According to Aditya Kandoi, CEO, Redcliffe Labs, Tier-II, Tier-III, and smaller towns are growing at a 25 per cent compounded annual growth rate (CAGR), while the metros are growing at 10 per cent (due to high base).
According to rough estimates, tier-2 and 3 towns contribute around 40 per cent of the overall industry revenues for diagnostics, while the remaining come from the top cities. While the metro markets are growing at 10 per cent, the smaller towns are growing at 25 per cent or so. Kandoi feels that within 2-3 years the revenue split between big cities and smaller towns will be 50:50.
The diagnostics industry in India is currently valued at $14-15 billion and is growing at 13-14 per cent annually. The share of the organised sector is almost 25 per cent in this segment (15 per cent in labs and 10 per cent in radiology).
By 2030, 140 million additional households in India will be classified as middle-class, and additional spend on healthcare is expected to grow by 3-4 times. Diabetes, cardiovascular disease and cancer burden will reach 226 million by 2030.
This story is from the December 21, 2024 edition of Business Standard.
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This story is from the December 21, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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