The Indian pathology industry is all geared up to become the most successful growth story in the Indian healthcare industry. Sonal Shukla explores its future potential.
Express Healthcare Management:
Just browse through any industry expert’s opinion on the Indian healthcare growth story and you are bound to hear them enthusing about the pathology market. And why not? This sector’s fast-paced growth is too apparent to be ignored. The diagnostic giants are expanding their presence not just in India, but also in overseas territories like the Middle East Gulf and the US. The spectrum of their test menu is expanding in the areas of genetics, cancer, endocrinology, infectious diseases and molecular diagnostics. They are trying an interesting mix of business models to penetrate not just tier I but also tier II and tier III markets.
According to a CII and Cygnus report, the Indian pathology sector is worth about $1 billion and is growing at 15% per annum. A tremendous unmet market need for all healthcare services is said to have given a fillip to this growth. Factors like rising income and wealth are changing attitudes towards healthcare, and an increase in lifestyle diseases such as hypertension, diabetes and acute cardio-vascular conditions is creating a need for diagnostics testing. India has emerged as a global R&D hub for the pharmaceutical industry, and, as a result, is a strong market for clinical trials and central lab services.
There is also a shift in focus from the treatment of illness to wellness and prevention, and an emerging opportunity in women’s health services as well. Read more.
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