The outlook of Diagnostic & Pathology industry in COVID era
The diagnostic sector has been rapidly evolving and playing a vital role in the process of disease management. The advancements in diagnostic technologies have improved the process of data collection, and accurate detections of a wider variety of diseases. India has become one of the major destinations for various diagnostics services. There have been various advances in the Diagnostic sector like CRISPR technology, IgG assay, spike protein detection, and use of artificial intelligence. The gold standard reverse transcription-polymerase chain (RT-PCR) has also been upgraded with point-of-care rapid tests.The Indian laboratory diagnostics industry, estimated at USD 6 billion, is growing at a healthy rate of 13–14% per annum, with more than 1 lakh labs in India. Today, 70% of medical decisions across the globe are based on laboratory results. The medical tests and experiments which are done globally are today offered in India.
In 2020 from February to August the number of laboratories rose from 14 to 1596 in India. They have also focused on to make it affordable and accessible as per the needs Indian population. As per a report the global COVID-19 diagnostics market size is estimated at USD 84.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.1% from 2021 to 2027. In the past two years new technologies and products in the market have changes the traditional understanding of laboratory Hematology workflow and standards. Indian Hematology instruments and reagents market has shown a growth of 60.40% in 2020 as compared to 39.60% in 2019.
During the pandemic, many small and independent laboratory players became much more organized and consolidated. Due to the rise in the number of cases in the country, there was a need for these laboratories to become the franchises of larger players, leading to an increase in the testing capacity. The advanced diagnosis and the technology provide rapid results interpreting the diagnostic testing. Pathologists and physicians can simply the excessive burden of diagnosis with new speed, accuracy, sensitivity, and simplicity with the help of new technologies.