India has emerged as a leading destination for high-end diagnostic services with tremendous capital investment potential in advanced diagnostic facilities. The change in economic and regulatory environment are set to drive the growth of
diagnostics in the country, where a shift towards earlier diagnosis of diseases like cancer and evidence-based medicine is underway.
In Vitro Diagnostics (IVD) sector, which registered a compound annual growth rate (CAGR) of 18.1 per cent from 2009 to 2016, has in recent times witnessed a rapid technological advancements and has emerged as one of the most profitable sectors. This growth is also being aided by the development of infrastructure in the Indian healthcare industry, especially in corporate hospitals, where the IVD segment is riding on the back of state-of-the-art technology adoption in clinical chemistry, immunochemistry, hematology, molecular fenetics, etc.
Given that healthcare spending as a percentage of Gross Domestic Product (GDP) will gradually rise, rural India, where over 70 per cent of the country’s population resides, will emerge as a major demand source for quality diagnostics services and products. For example, Computerised Radiography (CR) with a market size of over 4,000 units per annum, has been growing at more than 10 per cent rate year-on-year basis.
However, the need of the hour is to provide a cost-effective environment for manufacturing, affordable packages of diagnostic services and awareness among the population in order to making India a global hub for quality diagnostics.