Sectoral Capsule-Indian Diagnostic Industry-The Pill for Success
Modern life is beset with health issues, which have increased manifold due to contemporary lifestyles. Therefore, healthcare has become a crucial aspect of our lives.
The healthcare industry has been forced to come up with new procedures and cures, and effective diagnosis has become the first step towards treatment.
The global healthcare industry generated revenues of USD 6 trillion in 2011. The diagnostic segment has grown in leaps and bounds. This crucial segment is subdivided into two broad categories - in-vitro diagnostics and imaging diagnostics. The global in-vitro market generated revenues of USD 52.04 billion in 2012. This is estimated to reach USD 87 billion by 2018. The global imaging market generated revenues of USD 25.43 billion in 2012, which is to touch USD 39 billion by 2018.
Several well-known players such as Apollo Hospitals, Metropolis Healthcare and Fortis Healthcare are entering the market with new diagnostic centers, equipped with the latest technologies. Some players have ventured into Tier-III and Tier-IV cities as well, as there’s a huge untapped potential in these remote areas. These diagnostic centers are currently upgrading the existing equipment from traditional to high-end automated systems. Consequently, purchase of second-hand sophisticated machinery has gone up.
The in-vitro segment of the industry accrued revenues of USD 463.50 million in 2012, which is estimated to touch USD 1,254 million by 2018. The imaging-diagnosis segment generated revenues of USD 645.10 million in 2012, projected to reach USD 1,000 million by 2018. These figures clearly indicate that the diagnostic industry in India is set to flourish in the coming five years.
Increasing health awareness programmes and wellness campaigns, growing popularity of clinical diagnosis, entry of various new drugs into the market and a sharp rise in competition among the various diagnostic chains are some of the factors that will shape the growth of the industry.