The Road ahead for Indian Diagnostic Industry!
What is Diagnostic sector? The Diagnostic Industry has propelled to a $9.5 billion CAG and has a prospect of 11-12% growth in the coming five years. The detection of a disease-causing system using pathology, Radiology or
What is Diagnostic sector?
The Diagnostic Industry has propelled to a $9.5 billion CAG and has a prospect of 11-12% growth in the coming five years. The detection of a disease-causing system using pathology, Radiology or both is diagnostic. There are different types of Diagnostic centres, the three major types being:
- Hospital Base: These are the hospital inbuilt testing centres—It caps around 37% of the healthcare market revenue. They can be either government-owned labs or leased to a third party. People prefer to go to these centres because of the doctor’s referral.
- Diagnostic Chain: These are independent diagnostic centres that provide preventive measures for testing, diagnosing and assessing the disease. It can have Radiology, Pathology or both testing labs. Since they work on the low cost and high volume module, there is massive potential for growth in the coming years. They constitute 16% of the healthcare market revenue.
- Standalone Centre: They constitute 45 % of the market revenue. They operate at a small scale with single units at a particular centre, and they either provide Radiology or Pathology tests.
Covid and rise of Diagnostic Industry
A ghosted road but a never-ending line at the diagnostic centres and hospitals in 2019 during Covid-19 was not a pleasing sight. One can say it’s a hard time, and we have to deal with it, but in my opinion, why let the challenging situation impact hard on our lifestyle? While we can be ready for it!
The Pandemic created havoc and the healthcare industry faced a wave of Covid-19 patients. The health staff, medicine and testing agencies were not enough to tackle the adversity. The advanced tech solutions through updated software and testing at doorsteps boomed the market unexpectedly! Though the Pandemic completely disrupted our lifestyle, we got accustomed to new forms of work, such as working from home and availing of online healthcare services.
The driving force in Diagnostic Industry
Covid was one of the driving forces behind the booming of the diagnostic Industry. Although it’s ironic, the healthcare sector has bloomed due to. Covid The advancement and better income opportunities have opened millions of employment posts. However, the following points also drive the growth of the Industry:
- Availability of better equipment for tests
- Speedy Delivery of the test results.
- Door to Door services for taking samples and delivering samples.
- Low rates of tests making them affordable for all.
- Quality results assure people of proper diagnosis and faith in the diagnostic centres.
- Better Income of public makes them opt for better medical service.
- Government-supported healthcare plans.
- People are more aware of preventive health care checkups through medical camps.
- Growth in lifestyle diseases like Heart disease, diabetes, hypertension and stress has pushed the importance of the routine body check-up.
The diagnostic Industry is indeed seeing its peak in upcoming years in India. The government’s healthcare budget is increased to 3200.65 Cr in 2022-23 compared to 3080 Cr 2021-22, rising at 3.91%. The Industry is seeing a staggering growth rate, financially and in terms of employability. The emergence of new private diagnostic bodies has given people a lot of choice and ease of service at the time of need. Their services are available at a click with enhanced media marketing, app-based services and event awareness camps. The easy availing of healthcare services is a boon to society and the Industry, as healthcare shouldn’t be limited to people because of poor facilities and funds. These industry stats show a positive sign of propelling healthcare facilities and a humongous growth of the Diagnostic Industry in coming years.