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India's health care sector is growing at a rapid pace. As per the Market Research and Feasibility Study for Healt.....
India's health care sector is growing at a rapid pace. As per the Market Research and Feasibility Study for Healthcare Sector, the market size has doubled in four years to USD 467.5 billion, with a CAGR of 14.5%. This growth is driven by increased public and private expenditure. Government funding for health has risen to USD 10.93 billion for the year 2024-25. The industry employs 7.5 million people with a potential for an additional 5.5 million jobs after the introduction of AI and e-healthcare. In 2021, there were total of 69,264 hospitals in India including public as well as private centers. India has 1 bed per 1000 people, with a total of 1.8 million (approximately) beds. Also, there are 706 medical colleges in India as of 2023.
Diagnostics: A shift towards preventive healthcare
The cornerstone of preventive healthcare in India is diagnostics and getting the data through Market Study Advisory for Healthcare Sector is essential. Young population prone to lifestyle diseases necessitates early identification. Hence diagnosis sector is witnessing a surge in demand. Ayushman Bharat, NHM among other programmes implemented by the government are also helping towards building preventive care infrastructure in this country.
Early detection helps improve outcomes such as increased cancer survival rates and lowered chances of heart attack occurrences. For instance, early intervention reduces the risk of heart attacks by 80%. It also saves money on expensive surgeries. A WHO report suggests that an investment of $1 on preventive health care can save up to $3 of treatment costs, as per Market Study Advisory for Healthcare Sector. By giving up on ignorance about health issues, early intervention allows patients to take control over their own well-being.
Overview of diagnostics segment of India:
At an estimated market value of USD18.5 billion, India’s laboratory diagnostics industry is one of the fastest growing in the world. The market has over 100,000 diagnostic labs offering 4,500 tests and is highly competitive despite having lower costs compared to other countries. Pathology dominates the market with approximately 60% market share whereas radiology accounts for about 40%. Pathology includes specialties like microbiology, immunology and biochemistry while radiology comprises X-ray, CT scans, MRI scans and ultrasound scans. To address the vast geographical expanse, labs have successfully developed efficient sample collection systems in remote areas as well, the Feasibility Study for Diagnostic Centre in India is done. Despite its affordability the sector enables a wide range of people to access modern diagnostics and thus contributes significantly to healthcare delivery in India.
Emerging trends in the segment:
AI algorithms can analyse medical images like X-rays, CT scans, and MRI scans to detect abnormalities and aid in disease diagnosis.
Competitive landscape:
It is important to note that while local laboratories and stand-alone centres dominate regional markets, the presence of organised players such as METROHL, DLPL, Thyrocare and SRL has given these firms efficient operation in their respective national territories. Besides having adequate funds, developing a robust referral ecosystem is one of the major challenges. For year 2022-23, annual growth rate of Thyrocare was 21% while SRL & DLPL had a growth rate of 17.4% and 16.4% respectively. This Data is fetched through Feasibility Study for Diagnostic Centre in India.
Thyrocare: The brand has established a huge number of collection centers and digital tools for easy accessibility. The franchise model contributes much to its overall revenue. Currently Thyrocare offers more than 700 tests and has 31 labs. Annual revenue in FY23 was amounted to be USD 65 million.
SRL: With numerous labs and patient service centers spread across India, SRL is committed to both B2B as well as B2C segments. SRL boasts a vast network of over 900 patient service centres and 400 labs across India. FY2022-23, it recorded a revenue of USD 193 million.
DLPL: The brand is one of India’s top three diagnostics chains with over 110 million patients served through its extensive network of collection centers and laboratories for five years. DLPL has a vast network of 5,100 collection centres and 277 clinical laboratories. Get more insights through Feasibility Report to Start a Diagnostic Centre in India.
How The India Watch can Help?
The India Watch is a leading market research, business consultancy, and know about How To Prepare A Feasibility Study For Healthcare Business In India. It offers tailor made research services to business houses, investment houses, entrepreneurs, corporates, etc. If you are an investor or a business owner and planning to enter and/ or expand in diagnostics and other ancillary healthcare vertical, we can assist you with custom Healthcare Market Research Service & advisory services. For any further query drop us a mail at info@theindiawatch.com
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