Diagnostics is a branch of medical science that deals with diagnosis of various diseases. Medical technology products are used in the diagnosis, prevention and treatment of diseases and there are billions of patients globally who are dependent on medical technology for their medical treatments.

Diagnostics is classified as In-vitro diagnostics i.e. IVD, In vivo diagnostics and medical imaging. In vitro diagnostics or IVD refers to testing samples of blood, tissue, etc. The In-vivo diagnostics refers to the testing of organ function and tissue, for example electrocardiography. Medical imaging refers to x-rays, computerized axial tomography i.e. CAT, mammograms and magnetic resonance imaging i.e. MRI.

Industry Overview

The diagnostics industry involves testing patients to detect disease.

Reports say that, there is a 20% growth in the diagnostics market in India, which is faster than any country in the world. In the financial year 2011-12, revenue earned by the diagnostics sector is USD 600 million as against USD 510 million in 2010-11. The growth factor is due to improved diagnostics tools, treatment monitoring, faster response times, and increased availability of over-the-counter tests, which patients can perform comfortably at their homes.

The pathology industry in India is around `10, 000 crore and about `1,000 crore is managed by organised sector comprising handful of top laboratories.

Medical Diagnostics Industry Current Trends

According to the reports, the global IVD market is forecasted to grow at a CAGR of 6.8 percent during 2011-18 to reach a value of ` 3, 61,500 crore i.e. USD 72.3 billion by 2018.

The global molecular diagnostics market is presently characterized by growth in large value mergers and acquisitions and shifting focus towards tailored therapy and personalized treatment, especially in the field of Oncology. As per the reports, the global market of molecular diagnostics has increased significantly in the recent past and is anticipated to expand invariably in the years to come and is projected to record a CAGR of approximately 13.1% for the period spanning 2012-2014 and the US molecular diagnostics market will be over $6.35 billion by 2015.

As per the reports, diagnostic laboratory testing will also see significant growth as it is predicted to reach $98.4 billion by 2017 mainly due to technological innovation, aging populations and increasing demand for esoteric and genetic testing.

Major Diagnostics Industry Players

Some of the major diagnostics industry players are Roche Diagnostics, Abbot Diagnostics, Quest Diagnostics, Laboratory Corp. of America, Genoptix, Tulip Group, Transasia Biomedical, Span Diagnostic and Siemens diagnostics etc.

Siemens Diagnostics is the world’s largest clinical diagnostics company, and it launched the first automated standardized direct biomarker panel for liver fibrosis, an indicator of chronic liver disease, in June 2011.