The diagnostics industry in India: Growth and Challenges
Published on: 2018/06/03
Dr. Arjun Dang
Abstract
The Indian diagnostic sector is rapidly growing and extremely versatile. The top companies are constantly churning out state of the art technologies and novel players are emerging at a fleeting rate. In the recent past, corporates including multi national pharma companies have added to this whirlwind because of the mirage of lucrativeness. This trend has been further expanded after diagnostic chains have gone public.
Interest Category
Diagnostic industry in India, healthcare
Diagnostic industry in India
The diagnostic industry in India is set to grow at 27.5 percent in the next five years. This growth is the reflection of the improvements in the healthcare facilities, diagnostic and laboratories, and healthcare insurance. Another major factor that is likely to contribute to this growth is the increased awareness among the general public about chronic diseases and also the prevailing disease burden in the economy. The diagnostic industry in India will have a market revenue of Rs. 860 Bn by the year 2020.
Over many years, the diagnostic industry in India was primarily unorganized with a lot of indigenous players. Recently, there has been a spurt of global brands in the diagnostic industry and there is a need for authenticity in the reports. This is likely to make the diagnostic industry more organized and many key indigenous players are likely to get consolidated with brands as franchises.
What are the key trends in the diagnostic industry in India?
These are the 4 key trends that are set to rule in the coming years in the diagnostic industry in India:
- Digitization
Digitization in the pre-analytical, sample collection, logistics and also the reporting areas likely to form the basis of data analytics in diagnostics. This will help to enhance the role of artificial intelligence and machine learning in diagnostics.
- Molecular pathology
Molecular pathology and genetic-based tests are in the nascent stage in India. In the next few years, these areas are likely to grow over 7 times given the improvement in technology. These tests are likely to rule the roost in early detection of prenatal or neonatal influenza virus and also detection of cancer.
- Consumerism
The increased awareness among the consumers about the various diagnostic options and brands. The diagnostic companies have must invest in their marketing strategies in customer retention by ensuring high levels of service delivery.
- Reporting
Reports are no longer only for doctors. Reports need to be custom made to help patients understand it. As there is a plenty of information available for a patient in many other sources. It is important for reports to be more patient-centric.
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As the government is focussing on improving the primary healthcare facilities in India, the diagnostic industry is likely to receive more focus in terms of availability and growth. There is a close coordination between the policymakers and executors at the state levels to improve the primary healthcare facilities.