Growth of population and income level, rise of communicable and non-communicable diseases and India emerging as a medical tourism destination are the major growth drivers in India’s Diagnostic Labs Market, says a report by Ken Research
1.Decision making process of customers for choosing diagnostic laboratories in India.
India, being a price sensitive economy, considers cost of the test to be the most crucial factor for selecting a diagnostic laboratory.
Distance to reach the diagnostic laboratory from home is considered by people so that they can get their tests done within a short time and can get their reports conveniently when required.
Healthcare sector in the country is majorly driven by trust of the people towards a particular player as the accuracy of the report may vary from laboratory to laboratory.
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2.What are few future developments that India private diagnostic laboratories market is going to experience.
Digitalization is being introduced at every stage from sample collection to the delivery of reports in order to minimize the probability of errors. In certain branches of diagnostics such as cytogenetic or histopathology machine learning or artificial intelligence is being introduced in order to provide accurate results.
There has been a prevalent trend of collaborations between leading diagnostics healthcare service providers and corporate entities in India. All these collaborations and partnerships increase the awareness about diagnostics services provided by various brands among the corporate professionals, encouraging them for preventive checkups, hence driving the diagnostic laboratories market.
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3.Two major growth drivers which can act as a catalyst in the Diagnostic lab industry in India.
The Foreign Tourist Arrivals (FTAs) in India on medical visa during 2016 and 2017 were estimated at 4,27,014 and 4,95,056 respectively, registering a positive growth of 15.9%. This increase in medical tourists is likely to increase demand for healthcare services, including diagnostic services, in India.
Affordability (per capita income at constant prices) of Indians is expected to multiply 1.4 times, increasing from INR 4,95,777 per annum in 2017 to INR 6,78,300 per annum in 2022. This increase in affordability and disposable personal income has created a large middle-class population and is likely to help sustain demand for healthcare services and translate into healthy growth in the diagnostic services industry as well.