Growing Awareness Related to Preventive Medicine to drive the India diagnostic labs market through 2028
According to TechSci Research report, “India Diagnostic Labs Market – By Region Competition Forecast & Opportunities, 2018-2028,” the India diagnostic labs market stood at USD14796.21 million in 2022 and is expected to grow at a CAGR of 11.53% during the forecast period. This can be ascribed to an increase in demand for early disease diagnosis and the identification of root causes as soon as possible to acquire the suitable and best therapy.
The Government of India under the National Health Mission have started with the Free Essential Diagnostics Initiative to address the high out of pocket expenditure on diagnostics (10% OOPE on cost of diagnostics 11% in OPD and 9.6% in IPD as per NSSO 71st round) and improve quality of healthcare services. The objective of the Free Diagnostic Services Initiative program is to ensure availability and access to diagnostic tests at public health facilities as well as to reduce out of pocket expenditure incurred by patients on diagnostics. Provision of appropriate diagnostics is necessary and critical in providing adequate comprehensive healthcare services in public health facilities. SC/PHC/CHC/SDH/DH facilities in states need to strengthen the public health facility to enable delivery of diagnostic services, especially low-cost high volume diagnostic tests.
The lack of skilled professionals, especially in tier 2 and tier 3 cities, who can effectively collect and perform different types of diagnostic tests is expected to slow down the growth of the India diagnostic labs market. Additionally, the standalone centers, especially in smaller towns and cities, even lack professionals who could accurately read and analyze the diagnostic test results. This, in turn, is expected to restrict the overall market growth. However, various major hospitals and centers in India are constantly working to improve the healthcare and diagnostics sector of the country by increasing their reach and helping outpatients by the provision of quality services without affecting the pockets of the average users of services in the country and initiatives of the Government of India is laying a helping hand in the same.
Browse over 32 market data Figures and 7 market data Tables spread through 112 Pages and an in-depth TOC on “India Diagnostic Labs Market“
The India diagnostic labs market is segmented based on provider type, test type, sector, end user, region, states and company. The market can be distributed into Stand Alone Diagnostic Labs, Hospital Based Diagnostic Labs, Diagnostic Chains in terms of provider type. In 2022, the Stand Alone Diagnostic Labs segment headed the market with a share of around 43.13%, and this dominance is expected to remain the same throughout the forecast period. This is due to the fact that India has a large number of private laboratories which means everyone across the country has access to all the healthcare services at an affordable cost. India also has a greater number of diagnostic chains. For instance, Dr. Lal Path Labs have the biggest number of diagnostic chains in India. Furthermore, based on region, the major segment is covered by Northern India, including most of the smart cities and developing cities of the country. As a result, they are improving healthcare access for up to 500 million individuals in India’s poorest and most remote areas. On the basis of test type, the market is divided into pathology and radiology. The pathology category is expected to dominate the market through 2028 on account of the growing health consciousness among the population. The growing health consciousness has led to an increase in the number of people going for regular health check-ups. These health check-ups are done for various diseases, and the major portion of these tests comprises pathology tests. Pathology tests account for most of the testing in these health checks, which are performed for a variety of illnesses. Pathology tests are the first tests carried out whenever a disease or illness is suspected, and they are repeated on a regular basis even after a problem has been identified. Based on End User, the market is segmented into Doctor Referrals, Routine, Wellness, Specialized, Corporate Clients. The Doctor Referrals segment is expected to dominate the market during the forecast period since most people avail different types of diagnostic tests on their doctors’ recommendations. Furthermore, the routine and wellness segment will also witness growth due to increasing healthcare awareness among the population, which has significantly increased the count of people going for regular health checks. Also, corporate clients are going to increase since various corporates are getting regular health checks done for their employees.
Key market players in the India Diagnostic Labs Market include:
- Dr. Lal PathLabs Limited
- SRL Diagnostics Pvt Ltd.
- Metropolis Healthcare Ltd.
- Thyrocare Technologies Limited
- Vijaya Diagnostic Centre Pvt. Ltd.
- Max Healthcare Institute Limited
- Apollo Hospitals Enterprise Ltd.
- Quest Diagnostics India Pvt Ltd.
- Lucid Medical Diagnostics Pvt Ltd
- Suburban Diagnostics India Pvt Ltd.
- Oncquest Laboratories Ltd.
- Span Diagnostics Ltd.
- Medinova Diagnostic Services Ltd.
- Dr Lalchandani Labs Ltd.
- Choksi Laboratories Ltd.
- Suraksha Diagnostics Pvt. Ltd.
- Medall Healthcare Pvt.Ltd.
- Lotus Diagnostic Centre
- Lifecare Diagnostic & Research Centre Pvt Ltd.
- 360 Diagnostic & Health Services Pvt. Ltd.
The India diagnostic labs market is a fragmented market, with most stakes held by standalone diagnostic labs. However, diagnostic chains are growing and also hold the majority of shares in the overall market. Dr. Lal PathLabs Limited holds the highest market share and is among the top five market players. SRL Diagnostics Pvt Ltd. ranks second in terms of market share in the overall India Diagnostic Labs Market. Other prominent companies operating in the market include Metropolis Healthcare Ltd., Thyrocare Technologies Limited, Vijaya Diagnostic Centre Pvt. Ltd., etc. Several market players are employing methods such as mergers and acquisitions, collaborations, and the provision of additional services, among others, to stay competitive and gain an advantage over their competitors.
Customers can also request for 10% free customization on this report.
“The Western region of the country is expected to register the fastest CAGR during the forecast period. This is due to the region’s increasing number of hospitals and standalone diagnostic labs. Additionally, the market growth is likely to be supported by supportive government policies and healthcare initiatives introduced in the western area. Different mergers and acquisitions in the private sector of diagnostics are contributing to the development of the future market of the industry”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Diagnostic Labs Market By Provider Type (Stand Alone Diagnostic Labs, Hospital Based Diagnostic Labs, Diagnostic Chains), By Test Type (Pathology v/s Radiology), By Sector (Urban and Rural), By End User (Doctor Referrals, Routine, Wellness, Specialized, Corporate Clients), By Region, By States (Top 3 States), By Company (2022) Competition Forecast & Opportunities, 2018-2028,” has evaluated the future development capability of India diagnostic labs market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India diagnostic labs market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com/
