy, regarding both employment and revenue. A medical device is any apparatus, appliance, or instrument required for the diagnosis, prevention, alleviation of diseases or for any other wellness purpose.
Indian pharmaceutical industry is gaining momentum owing to significant contributions from generic brands, a wide range of API manufacturers, and robust demand for API post-COVID-9 pandemic. India is the largest provider of generic drugs around the globe.
India with an established domestic pharmaceutical industry is among the leading global producers of cost-effective generic medicines and vaccines. The pharmaceutical industry in India produces a range of bulk drugs that account for roughly one-fifth of the industry output.
Healthcare has become one of the largest sectors in India in terms of employment as well as revenue. The healthcare industry includes medical device manufacturers, medical tourism, telemedicine, clinical trials, outsourcing industry, and health insurance providers.