Industry likely to reach $ 25 bn by 2028: FICCI-BDO India report

FICCI-BDO India released ‘Expanding the Reach of Diagnostics: The Digital Advantage’ during the two-day ‘FICCI HEAL 2024’. The report explores the current state of the Indian diagnostic industry, emphasising the transformative impact of digital innovations in addressing the challenges of access, affordability, and sustainability of diagnostic services and 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 $ 25 billion by 2028 from the current $ 13 billion. However, the 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, emphasising the necessity for innovative approaches to close this divide, states FICCI-BDO Report.

The report further states that as India strives towards universal health coverage (UHC), digital and tele-diagnostics can enable improved access to diagnostic services, especially in rural and less well-served areas, reduce costs, and provide higher quality care. These enhancements will aid in improving health outcomes in India and reach the goal of reducing health inequities. More critically, to integrate the use of digital and tele-diagnostics into the healthcare landscape, coordination with and between government agencies, health institutions, technology companies are essential. These stakeholders need to work together to resolve issues, lend expertise, and drive the successful integration of digital diagnostics into a healthcare system’s fabric, thus enabling a seamless ecosystem.

 The Ayushman Bharat Digital Mission (ABDM) provides a centralised platform for facilitating the integration of digital diagnostics into the Indian healthcare system; storing and managing patient health records; ensuring data security & accessibility. ABDM is set to ensure interoperability between different healthcare systems and digital platforms is essential for effective data sharing and utilisation. Increasing awareness and adoption of ABDM among healthcare providers and patients is crucial for realising its full potential.

Dr Om Manchanda, Chair, FICCI Health Services Committee and MD, Dr Lal PathLabs 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 to propel the adoption of digital health solutions.”

Dr Dhrubaa Ghosh, Partner, 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 by improving patient outcomes and efficiency with which healthcare is delivered across the country.”