India Diagnostic Labs Market Report 2023: Growing Awareness Related to Preventive Medicine Fuels the Sector

DUBLIN, April 19, 2023 /PRNewswire/ -- The "India Diagnostic Labs Market By Provider Type (Stand-Alone Diagnostic Labs, Hospital Diagnostic Labs, Diagnostic Chains), By Test Type (Pathology v/s Radiology), By Sector (Urban v/s Rural), By End User, By Region, Competition Forecast & Opportunities, 2028" report has been added to  ResearchAndMarkets.com's offering.

The India diagnostic labs market stood at USD14796.21 million in 2022 and is expected to register a CAGR of 11.53% during the forecast period.

This can be attributed to growing population in the country, which is susceptible to various diseases. Many diagnostic chains and hospitals have started offering special discounts and packages for getting different kinds of diagnostics test done. These offers increase on occasions such as women's day, AIDS day, breast cancer awareness week, among others.

This in turn is expected to create lucrative opportunities for the market growth. The Indian diagnostic market is highly fragmented that provides pathology tests per 1,000 population in India is 1,111, versus 5,924 in Brazil, 10,000 in Australia, and 20,958 in the US. The number of CT, MRI tests per 1,000 population in India was 36 compared to 53 in Brazil, 144 in the UK, 192 in Australia, and 407 in the US.

Furthermore, the emergence of corporates and multi-national companies in the country who are collaborating with various hospitals and diagnostic labs to get the health checkups done for their employees is further expected to boost the market growth in the next coming years.

Also, India is emerging out as a medical tourism hub and a lot of medical tourists are visiting the country for getting their treatment done on account of availability of cost-effective and better treatment options. This in turn is expected to positively influence the market growth through 2028.

Growing Prevalence of Chronic Diseases

The growing prevalence of various chronic and infectious diseases such as cancer, cardiovascular diseases, gastrointestinal disorders, renal disorders, and urological problems has significantly increased the demand for getting diagnoses and treatments done for these diseases.

This, in turn, is expected to positively influence the growth of India diagnostic labs market. According to Globocan, there were around 1,324,413 new cancer cases reported in India in 2020, out of these, 646,030 were reported in males, and 678,383 were reported in females. Similarly, the number of COVID-19 tests conducted in India as of 9th November 2022 was around 44,664,810. All these tests are conducted in diagnostic laboratories only, thereby supporting market growth.

Growing Awareness Related to Preventive Medicine

The growing awareness among the population, especially in tier 1 and tier 2 cities, related to early disease diagnosis and treatment for different diseases is expected to create lucrative opportunities for the growth of the diagnostic labs market in India. This set of the population is quite conscious about their health and believes in getting early diagnosis and treatment done if they have any disease or ailment.

Special Discounts and Packages

Various diagnostic chains and hospital laboratories have started offering special discounts and packages to get different kinds of diagnostic tests done for different infectious and chronic diseases. This, in turn, is expected to create lucrative opportunities for the growth of the diagnostic labs market in India. Also, large diagnostic chains such as Dr. Lal PathLabs provide specialized packages such as Pregnancy Packages, Diabetes Care Packages, Swasthfit Packages, among others. The company also provides discounts of up to 10% for senior citizens.

Growing Penetration of Health Insurance

The growing penetration of health insurance in India has made people across the country, especially in tier 1 cities, go for regular health checks and diagnostic tests. Furthermore, the insurance companies and the Government of India are also taking crucial steps to increase insurance penetration across the country. For instance, in February 2021, the Finance Ministry announced to infuse INR 3,000 crores (USD 413.13 million) into state-owned general insurance companies to improve the overall status of these companies.

Company Profiles

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. among others is a list of major players in the India Diagnostic Labs market.

Report Scope:

In this report, India Diagnostic Labs market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

India Diagnostic Labs Market, By Provider Type:

• Stand Alone Diagnostic Labs
• Hospital Based Diagnostic Labs
• Diagnostic Chains

India Diagnostic Labs Market, By Test Type:

• Pathology
• Radiology

India Diagnostic Labs Market, By Sector:

• Urban
• Rural

India Diagnostic Labs Market, By End User:

• Doctor Referrals
• Routine
• Wellness
• Specialized
• Corporate Clients

India Diagnostic Labs Market, By Region:

• North
• South
• East
• West

For more information about this report visit https://www.researchandmarkets.com/r/h1pdkk

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