Diagnostic laboratories owned by private players like SRL Diagnostics, Dr. Lal Path Labs, Metropolis and Thyrocare and other organized and unorganized players have been significantly increasing both in terms of number and revenue over the years
India Diagnostic Laboratories
Despite of the high prices that they charge for tests, they are able to attract customers for the kind of technology they use and the facilities they offer to the patients. Such high prices add to their revenues and make them acquire a large share in the overall market.
Biochemical testing of blood sugar level becomes a mandatory recommendation by the doctors after every regular interval of time owing to the growing prevalence of diabetes in the nation while for the diagnosis of cardiovascular disease lipid profiles play a similar role.
The economically sensitive population of the country, especially from the remote areas prefer government diagnostic centers for radiology services over private labs, making the services affordable to the masses. Price charges at government centers are comparatively cheaper and thus people often opt for such labs where they get similar tests done at a lower cost
The advantage of providing diagnostic services to the patients just after consulting the doctors within the least time possible is the major factor which has resulted in domination of hospital based laboratories in India private diagnostic laboratories market.
Reputed private hospitals including Apollo Hospitals Group and Max Healthcare have their own state-of-art laboratories within the hospital premises. These laboratories are well equipped to handle investigations related to biochemistry, haematology, microbiology, radiology and other specialized diagnostics.
With the advancements in technology in medical sector, the demand for radiology services has increased over the recent past, thus making more players enter the diagnostic laboratories market by way of radiology services. Additionally, rise in the number of diseases which requires in depth details of the body part to be diagnosed, has also led to the growth of radiology tests market. Growing heart attacks among the population of India has made people opt for preventive checkups, which involve radiology services being offered by diagnostic laboratories.