Diagnosis is the first step to disease management, as without accurate identification there is no possibility for accurate treatment. India is a land full of opportunities for players in the diagnostic service industry. The country has become one of the major destinations for various diagnostic services.
The diagnostic market is the fastest growing segment of India's healthcare industry CRISIL estimates that by the financial year 2017-18, the Indian diagnostics market will grow to Rs58,500-61,600 crore (or about $8.6-$9.1 billion), witnessing a growth rate of almost 16-18% annually. A rise in the number of hospitals and the increased requirement for healthcare facilities has created a need for sophisticated devices and equipment, which can provide accurate treatment to individuals.
As an in vitro diagnostics (IVD) market, India leads the emerging nations and follows only the populous, developed economy markets of the United States, western European countries, Japan and China. The country and its healthcare system are confronted by challenges shared by the developing countries, as well as rising rates of diabetes, cardiovascular disease, and the diseases of aging.
The major factor boosting the growth of the diagnostic market in India is the cost advantage that Indian laboratories offer over countries. there are around 700 big, medium, small and non-branded diagnostic labs across Hyderabad and Secunderabad.