Dheeraj Jain, Founder & MD, Redcliffe labs highlights that as the diagnostic market is anticipated to grow further, there is a need for the players to build a robust omnichannel strategy. They will need to add more capabilities and provide more value-added services
The Indian diagnostics industry has been rapidly evolving, and 2022 was no exception, with increasing demographics, urbanisation, penetration, and affordability driving its growth.
The diagnostics industry has emerged as a key component of the healthcare segment owing to the increased dependence of medical experts and professionals on the industry to validate, accurately diagnose the ailments, and provide the required treatment protocols, along with the shift in consumer psyche and preference as people are extra vigilant about their health and well-being.
Moreover, the pandemic brought about a paradigm shift in the diagnostic market regarding its scope and capacity, while emphasising the need for diagnostics and treatment.
The most important aspect that diagnostic businesses have been delivering is customer centricity. Services like at-home testing that drives fast and accurate reporting of infectious diseases, molecular testing, etc, have created a huge impact on businesses in a positive way. Adoption of such technologies and home sample collection is now becoming the need of the hour to have a competitive edge in the market. This upward trend will fuel growth and demand for diagnostic services in India in 2023.
Also, the government has taken several initiatives to strengthen the public health infrastructure and make diagnostics more accessible and affordable. We also saw new business models emerge as the competitive intensity increased. People are becoming more aware of preventive health care check-ups through medical camps, and the rise in lifestyle diseases such as heart disease, diabetes, hypertension, and stress has increased the importance of regular body checks.
Road ahead
As the diagnostic market is anticipated to grow further, there is a need for the players to build a robust omnichannel strategy. They will need to add more capabilities and provide more value-added services. With increasing competition and tests becoming more commoditised, there is also a need for super-efficient operations using digitalisation tools such as AI for process efficiencies, thus keeping the bottom line healthy.
Also, preventive care is undervalued despite the fact that it can detect life-threatening health conditions at an early stage and reduce medical expenses to a great extent. Hence, expanding testing infrastructure or diagnostic services in rural bharat should be a top priority of the government going forward.
Additionally, the digitalisation of healthcare should be emphasised, as it’s an important pillar in delivering value-based care across the healthcare continuum in India. Adaptive intelligent solutions can help lower the barriers between hospitals and patients, improving access to care and enhancing overall patient satisfaction, particularly in tier II and III cities in India.
Emphasis should also be placed on developing skilling institutions to meet the increased demand for healthcare professionals.