The IVD industry plays a key role in not only identifying symptoms and diagnosis, but in patient monitoring, personalized medicine, hospital management, and supporting physicians, clinicians and patients. However, statistics show that 70 percent Indians have not undergone a diagnostic test and have no access to even basic diagnostic facilities. Add to that, 70 percent treatment decisions are based on lab results! With the Indian medical diagnostic industry expected to grow at around 14 per cent touching USD 20 billion by 2026, the IVD industry will witness growth in specialised tests which comprises 15-22 per cent by volumes and 40-45 per cent by value. In line with the government’s initiatives to strengthen the public health infrastructure, Transasia will continue to offer diagnostic solutions that are more accessible and affordable.
Further, access to diagnostics beyond metro centres will also deepen. The industry has realized the importance of Make in India, as many multinationals are now planning to set up factories in India.
Comprehensive test menu
As medial research advances, newer tests constantly keep getting added to the repertoire of diagnostics. That’s how the test menu of a lab evolves. Consolidation and integration catalyse the process of smaller labs joining hands with bigger ones. This allows more comprehensive test menus, increases the reach and accessibility of services, ensures better standardisation of services and allows greater cost benefits to be passed on to patients. Consolidation in diagnostics has also given rise to utilisation of automation. This automation wave brings in efficiency, increases volumes and improves quality.
Technology advancements such as Artificial Intelligence (AI), wearables and other mobile technologies, along with Internet of Things, offer several avenues for investment. Key segments where new opportunities are likely to emerge for health technology players in the near future include development of tools to facilitate emergency care and improvements to medical infrastructure, through technology-based optimization. This includes expanding the scope of wearable devices to track health conditions, developing patient-facing mobile health applications as well as greater integration of AI, robots, and blockchain technologies. Point-of-care testing (POCT) has emerged as a necessary need to help meet healthcare system testing gaps, as it contributes to faster results for physicians, greater flexibility for physicians and patients, lower costs and improved medication adherence.
Likewise, advances in biochip and biosensor technology will enable the miniaturization of devices that will allow highly sensitive analysis of complex biological interactions in real time that to with a low cost perception.
Further, the industry will go beyond the existing norms and provide value-added services:
- Integrated approach of lab tests and efficiencies at the laboratory level, will improve turnaround time, as well as decrease operational costs and waiting time.
- Accurate and reliable information on a biomarker available in outpatient clinics may decrease hospital admissions, the use of more invasive testing, and unnecessary treatments.
- Streamlining with other sources of health data and integrating healthcare pathways may allow more efficient patient management, avoiding waste or duplication of resources.
Making in India for the World
Transasia has always been focusing on meeting the diagnostic needs of India and the emerging markets worldwide by offering Made in India testing solutions that are adoptable, affordable and accessible, has given us an edge over our competitors. Today, Transasia is a trusted name for government and private pathology labs and hospitals in cosmopolitan cities and tier II-IV towns and villages. Being in regular and direct contact with the lab professionals and partnering them in enhancing patient care sets us apart from the rest. All our solutions are supported with an excellent 24×7 application support, a robust IT connectivity and unmatched after-sales service.
We also engage with Academic and Medical forums for Scientific Updates. Our thrust is on educating and training laboratory technicians, as well as organising seminars for pathologists and clinicians on newer parameters and quality blood tests.
In addition to launching new and advanced diagnostic systems in CLIA, Molecular, high-end hematology, AI, LIS, etc., we will soon be launching a very innovative and affordable range of analyzers that will offer ‘Total Solutions in Laboratory Diagnostics.’ So, the next two years will witness the Transasia-Erba group launching many of these hi-tech solutions that will enhance clinical outcomes for a Healthy and Happy World.