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The medical diagnostics market accounts for 10% of the healthcare sector’s revenues and is estimated to be worth INR 37.9 bn in 2008. In India, 60-70% of medical treatments are based on laboratory …
The medical diagnostics market accounts for 10% of the healthcare sector’s revenues and is estimated to be worth INR 37.9 bn in 2008. In India, 60-70% of medical treatments are based on laboratory diagnostics tests. Demand for better healthcare services from a population with growing incomes, huge scope for outsourcing, and increasing health insurance coverage is driving the market. Although it remains highly fragmented, the market is witnessing the rapid expansion of organized diagnostic centres adopting innovative business models. Moreover, an increasing number of diagnostic centres and tests is proving lucrative for foreign and domestic IVD manufacturers.
The report begins with an overview on the industry including market size and growth. Diagnostic market is segmented into diagnostic test services market and diagnostic products/instruments market. An analysis of drivers explains growth factors such as increase in life-style related diseases, changing demographics, medical outsourcing, medical tourism, increasing medical insurance coverage and rising PE/VC investment. The key challenges identified include a biased import duty structure and the lack of accreditation/ certification of diagnostics centres.
A large share of medical diagnostics kits and reagents are imported. Therefore, the report provides a detailed study of the rules and regulations applicable to manufacturers/suppliers. The competition section contains a snapshot of the current market scenario. The major players in diagnostic test services market and domestic diagnostic equipment manufacturers have been profiled which includes the business outlook of each company.