‘Diagnostics industry to surge to $25 bn by 2028’
NEW DELHI: FICCI-BDO India released Expanding the Reach of Diagnostics: The Digital Advantage during the two-day FICCI HEAL 2024 event. The report explores the current state of the Indian diagnostic industry, emphasizing the transformative impact of digital innovations in addressing the challenges of access, affordability, and sustainability of diagnostic services, as well as the urgent need for regulatory reforms.
The report highlights that diagnostics form the bedrock of effective healthcare delivery, and the industry’s projected growth reflects its important role. The sector is likely to reach USD 25 billion by 2028, up from the current USD 13 billion. However, growth has been uneven, with significant disparities between urban and rural areas. A large segment of the population still lacks access to quality diagnostic services, emphasizing the necessity for innovative approaches to bridge this divide, states the FICCI-BDO report.
The report further states that as India strives towards universal health coverage (UHC), digital and tele-diagnostics can improve access to diagnostic services, particularly in rural and underserved areas, reduce costs, and provide higher-quality care. These advancements will help improve health outcomes in India and contribute to the goal of reducing health inequities. More critically, to integrate the use of digital and tele-diagnostics into the healthcare landscape, coordination between government agencies, health institutions, and technology companies is essential. These stakeholders must work together to resolve issues, lend expertise, and drive the successful integration of digital diagnostics into the healthcare system, thus enabling a seamless ecosystem.
The Ayushman Bharat Digital Mission (ABDM) provides a centralized platform for facilitating the integration of digital diagnostics into the Indian healthcare system, storing and managing patient health records, and ensuring data security and accessibility. ABDM aims to ensure interoperability between different healthcare systems and digital platforms, which is essential for effective data sharing and utilization. Increasing awareness and adoption of ABDM among healthcare providers and patients is crucial for realizing its full potential.
Dr. Om Manchanda, Chair of the FICCI Health Services Committee and MD of Dr. Lal PathLabs Ltd, said, “The future of diagnostics lies in our ability to embrace digital technologies. This paper identifies the challenges we face and provides actionable insights that could guide policymakers and industry stakeholders in propelling the adoption of digital health solutions.”
Dr. Dhrubaa Ghosh, Partner at BDO India, stated, “This knowledge paper serves as a vital resource for understanding the current diagnostic landscape in India. By leveraging digital innovations, we can significantly improve access to quality diagnostic services, thereby augmenting Universal Health Coverage and improving patient outcomes and the efficiency with which healthcare is delivered across the country.”
