Road ahead for Beacon – The guiding light in IVD industry

The healthcare and medical devices business in India has registered phenomenal growth and upward trends in the last one-and-a-half decade. The medical devices sector, where players comprise of large multinationals, medium- and small-sized organizations, has all together done the business of approximately USD 15.35 billion during 2023, and with encouraging ascendant trends, it is expected to reach USD 20.51 billion by 2029 with a CAGR of 5.35 percent during the period. One of the major parts of this healthcare devices business – the diagnostic equipment market including IVD and other diagnostics – has contributed around USD 4.0 billion in 2023 and by 2027 it is likely to touch an all-time high of USD 6.0 billion.

The IVD segment of healthcare market, which is valued at USD 1.69 billion in 2023, is likely to close at USD 2.56 billion by 2030. Currently, this market is undergoing a significant transformation, driven by technological advancements, shifting market dynamics, and evolving regulatory landscapes. Navigating through 2024, one can witness that IVD sector continues to rebound from the disruptions caused by the Covid-19 pandemic, with a notable 6-percent growth in 2023, which is a clear sign of recovery and expansion.

Regionally, the market dynamics are varied. While all regions experienced declines due to Covid-19, the underlying business for many IVD companies showed positive trend. Emerging markets are poised for growth, driven by a large, underpenetrated patient base, increased diagnosis rates, and heightened awareness. Leading companies experienced the highest percentage across key core laboratory markets, and they are setting the pace in the industry, demonstrating the importance of innovation and strategic market positioning.

Looking ahead, several factors will drive the IVD market. Increased regulation, such as FDA/IVDR, favors IVD companies with substantial resources and experience. The shift toward POC testing and the expansion of precision medicine beyond oncology to other high-burden areas are expected to be significant growth drivers. Additionally, digital pathology, IT, and AI solutions are anticipated to enhance diagnostic efficiency and accuracy.

The multiple initiatives and policies to promote India’s medical devices sector, which came into limelight in 2014 by the Government of India through intense promotion of Make in India initiative, is boosting the industry; however, the challenge of large dependency of all segments of healthcare business on import from China, Japan, Europe, and other countries is still existing.

For Indian IVD manufacturers, to remain competitive, continuous investment in R&D to develop innovative solutions that address unmet clinical needs and improve diagnostic accuracy and efficiency is one of the major action points. Building robust regulatory teams and leverage external expertise to navigate the complex regulatory landscape, staying updated with regulatory changes and proactively getting engaged with regulatory bodies to mitigate compliance risks, will be another important need.

Additionally, the other key action points to remain ahead in this competitive market are targeting emerging markets with tailored strategies, investing in market education, and awareness campaigns to drive adoption of IVD solutions. Forming strategic partnerships with other industry players, academic institutions, and technology providers to foster innovation and expand market reach as well as collaborative efforts can accelerate the development and commercialization of new IVD solutions.

Beacon is one of the leading brands in IVD business segment from the Indian subcontinent. We began our operations during the era when large MNCs were dominating IVD business in India. However, with our core competency of manufacturing IVD solutions, we established our name as a leading Indian MNC company. Our processes are driven by two major factors like making the products that suit the need of our end-user and the quality that is second to none. In order to achieve this, we carefully study the customer requirements to design the products. During the manufacturing process, we adopt practices of in-process quality assurance checks and the finished product quality control checks, which ensures total quality for our products. Our guiding philosophy is quality is total customer satisfaction. All our activities are purely based on this philosophy, and we strive hard to maintain this by continuous improvement policies, as well as online and off-line training of our staff.

Currently, as Beacon Group we are having IVD products like immunodiagnostic reagents, clinical chemistry reagents and instruments, hematology instruments and reagents, immunoassay instruments and reagents, urine chemistry systems, POCT systems, HPLC systems, etc. We are strategically moving ahead by adding product portfolios in areas of molecular diagnostics, oncology, and hemostasis by adopting business modules like JV’s, joint product developments and manufacturing ventures, and distribution arrangements.

Moreover, with our core strength of manufacturing expertise for IVD, we are also consolidating and expanding our manufacturing base for widespread variety of IVD solutions so as to provide the best-quality Make in India IVD solutions at an affordable cost to our valued customers across the globe.