India will be soon identified as a hub for diagnostic solutions with the support of government and investments from multinational and domestic players in the industry, said Satkam Divya, CEO, KlinicApp.
Government support and investments from multinational companies and domestic players will make this a reality. Cost-effectiveness and favorable environment will spur India on a promising path with bright future prospects to provide high-quality healthcare services including diagnostic solutions to all, he added.
The healthcare sector in India has witnessed a paradigm shift in recent years. Several technological advancements have fuelled the growth speed of the entire healthcare system. The country is gradually shifting towards designing and manufacturing high-tech medical products and devices. This steady development is stimulated largely due to the implementation of technologies. It has accelerated the rapid growth of the diagnostic sector that broadly gets classified into services, equipment, and reagents. If the key players in the market largely adapt to the current market trends, it will have a positive impact. Meanwhile, the government is taking measures to create a favorable business environment to attract foreign investment for the Indian companies, stated the KlinicApp chief.
But the big challenge is that less than one percent of the diagnostic laboratories across India are accredited. Though the standalone players play a substantial part in the industry, without accreditation and a strong regulation, it poses a threat to the healthcare system as well as the overall wellness of the public, he noted.
The high-end diagnostic service providers are looking forward to making a huge capital investment to provide advanced diagnostic facilities. Undeniably, the leading market players are successfully generating revenue and employment. However, the scarcity of well-trained medical professionals in the segment could take a toll in the future as different challenging health cases are raising heads, said Divya.
In a country like India, low-cost medical and diagnostic expenses are essential. Alongside, the higher capital investment to purchase high-end machinery designed for advanced diagnostic facilities refrains investors to fund. It is here the ‘Make In India’ initiative will foster equipment manufacturing within the country which will ultimately bring the costs of high-end machinery down, he said.
Quoting a report, Divya said that Indian healthcare market may well witness a growth at a CAGR of 23% and increase to US$ 280 billion from US$ 100 billion by 2020. There is a surge of medical tourists in India as many hospitals are increasingly meeting their needs. Apart from that, enhanced awareness on healthcare quality and service that adhere to international standards would transform India as the healthcare hub in coming years.
Source : 1