Rapid Growth Expected to Continue in Indian Diagnostics Market

The diagnostics and laboratory service industries are experiencing significant growth in India. With a number of strong drivers in place, this growth is expected to continue, presenting American laboratories and diagnostics manufacturers an opportunity to penetrate this nascent, fragmented market. Ironically regulation, the factor attributed with slowing commercialization efforts in the United States, poses the only threat to growth in India, although in India it is the lack of regulation and the resulting questionable quality of some tests that could derail confidence in the testing market. Driving the growth in diagnostic testing is India’s overall economic success in the past decade with double-digit growth in the gross domestic product. Increasing consumer wealth combined with an increasingly connected global marketplace is raising expectations of Indian consumers. “Twenty-five years ago a doctor would look at your ears, your eyes, your throat and give you a yellow liquid or a blue liquid,” recalls Ravi Kiron, Ph.D., managing partner at Biopharma Strategy Advisors (San Jose, Calif.). “There was no system to collect or transport specimens to outside labs. Whatever the doctor could do in the office was what was done. Today the common man in India wants quality diagnostics.” Additionally, there has been a […]