My vision

The diagnostic industry has been constantly evolving over a period of time. The industry has witnessed a tremendous growth in 2021 taking the market value of the industry to a whopping ₹675 billion, and it is projected to grow at 10 percent CAGR over a period of next five years, predominantly on account of rising cases of chronic and fatal diseases as well as infectious diseases.

The pandemic has shown a phenomenal growth in the healthcare sector. People have become extremely aware of their health and prevention. There is a realization that prevention is better than cure (as the early adage goes) and that early diagnosis is the key to better health.

Self-care testing has also seen a tremendous growth along with prescription testing. General awareness about prevention, immunity boosting, etc., has seen a rise and because of this, the regular health checkup volume has suddenly increased, especially among the senior citizens.

Covid-19 testing windfall has empowered the diagnostic companies to add assets and reinvest. Outlook of the investors has been very positive and futuristic, which has and will help the industry grow in the coming years, and this growth is there to stay no doubt.

One survey suggests the diagnostic industry is set for another bumper year. Last year itself, 203 deals have happened globally at a value of USD 79 billion.

India also sees lot of growth opportunities in the diagnostic industry and the sentiments are aided by the sudden rise in the share values of the existing listed diagnostic labs. These huge capital investments will put the industry in the leading hubs of high-end diagnostic services.

These indicators clearly show the industry is growing at fast track and has also become the fulcrum of healthcare. Almost all (90%) decisions of the clinicians are based on the in vitro diagnostics and imaging results.

Another major contribution is of the health insurance companies in the healthcare sector.

There was lack of awareness and readiness for health insurance policies as against our counterparts in the West. Now this is growing even in India, thanks to the Government of India for promoting these schemes and creating awareness even in the rural parts of the country.

One more small contribution is also of the clinical trials business to the diagnostic industry.

Clinical trial industry is there to grow in the coming years in India. Central lab plays a very important role in any clinical trial. The lab data is the heart of entire study and comprises of almost 30–40 percent of the cost of the clinical trial. This adds up to the industry further.

The industry has also seen a paradigm shift in the use of information technology, AI, use of different apps, and providing QR codes on the reports for authenticity.

With the help of technology, there is a seamless flow from sample collection to payments to delivering of the reports. It helps for the quick turnaround time. The patients need not visit the lab anymore as these services are provided by the diagnostic labs. Everything is at the fingertip and a click away from booking appointments for home collection to payments to viewing reports online.

With 64 percent of the population being in the young and working age group, the transition to use of these technologies has been very smooth. Still 65 percent of the business comes from urban areas. When the rest of the rural market is also tapped, this would add up to the industry. Thanks to the logistic companies and maintenance of cold chains, we can soon penetrate the rural market as well.

Moving forward, the advancements in molecular diagnostics will lead the industry for personalized medicines and precision medicines. Use of genome sequencing and liquid biopsy has also brought a major change in the treatment of diseases like cancer.

Using traditional biopsy or resection specimens led to sample bias. After lot of intensive research, use of molecular and genetic analysis and use of blood and other body fluids has evolved.

Tests like foundation one is revolutionary and helps the doctors and researchers to develop personalized and targeted medicines and treat at a cellular level rather than the systemic level. The advent of precision medicine may phase out the general medical solutions and help better understanding of the disease mechanism, an individual phenotype and treatments.

Hence the diagnostic industry will keep growing as there is enormous scope and research is ongoing for further understanding of the diseases.

Our endeavor as an industry will always be to give better and healthier life to humans and animals.