Venture capital (VC) is fueling innovation in molecular diagnostics in India. Molecular diagnostics involves the detection and analysis of specific molecules such as DNA, RNA, and proteins to diagnose diseases and conditions with greater precision and accuracy. The advantages of molecular diagnostics include higher sensitivity and specificity, early detection of diseases, and personalized treatment plans. The article highlights the opportunities for developing highly accurate tests that can be deployed at the point of care (POC) and can be affordable and easy to use, especially in resource-constrained geographies. The global molecular diagnostics market was worth $9.2 Bn in 2020 and is expected to reach $23.9 Bn by 2030, with a CAGR of 9.86% from 2021 to 2030.
On the Indian side, the molecular diagnostics market was valued at around $920 Mn in FY 2020 and is estimated to grow at a CAGR of approximately 10% until FY 2026. The article also discusses how VC/PE and financial institutions are driving molecular diagnostics funding and highlights some of the tests available for detecting tuberculosis (TB) and drug resistance. The startup ecosystem in India has evolved significantly over the past few years, with an increase in the number of venture capital firms and angel investors willing to invest in early-stage startups. This has led to a rise in startup activity in the country, and new-age startups like DNome have been able to benefit from this trend. With funding support and a favorable ecosystem, startups today have a better chance of scaling up quickly compared to earlier startups that had to struggle to find funding and resources. This has led to a more conducive environment for innovation and entrepreneurship in India.