The Indian diagnostics industry, currently valued at approximately $13 billion as of FY23, is set to experience significant growth, with a projected Compound Annual Growth Rate (CAGR) of around 14% over the next five years, according to a new report by management consulting firm Praxis Global Alliance.
Titled Defining the Future of Diagnostics, the report highlights that the Indian healthcare sector is on the verge of a major transformation, with the market size increasing from $216 billion in FY23 to an estimated $456 billion by FY28, reflecting a CAGR of 16%. Within this dynamic landscape, diagnostics is a crucial segment, accounting for about 6% of the total market share.
The diagnostics industry is expected to expand to $25 billion by FY28, driven by factors such as rising life expectancy, a growing middle class, and increased access to government insurance schemes, as stated in the report.
As reported by pharmabiz.com, the report also examines the key drivers, challenges, and opportunities shaping the future of diagnostics and healthcare in India. It provides a thorough analysis of the influence of government insurance schemes and the evolving healthcare infrastructure, offering guidance for stakeholders navigating this dynamic environment.