Fact File For Indian Diagnostics
Market watch and growth drivers
- The diagnostic services market is expected to continue growing at 27.5% for next five years.
- By 2020 the market size is expected to reach Rs 860 Billion.
- Increases in Lifestyle-related diseases i.e. diabetes, hypertension, which increases the frequency of diagnosis
- Rapid growth of India as a destination for medical tourism
- Increasing penetration of medical insurance in diagnostic market
- Rising penetration of medical insurance in India has also been observed as one of the major driver for the Indian diagnostic laboratories market.
- Growing Consolidations within the sector
Diagnostic market challenges in India
- High price of medical diagnostics equipment, as most the equipment is imported
- Inadequate skilled Healthcare Professionals to cater the population
- Difficulty in getting accreditation/certification of diagnostic centres
- Price control policies