- Establishing new manufacturing facility in India targeting Southwest Asia and Middle East Market
- Expecting to generate $77 million dollars in India IVD market with more than 5% of market share
We are pleased to announce that Boditech Med is planning to establish new manufacturing facility in Jhajjar, India. With investing $0.4 million dollars, the new manufacturing facility will be 10,032㎡ wide in land area.
Boditech Med is striving to increase market share in India IVD marketing with the new local production plant. There are approximately 1.4 million people in Southwest Asia, which is 25% of the world’s population. We believe that the Southwest Asia is one of the key IVD markets in the world and the IVD needs have been rapidly increasing as the level of income has grown and the number of patients with chronic diseases has increased.
The sales volume of the India at Boditech Med stands out in Southwest Asia. Last year, the sales volume accounted for about 60% of total sales volume in Southwest Asia. In addition, Boditech Med has continuously grown with an average annual growth rate of 38% in Southwest Asia and with an average annual growth rate of 50% in India from 2015 to 2021.
Based on the new manufacturing facility in India, Boditech Med is going to knuckle down to IVD market in Southwest Asia. India has had encouraging support for the construction of new manufacturing facility from an international company since Narendra Modi has been inaugurated as prime minister. Thus, there is intense competition to enter this market.
The new local production plant will enable us to mitigate the production costs and Boditech Med will properly react to rapidly changing IVD market. We will mainly produce POCT diagnostic kits for TSH and HbA1c in the new local production plant in India. And we achieved approval for domestic license of 42 diagnostic test kits with ichomra™ platform and we are planning to expand its product lineup in the near future.
It is expected to generate sales revenues in the new local production plant from 2023. Last year, we generated $7.7 million dollars in India IVD market and aim to target $77 million dollars in 2030. We expected that Boditech Med will increase its market share of India IVD market from 0.65% to 5% in the near future.
Boditech Med will be focusing on the Southwest Asia and Middle East market with the new production plant and will hire diverse human resources related to sales and regulation affairs to meet customers’ IVD needs.
Eui-yeol Choi, CEO of Boditech Med said, “It is expected that the IVD needs will be continuously increasing as the income level of the citizen in Southeast Asia has grown and the number of patients with chronic diseases has increased. The new manufacturing facility in India will enable us to increase the market share of IVD market in Southwest Asia. With this as momentum, we are aiming to become a global IVD company".