According to SPER Market Research, the India Diagnostic Laboratories Market is estimated to reach USD 44.92 billion by 2032 with a CAGR of 11.75%. The demand for Indian diagnostic labs is increasing because of the prevalence of several chronic and lifestyle-related disorders, as well as a large elderly population in India. There is expected to be an increase in the demand for diagnostic labs in India over the next five years due to increased public awareness of the importance of preventive healthcare practices and early diagnosis of diseases. This is due to the use of advanced technologies and equipment in diagnostic labs. The government is providing a lot of money to help grow the healthcare sector in India. This is because people are becoming more aware of the importance of good health and are facing higher costs for healthcare services.
The need for diagnostic labs is being driven by the large number of elderly people in the United States who are susceptible to contracting a range of diseases. The Indian Diagnostic Labs Market is expected to grow in the next five years due to partnerships between multinational companies and local diagnostic labs, improvements in the quality of services provided to patients, and government efforts to promote India as a destination for medical tourism.
India Diagnostic Laboratories Market Overview (2022-2032)
- Forecast CAGR (2022-2032): 11.75%
- Forecast Market Size (2032): 44.92 billion
The Indian diagnostic laboratory market is anticipated to grow rapidly in the next few years as a result of people’s improved health and lifestyle awareness. While the COVID-19 pandemic had a negative effect on the industry during the shutdown, an increase in COVID-19 testing volume has led to a slow but steady expansion of the market. The number of people with COVID-19 is growing, but some patients are refusing to undergo any tests due to the epidemic. Overall, attitudes about diagnostics have improved as a result of the pandemic.
Impact of COVID-19 on the India Diagnostic Laboratories Market
In spite of the COVID-19 pandemic, this sector anticipates a prosperous future. As a result of increased wellness/preventive testing due to people’s increased health and lifestyle awareness, the Indian diagnostic laboratory market is expected to expand over the next years. Routine testing decreased during the shutdown, but the industry has gradually started to grow as a result of an increase in COVID-19 testing volume. People who have COVID-19 are becoming more numerous over time. The diagnostics sector has been affected in two different ways by COVID-19. On the one hand, it has increased understanding of the value of such testing. Diagnostics are increasingly recognised as being crucial to understanding the underlying illness. On the other hand, some patients are now avoiding going for any screening that is not required because of the epidemic. But overall, attitudes concerning diagnostics have changed for the better.
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India Diagnostic Laboratories Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2030. This report contains statistics on product type segment growth estimates and forecasts.
By Provider Type:
- Diagnostic Chains
- Hospital Based Diagnostic Labs
- Stand Alone Diagnostic Labs
By Test Type:
- Pathology
- Radiology
By Sector:
- Rural
- Urban
By End User:
- Corporate Clients
- Doctor Referrals
- Routine
- Specialized
- Wellness
By Region:
- Andhra Pradesh
- Assam
- Gujrat
- Karnataka
- Maharashtra
- NCR
- Tamil- Nadu
- West Bengal
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography.
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Sara Lopes, Business Consultant – U.S.A.
SPER Market Research
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