Expectations from 2022 for your medical facility

The diagnostic industry is the foundation of the detection and assessment of any disease, as over 70 percent of the medical decisions about treatment, management, and prevention are based on diagnostics. They are an important tool in preventive healthcare as well.

In India, the diagnostic industry stands at a whopping ₹675 billion and is predicted to grow at a rapid annual rate of <10 percent over the next five years, egged on by increasing wellness and healthcare awareness, the rapid rise in lifestyle diseases like diabetes and cardiovascular diseases due to sedentary lifestyle, preventive healthcare testing, and the overall rise in the spending power of people among all strata of society.

Although in 2020-21, the industry was primarily driven by the Covid-19 pandemic, and has been keeping pace with the variants of the virus, there has been a paramount shift in the entire diagnostics industry in the way the medical fraternity, as well as people, perceive it.

The deluge of quick turnaround time and speedy delivery of reports pushed the industry into devising ground-breaking techniques and newer tests to deal with the same with upgraded equipment and implementing the latest software applications to scale up to the demand of the growing volume of tests required to be conducted while focusing on quality, accuracy, and affordability.

The global understanding and practice of medicine are currently undergoing a radical change. The move to personalized medicine means transforming healthcare from a one-size-fits-all approach to a more targeted approach, where decisions are made by each individual’s unique clinical, and lifestyle information. Wider acceptance of precision medicine will usher in a new era for healthcare and diagnostics where patients receive the care they need, particularly for life-threatening conditions.

The most important aspect of the diagnostics industry looks at customer-centricity. The players who had created an eco-system for the home collection services are now creating a huge impact on businesses in a positive way. At-home collection services are now preferred options beyond the Covid-19 tests.

People are now moving toward at-home collection services for other non-Covid tests as well as it brings convenience and safety, which will continue in the coming years. Adoption of such services is now becoming the need of the hour to have a competitive edge in the market. This rising trend will further boost India’s growth and demand for diagnostics services.

The industry needs to overcome roadblocks such as skilled talent, tech infrastructure, and connectivity issues, which can be addressed through improving services and expanding the networks. Local partnerships and investing in Tier-II and Tier-III cities will eradicate the hurdle of entering the market where local players are predominant, and is a great way of expanding the network. By collaborating with health institutions, and increasing the number of collection centers, diagnostics can increase their reach and have better access to the masses.

At present, the diagnostics industry is highly unorganized and is determined by sales but enjoys greater value and importance. With increasing investment, increased competition, technological advancements, and regulations on improved quality, the healthcare segment, especially diagnostics, is expected to grow and thrive in the times ahead.