Increase in communicable and non-communicable diseases to drive the India diagnostic labs market through 2027
According to TechSci Research report, “India Diagnostic Labs Market – By Region Competition Forecast & Opportunities, 2017-2027,” the India diagnostic labs market stood at USD12319.32 million in 2021 and is expected to grow at a CAGR of 11.65% 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 in order to acquire the suitable and best therapy.
The Indian government is constantly working to deliver world-class healthcare and patient care to its residents, which will drive the India diagnostic labs market forward throughout the forecast period. India has a universal healthcare system that includes health promotion, prevention, treatment, rehabilitation, and palliative care, among other services. Ayushman Bharat Yojana is a type of health insurance that emphasizes the requirement of non-discriminatory usage of healthcare services and facilities. The Indian government is aiming to expand universal health coverage and enhance basic health care across the country. As a result, the diagnostic labs industry in the country is anticipated to grow.
The shortage of qualified specialists performing lab tests necessitates the use of well-trained people. Individuals with a thorough understanding of microbiology and immunology and who excel at completing tests and handling microbiological equipment and chemical reagents are ideal candidates for diagnostic lab work. However, there is a deficit of such personnel throughout India, affecting the expansion of the industry. 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 2021, the Stand Alone Diagnostic Labs segment headed the market with a share of around 43.70%, and this dominance is expected to remain the same throughout the forecast period. This is due to the fact that India has Ayushman Bharat Yojana, which implies that all citizens in the country have cheap access to all healthcare services. 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 2027 as people become more health concerned. People are becoming more health-conscious, which has resulted in an increase in the number of people seeking regular medical examinations. Pathology tests account for the majority 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 referrals, walk-ins, and corporate clients. Corporate penetration is expanding and so are worried about employee welfare and health. As a result, corporates will contribute to the growth of the India diagnostic labs market. Major corporations partner with diagnostic service providers and require their employees to undergo various health screenings. As a result of the increased demand from the corporate sector, diagnostic labs will expand across the country. Additionally, due to increased healthcare awareness and the availability of discounts and offers by large corporations for getting diagnostic tests done on specific occasions like women's day, AIDS day, cancer day, and so on, the number of walk-in consumers is also increasing.
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.
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“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 (Referrals, Walk-ins, Corporate Clients), By Region, By States (Top 3 States), By Company (2021) Competition Forecast & Opportunities, 2017-2027,” 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.
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