Mr Richard Guest
Can you explain the overall market scenario of medical diagnostics in India?
Mr Richard Guest: As per a recent study by Price water house Coopers, medical device industry including In-Vitro Diagnostics (IVD) and radiology is worth more than $4 billion, growing at a CAGR of 15 percent. But this can only be an estimate, since healthcare is probably one of the most challenging industries to accurately forecast. Growth depends on several factors like urbanization, government spending, and exchange rate.
The IVD industry in India is still in its early stages, yet, it is quickly expanding. The current market is experiencing steady double digit growth and once a highly-fragmented competitive IVD manufacturer landscape continues to consolidate. Additionally, the market is rapidly implementing advanced laboratory automation solutions in the high-end segments. These signs coupled with the fact that healthcare in India is becoming more accessible and affordable to the general population is exciting.
With ever changing trends and expansion, what are the latest trends in medical diagnostic market?
Medical diagnostics today is all about quality, speed, and accessibility. Talking about quality, years ago, clinical images were pictures of blurry grey; thus they are very difficult to read. 3D-Imaging, functional imaging or visualizing molecular information was unthinkable. Today, we are close to delivering a "digital copy" of the patient, showing structures less than one millimeter in high resolution and 3D. Not only diagnosis but image-guided therapies are also possible today. In terms of speed, our flagship CT scanner SOMATOM Definition Flash performs a heart scan in split second.
Finally, accessibility has significantly improved. Today, millions of people in India have access to clinical imaging, which is also a result of more affordable imaging solutions. Additional drivers forcing this upward trend include broader access to healthcare insurance, accreditation, more public-private partnerships, market consolidation and changing disease patterns. India's established clinical laboratories are also beginning to more aggressively elevate their quality standards and maximize productivity of their existing lab footprint.
Looking at the potential growth in India, can you elaborate on the opportunities and challenges in medical diagnostic markets?