New York, Aug. 16, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "India Diagnostic Labs Market, By Provider Type, By Test Type, By Sector, By End User, By Region, Competition Forecast & Opportunities, FY2027" - https://www.reportlinker.com/p06128276/?utm_source=GNW
India diagnostic labs market stood at USD12319.32 million in FY2021 and is expected to grow at an impressive CAGR of 12.25% during the forecast period. This can be ascribed to the growing population in the country, which is susceptible to various diseases, especially the geriatric population. Additionally, growing healthcare awareness among the population related to early disease diagnosis and treatment is expected to fuel the market growth over the next few years. Besides, various diagnostic chains and hospitals have started offering special discounts and packages for getting different kinds of diagnostics test done. These offers increase on occasions such as women’s day, AIDS day, breast cancer awareness week, among others. This in turn is expected to create lucrative opportunities for the market growth. Furthermore, the emergence of corporates and multi-national companies in the country who are collaborating with various hospitals and diagnostic labs in order to get the health check ups done for their employees is further expected to boost the market growth in the next few years. Also, India is emerging out as a medical tourism hub and a lot of medical tourists are visiting the country for getting their treatment done on account of availability of cost effective and better treatment options. This in turn is expected to positively influence the market growth through FY2027.
India diagnostic labs market is segmented into provider type, test type, sector, end user, regional distribution, and company.Based on sector, the market can be bifurcated into urban and rural.
The urban sector dominated the market in FY2021 with a share of around 73.99% and will continue maintaining its dominance in the coming years also. This can be attributed to the presence of well-equipped diagnostic labs in the urban areas. Also, the diagnostic chains are expanding in the urban areas. Besides, high disposable income of population in the urban areas coupled with higher healthcare awareness is expected to support the market growth over the next few years. Besides, it has been observed that certain laboratories present in rural areas are just collecting the samples or doing the routine tests only and sending the samples to the laboratories in nearby district or city laboratories for testing and diagnosis purposes, thereby supporting the growth of urban sector segment.
The major players operating in the India diagnostic labs market are Dr. Lal PathLabs Limited, Metropolis Healthcare Ltd., SRL Diagnostics Pvt Ltd., Thyrocare Technologies Limited, Vijay Diagnostics Centre Pvt. Ltd., Max Healthcare Institute Limited, Apollo Hospitals Enterprise Ltd., Quest Diagnostics India Pvt Ltd, Lucid Medical Diagnostics Pvt Ltd, Suburban Diagnostics India Pvt Ltd., Oncquest Laboratories Ltd., Span Diagnostics Ltd., Medinova Diagnostic Services Ltd., Dr Lalchandani Labs Ltd., Choksi Laboratories Ltd., Suraksha Diagnostics Pvt. Ltd., Medall Healthcare Pvt. Ltd., Lotus Diagnostic Centre, Lifecare Diagnostic & Research Centre Pvt Ltd, 360 Diagnostic & Health Services Pvt. Ltd. and others. Major companies are developing advanced technologies and launching new services to stay competitive in the market. Other competitive strategies include mergers & acquisitions, launching of new offers or services, among others. For instance, Dr. Lal PathLabs Limited has launched a gift card known as LPL gift card through which certain discount can be availed on the tests opted.
Years considered for this report:
Historical Years: FY2017-FY2020
Base Year: FY2021
Estimated Year: FY2022E
Forecast Period: FY2023F–FY2027F
Objective of the Study:
• To analyze the historical growth in the market size of India diagnostic labs market from FY2017 to FY2021.
• To estimate and forecast the market size of India diagnostic labs market from FY2022 to FY2027 and growth rate until FY2027.
• To classify and forecast India diagnostic labs market based on provider type, test type, sector, end user, regional distribution, and company.
• To identify dominant region or segment in the India diagnostic labs market.
• To identify drivers and challenges for India diagnostic labs market.
• To examine competitive developments such as expansions, new service launches, mergers & acquisitions, etc., in India diagnostic labs market.
• To identify and analyze the profile of leading players operating in India diagnostic labs market.
• To identify key sustainable strategies adopted by market players in India diagnostic labs market.
The analyst performed both primary as well as exhaustive secondary research for this study.Initially, the analyst sourced a list of service providers across the country.
Subsequently, the analyst conducted primary research surveys with the identified companies.While interviewing, the respondents were also enquired about their competitors.
Through this technique, the analyst could include the service providers who could not be identified due to the limitations of secondary research. The analyst examined the service providers, end users and presence of all major players across the country.
The analyst calculated the market size of India diagnostic labs market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. The analyst sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these segments for getting an appropriate, overall market size.
Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by the analyst.
Key Target Audience:
• Diagnostic lab service providing companies
• Hospitals/Clinics/Diagnostic Laboratories
• Market research and consulting firms
• Government bodies such as regulating authorities and policy makers
• Organizations, forums, and alliances related to diagnostic labs market
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as service providers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
Report Scope:
In this report, India diagnostic labs market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
• India Diagnostic Labs Market, By Provider Type:
o Stand-Alone Labs
o Hospital Labs
o Diagnostic Chains
• India Diagnostic Labs Market, By Test Type:
o Pathology
o Radiology
• India Diagnostic Labs Market, By Sector:
o Urban
o Rural
• India Diagnostic Labs Market, By End User:
o Referrals
o Walk-ins
o Corporate Clients
• India Diagnostic Labs Market, By Region:
o North
o South
o West
o East
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in India diagnostic labs market.
Available Customizations:
With the given market data, we offers customizations according to a company’s specific needs. The following customization options are available for the report:
Company Information
• Detailed analysis and profiling of additional market players (up to five).
Read the full report: https://www.reportlinker.com/p06128276/?utm_source=GNW
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