- High prevalence of diabetes and other infectious diseases is the major factor driving the India diagnostic laboratories market.
- SRL Diagnostics, Dr Lal PathLabs, Thyrocare, Metropolis, BSR Healthcare and Medall Healthcare are major players operating in the market.
- Being first line of the diagnosis, pathology tests were the major revenue contributors in India diagnostic laboratories market in 2016.
Ken Research announced its latest publication on “India Diagnostic Laboratories Market Outlook to 2021 – Growing Prevalence of Diseases and Launch of Technologically Advanced Procedures to Drive the Market” provides a comprehensive analysis of the diagnostic laboratories market. The report includes the cumulative revenue generated by the market players from diagnostic services including both government and private diagnostic laboratories. The private diagnostic laboratories has been further explained with details on market share contributed by pathology tests and radiology tests, by Tier I, Tier II and Tier III Cities, and by hospital based diagnostic laboratories, polyclinics and independent diagnostic laboratories operating in India. The share by organized and unorganized players has also been provided in detail to clearly explain the present competition scenario in the market. The stakeholders of this report include diagnostic laboratories market players, laboratories equipments providers, companies involved in research and development activities, and the new entrants and venture capitalists who wish to invest in diagnostic laboratories market in future.
Rising penetration of medical insurance in India has also been observed as one of the major driver for the India diagnostic laboratories market as financial constraint is considered to be the primary hurdle for seeking medical treatment as claimed by 55% of the rural population and 60% of the urban population in India. This issue is well catered by health insurance companies, providing medical cover to a person by paying a nominal premium amount. Unlike the past, about 20% of the Indian population has been covered with health insurance benefits. Rashtriya Swasthya Bima Yojana (RSBY) of the government covers around 12% of the urban population and 13% of the rural population under its medical insurance customer base as of December, 2014. The public expenditure on health has remained unchanged since FY’2010. Over 21.6 crore Indians which avail the benefits of health insurance, 67% of them are covered under public health insurance companies as of FY’2015. Where people preferred Public health insurance companies for various policies, the family floater policies’ major share is still grabbed by private players in health insurance market. This has been a significant driving force for diagnostic laboratories market as well, where the tests by the patients are performed before getting the advantages of mediclaim, as the same have to be submitted along with the insurance documents as evidence to health insurance companies.
“In order to penetrate into rapidly growing diagnostic laboratories market, the market players could plan to invest in Tier II and Tier III cities of India. The companies should expand their network by collaborating with more health institutes and increasing their collection centers in India”, according to Research Analyst, Ken Research.