The diagnostic industry is the foundation of the detection and assessment of any disease, where over 70 percent of the medical decisions about treatment, management, and prevention are based on diagnostics. India’s diagnostic lab market stood at USD 12,319 million in 2021 and is predicted to go up to USD 26,667 million by 2027.
The Covid-19 pandemic ushered in an intact paradigm shift in the field of diagnostics when it comes to its scope and capacity. The industry has realized that healthcare has moved beyond the four walls and has become agile.
Customer-centricity has taken a center stage during the pandemic and will further boom in the coming years. The players who had created an ecosystem for the home-collection services are now creating a huge impact on businesses in a positive way. Technology will play a big role in further adding to the services for customer-centricity, such as booking a test through WhatsApp and website, digital reports, etc.
The players will be constantly improving the customer experience by adding and providing more services with technology intervention.
The pandemic has emphasized the importance of access to fast, consistent tests where getting swift results for medical conditions is a key need. There will be an increased adaptation of analytical approach in the diagnostic industry where technology, such as machine learning, AI, loT, etc., will come into play.
This pandemic has changed the way the world does things, be it Industry or Life. While the world struggled with the unforeseeable future, the health and wellness industry dealt with the current situation by being extremely dynamic. For us at Neuberg Diagnostics the focus was to drive and encourage India to be proactive rather than reactive. This structure worked and soon there began to be a surge in the awareness of health and wellness. People started adopting a healthier lifestyle. At the same time, the general population took on the ‘preventive healthcare’ perspective rather than the treatment of disease and disorders.
As a whole, the health and wellness industry hence has had a very positive trajectory despite the fact that India was hit very badly by the pandemic.
The industry is currently undergoing a radical change where it is moving toward personalized medicine. This means the sector is 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. High-end diagnostic techniques, such as genomics, proteomics, metabolomics, and molecular biology will play a huge role in personalized medicine, and will be adapted by the healthcare fraternity.
Diagnostics sector is fragmented in nature, and it will consolidate for the next level of growth transformation going forward. Players will drive growth through merger and acquisition in Tier-II, Tier-III, and even Tier-IV markets, which will be a great way of expanding the local network.
Currently, the diagnostics market is highly unorganized and is determined by sales but enjoys greater value and importance. With the increasing investment, competition, technological advancements, and regulations on improved quality, the healthcare segment, especially diagnostics, is expected to grow and thrive in the times ahead.