India Diagnostic Labs Market to Grow at Double Digit CAGR of 12.25% During the Forecast period | TechSci Research
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”.
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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