Ravindra Kumar, CEO, Lupin Diagnostics shares few key trends and innovations that will play a central role in the future and hold the promise to redefine diagnostics
As we stand on the cusp of 2024, the healthcare industry is poised for transformative changes in the diagnostics sector. The Indian diagnostics sector itself is projecting a Rs 1,360 billion market with a CAGR of 14 per cent, comprising 60 per cent pathology and 40 per cent imaging/radiology. With end consumers and patients becoming more aware of the necessity and importance of accurate diagnostic services, the industry will be pushed to innovate and adopt a patient-first mindset. Service providers that fail to align with this approach will perish. Here are a few key trends and innovations that will play a central role in the future and hold the promise to redefine diagnostics:
Today, only 17 per cent of diagnostic service providers are from the organised sector, while 37 per cent are hospital-based labs and 46 per cent are unorganised standalone labs. The organised segment brings a new paradigm-one defined by standardisation, adherence to stringent quality protocols, and the integration of advanced diagnostic technologies and a transition focusing on organizing the sector is the need of the hour. A move in this direction will be a testament to the industry’s commitment to providing reliable, consistent, and quality-driven diagnostic services.
Advancements in diagnostics technologies
The forefront of diagnostics is witnessing unprecedented breakthroughs in molecular diagnostics and genetic testing. Artificial Intelligence (AI) and machine learning are redefining diagnostic precision and efficiency, along with technology usage for pre-analytical examination setting the stage for a new era of medical insight.
Data analytics and personalised medicine
Data analytics is becoming the cornerstone of diagnostic decision-making. The shift towards personalised medicine, driven by individual patient data, is not only reshaping treatment plans but also revolutionising the entire diagnostic process. The future lies in diagnostics that are tailored to the unique needs of each patient and help doctors understand historical trends, thereby enabling customised treatment plans for each patient, promoting good health.
Regulatory landscape and compliance
As diagnostic technologies evolve, so does the regulatory landscape. Adherence to the highest standards is imperative to ensure compliance with evolving regulations. The pandemic put the spotlight on the requirement for accurate and reliable test results. In India, only 3 per cent of labs are NABL accredited, and the quality of the report is a major concern. Certifications such as NABL Accreditation are the first things modern-day consumers of diagnostic services look for, as certified players deliver accurate and reliable test results. The organised sector of the diagnostics industry in India has always strived to maintain the highest quality and safety standards. Also, the greener India initiative, by complying with environmental health, is an untouched regulatory compliance in India that needs focus.
Patient-centric diagnostics
A significant trend in the diagnostics sector is the growing emphasis on the patient experience. Diagnostic services, in addition to focusing on the test results, are increasingly focusing on enhancing the overall patient journey and improvement. Home sample collection services, temperature-controlled sample movement, smart reports that decode complex medical jargon, and the analysis of historical patient trends are becoming integral facets of diagnostics. These innovations empower patients by offering unparalleled convenience, the best-in-class experience, and a deeper understanding of their health data, catalysing a paradigm shift towards a more engaged and proactive approach to well-being.
Future outlook and industry vision
As we peer into the future, the diagnostics industry holds the potential to revolutionise healthcare outcomes. The trends signify a transformative period in healthcare, where diagnostics play a pivotal role in preventive and personalised medicine. The industry envisions a future marked by ongoing innovation, collaboration, and a commitment to shaping a new era of healthcare excellence. Organised quality-driven players are focusing more now toward tier 3 and tier 4 cities, which will make quality testing affordable in these cities too.
In the dynamic landscape of healthcare, the diagnostics industry is not merely adapting to change but actively shaping the future of healthcare delivery. As 2024 unfolds, the industry continues to set the standard for excellence in diagnostics, reflecting a commitment to innovation, patient-centricity, and a vision that paves the way for a healthier global future.