Diagnostic services market to grow at 27.5 per cent in next five years: Research and Markets
According to Indian Diagnostic Services Market Outlook 2020, the growth is likely to be driven by improving healthcare facilities, medical diagnostic and pathological laboratories, private-public projects, and the health insurance sector
Diagnosis is the first step to disease management, as without accurate identification there is no possibility for accurate treatment. India is a land full of opportunities for players in the diagnostic service industry. The country has become one of the major destinations for various diagnostic services. Also, India’s thriving economy is driving urbanisation and developing an expanding middle class, with rising disposable incomes to spend on healthcare.
According to the new research report ‘Indian Diagnostic Services Market Outlook 2020’, the diagnostic services market is expected to continue growing at 27.5 per cent for the next five years. This growth is likely to be driven by improving healthcare facilities, medical diagnostic and pathological laboratories, private-public projects, and the health insurance sector.
Moreover, with the rise in health consciousness in the society and the rising burden of chronic diseases, this market will swell to approximately Rs 860 billion in revenues market by 2020.
Though a major portion of diagnostic business is being managed by the so called unorganised sector, the diagnostic service market is expected to become much more organised and consolidated with a lot of small and independent laboratory players becoming franchisees for the larger players.
In order for clients and interested companies to enter this industry, the report provides an in-depth analysis of the cost assessment comparison of most common pathological and radiological tests among Tier I and Tier II cities.This present report provides an overview of the Indian diagnostic lab services market delivering an effective overview of the market size and future forecast. In terms of services, the market is dominated by pathology services, which account for approximately 70 per cent of the market.
The report additionally investigates the current market trends and opportunities with their impact on the performance of the sector. Further, the report provides consumer behaviour patterns with respect to diagnostic services. Moreover, the report also provides insights regarding the prevalence and incidences of various diseases for which the diagnostic services are widely used.
The report also covers various business models in the Indian diagnostic services market, which generally scale up the level of diagnostic services and facilitate the entry of new market players. The report effectively assesses the implementation of commonly used models, such as PPP model, hub and spoke models, and even analyses their impact in generating revenue. Moreover, industry experts prudently analysed the regulatory and accreditation landscape with respect to setting up of diagnostic labs in Indian cities. The report, in this context, investigates into the viability of accrediting such diagnostics labs.
After an exhaustive study of the industry, the report presents a deep dive competitive landscape covering the top players along with business overview, strength-weakness analyses, recent developments, and growth strategies adopted by them to sustain their position in the Indian diagnostic services market.
