Meticulous Research®– leading global market research company published a research report titled “Nepal IVD Market By Product (Kits, Instruments, Software), Technology (Immunoassay, Hematology, Coagulation, Diabetes, Molecular), Application (Infectious Diseases, Cardiology, Oncology), Customer Type (Hospital, Diagnostic Lab, Home Care) - Forecast to 2029.”
According to this latest publication from Meticulous Research®, the Nepal in-vitro diagnostics market is expected to grow at a CAGR of 12.3% from 2022 to reach $62.7 million by 2029. The high growth of the Nepal in-vitro diagnostics market is mainly attributed to the increasing prevalence of communicable & non-communicable diseases and the growing number of initiatives for strengthening the country’s healthcare ecosystem. However, the low accessibility & uneven distribution of healthcare services restrain the growth of this market. Additionally, the rising demand for quality healthcare in the country is expected to create market growth opportunities. However, the shortage of healthcare professionals is a major challenge for market growth.
The Nepal in-vitro diagnostics market study presents historical market data in terms of values (2020 and 2021), estimated current data (2022), and forecasts for 2029- by Product (Reagent, Assays, and Kits, Instruments/Analyzers, and Software & Services), Technology (Immunoassay, Clinical Chemistry, Diabetes/Glucose Monitoring, Molecular Diagnostics, Hematology, Coagulation & Hemostasis, Urinalysis, Electrolyte Analysis, and Other Technologies), Application (Infectious Diseases, Diabetes, Oncology, Cardiology, and Other Applications), Customer Type (Hospital Laboratories, Clinical Laboratories, Home Care/Self-testing, and Other Customer Types). The study also evaluates industry competitors in Nepal.
Based on product, in 2022, the reagents, assays, and kits segment is estimated to account for the largest share of the Nepal in-vitro diagnostics market. The key factors attributed to this segment's large market share are increased adoption and recurring purchase of IVD kits and reagents, increased accessibility to disease-specific kits for the early diagnosis of chronic diseases, and technological advancements in IVD tests. According to a journal (International Health, January 2021) published by Oxford University Press, chronic diseases are responsible for 66% of all deaths in Nepal. Thus, the large burden of chronic diseases and the increasing need for the early diagnosis of diseases are expected to drive the demand for IVD reagents, assays, and kits in Nepal.
Based on technology, the immunoassay segment is estimated to account for the largest share of this market in 2022. Factors contributing to the large share of this segment include the higher preference for immunodiagnostic tests by practitioners due to their high accuracy, inherent specificity, high throughput, high sensitivity, and the emergence of advanced diagnostic immunoassay formats. Furthermore, the increased use of immunoassays in point-of-care infectious disease testing, the development of novel tests, and the shift towards miniaturized devices contribute to the large market share of this segment. Immunoassays find application in cancer markers, diagnosing infectious diseases, cardiac analysis, therapeutic drug monitoring, and allergen tests. Therefore, the high prevalence of chronic and infectious diseases calls for the adoption of immunoassays for diagnosis.
Based on application, the infectious diseases segment is estimated to account for the largest share of the market in 2022. The increased accessibility to infectious disease diagnosis in the country is the reason for the largest share of this segment. The COVID-19 pandemic played a major role in increasing the testing capabilities for infectious diseases in the country. For instance, on 25th July 2022, 1,125,682 COVID-19 cases were reported in Nepal. According to the Ministry of Health and Population (MoHP), Nepal, among the 3,048 PCR (polymerase chain reaction) and 1,716 antigen samples, 453 PCR and 115 antigen samples tested positive for COVID-19.
Based on customer type, the Nepal in-vitro diagnostics market is segmented into hospital laboratories, clinical laboratories, home care/self-testing, and other customer types. In 2022, the hospital laboratories segment is estimated to account for the largest share of the Nepal in-vitro diagnostics market. Hospital laboratories continue to upgrade their testing and treatment facilities to make their services competitive by regularly importing modern medical equipment. Furthermore, the pandemic increased the need for diagnostic tests to screen for COVID-19 infections in hospitals and clinics before admission, even for other diseases, surgeries, or usual outpatient visits.
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This research report also analyzes and provides a comprehensive analysis of major distributors of IVD products in Nepal. The key players operating in the Nepal in-vitro diagnostics market are F. Hoffman-La Roche Ltd (Switzerland), Thermo Fisher Scientific Inc. (U.S.), Abbott Laboratories (U.S.), Danaher Corporation (U.S.), Becton, Dickinson and Company (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Agilent Technologies, Inc. (U.S.), PerkinElmer, Inc. (U.S.), Accurex Biomedical Pvt. Ltd (India), and Siemens Healthineers AG (Germany).
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