India Diagnostic Labs Market to Grow at Double Digit CAGR of 12.25% During the Forecast period
Increasing disease burden is expected to drive the
demand for the India diagnostic labs market.
According to TechSci Research report, “India
Diagnostic Labs Market By Provider Type (Stand-Alone Labs, Hospital Labs,
Diagnostic Chains), By Test Type (Pathology v/s Radiology), By Sector (Urban
v/s Rural), By End User (Referrals, Walk-ins, Corporate Clients), By Region,
Competition Forecast & Opportunities, FY2027F”, the India diagnostic labs market
stood at USD12319.32 million in FY2021 and is expected to grow at an impressive
CAGR of 12.25% during the forecast period on account of the growing prevalence
of several chronic and lifestyle associated diseases such as cancer, diabetes,
cardiovascular diseases, gastrointestinal diseases, among others. This in turn
has significantly increased the patient pool who require on time diagnosis and
treatment. Furthermore, the Indian government is supporting the digitization of
the healthcare sector which is improving the results of diagnostics chains as
it reduces the chances of human error and the logistics process. Additionally,
the launch of initiatives like Ayushmann Bharat which aims to provide free
healthcare facilities to people is aiding in increasing the affordability of
people to avail the diagnostic services. However, high costs of diagnostic
tests can hamper the market growth during the forecast period. Also,
discrepancies observed across the test being conducted by different
laboratories can further restrict the market growth over the next few years.
However, due to lack of regulations for entering
into the diagnostic lab market may pose a challenge for the market growth.
Browse 23 Figures spread through 70 Pages and an in-depth
TOC on “India Diagnostic Labs
Market”.
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India diagnostic labs market is segmented into provider type,
test type, sector, end user, regional distribution, and company. Based on
provider type, the market can be categorized
into stand-alone labs, hospital labs and diagnostic chains. The stand-alone
labs segment dominated the market in 2020 with a share of around 45.70% in
FY2021 on account of their strong presence across tier-1, tier-2, and tier-3
cities across the country. While the diagnostic chains segment is expected to
register the fastest growth due to the growing penetration of several
diagnostic chains across the country and expansion of already present
diagnostic chains in the tier-1 and tier-2 cities. Based on end user, the
market can be fragmented into referrals, walk-ins, and corporate clients. The
referrals segment is expected to dominate the market on account of the fact
that most people in the country are getting themselves tested on a doctor’s
suggestion only.
Regionally, North India is expected to
dominate the India diagnostic labs market on account of the highest number of NABL
accredited labs in the region. Additionally, increasing disease prevalence
especially in states of Uttar Pradesh, Delhi, Haryana, Punjab, among others is
further expected to spur the market growth in the region. Also, diagnostic
chains are strongly penetrating in the Norther Region.
Dr. Lal PathLabs
Limited, Metropolis Healthcare Ltd., SRL Diagnostics Pvt Ltd., Thyrocare
Technologies Limited, Vijay Diagnostics 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. and others are some of the leading players operating in India diagnostic
labs market. The India diagnostic labs market is highly fragmented with a lot
of stand alone labs, hospital labs and emerging diagnostic chains. However,
major market is occupied by the stand alone labs.
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“India diagnostic labs market is expected to
witness significant growth during the forecast period on account of the growing
infrastructural developments across the healthcare industry. A lot of new
hospitals construction and diagnostic labs emergence can be observed in the
next few years. Besides, increasing health insurance penetration across the
country is further expected to support the market growth,” 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 Labs,
Hospital Labs, Diagnostic Chains), By Test Type (Pathology v/s Radiology), By
Sector (Urban v/s Rural), By End User (Referrals, Walk-ins, Corporate Clients),
By Region, Competition Forecast & Opportunities, FY2027F” has evaluated the
future growth potential of India diagnostic labs market and provided statistics
& information on
market size, shares, 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 the
India diagnostic labs market.
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