BioSpectrum India Magazine November issue BioSpectrum India Magazine | Page 32

32
COVERStory
BioSpectrum
|
November 2017
|
www.biospectrumindia.com
Diagnostic industry looks
for ‘Make in India’ dosage
«
Viral Gandhi
Chairman,
Voxtur Bio Ltd.
O
ver the last few years, the Indian healthcare
industry has grown exponentially on account of
many reasons, including the increasing awareness
about the need for quality healthcare, better disposable
income at hands and widened coverage. One of the direct
beneficiaries of this growth has undoubtedly been the
medical diagnostic industry.
The higher awareness on the one hand coupled with
increased spending and the growing disease burden on the
other hand have spurred this medical technology sector
in general and the diagnostic industry in particular. We
see better diagnostic infrastructure, increasing corporate
presence, expansion of pathology labs into smaller towns
and rural areas, development of clinical market and
above all growing penchant among the population for
preventive healthcare, which all together augur well for
the industry ahead. But, it is still far below its potential.
India accounts for just one percent of the global
diagnostic industry. Studies show that the domestic
diagnostic industry is expected to grow at CAGR of 20
percent to $32 billion by 2022. The medical diagnostic
industry is divided into in-vitro diagnostics (IVD) and
in-vivo diagnostics. Of these, the global IVD market was
estimated to be $60.3 billion in 2015 and is poised to
grow at a 5 year CAGR of 6.1% to $81 billion by 2020. But
estimates project a 15-20% growth for Indian IVD market
that will touch $ 1.5 – $ 1.7 billion market by 2020.
More importantly we will see this growth
The “Make in India” initiative can
prove a game changer in the manner
in bringing a large chunk of the
population across diverse economic
segments in the institutional
healthcare framework.
happening across the board, whether it is biochemistry,
immunoassays, hematology, reagents, molecular
diagnostics, and microbiology or tissue diagnostics.
The Indian diagnostic industry comprises of over
1, 00,000 laboratories at present, other than the vast
number of hospitals. Out of these, 70 per cent labs cater
to pathology services and around 30 per cent cater
to radiology and imaging requirements. The market
for diagnostics highly competitive and the increasing
competition continuously pushes the laboratories to
improve quality and provide rapid results which are key
to treatment. The laboratories are trying to distinguish
themselves by using better reagents and instrumentation.
But, the market is heavily dominated by the multinationals
who control over 60%, though in the recent