Market revenue in 2023 | USD 2,020.6 million |
Market revenue in 2030 | USD 5,145.7 million |
Growth rate | 14.3% (CAGR from 2023 to 2030) |
Largest segment | Hba1c tests |
Fastest growing segment | HGB/HCT tests |
Historical data | 2018 - 2022 |
Base year | 2023 |
Forecast period | 2024 - 2030 |
Quantitative units | Revenue in USD million |
Market segmentation | Complete blood count, HGB/HCT tests, Basic metabolic panel, BUN creatinine tests, Electrolytes testing, HbA1c tests, Comprehensive metabolic panel tests, Liver panel tests, Renal panel tests, Lipid panel tests |
Key market players worldwide | Quest Diagnostics Inc, Abbott Laboratories, Labcorp Holdings Inc, ARUP Laboratories, OPKO Health Inc, Clinical Reference Laboratory, Sonic Healthcare Ltd, Cinven, Unilabs |
Hba1c tests was the largest segment with a revenue share of 12.38% in 2023. Horizon Databook has segmented the India clinical laboratory tests market based on complete blood count, hgb/hct tests, basic metabolic panel, bun creatinine tests, electrolytes testing, hba1c tests, comprehensive metabolic panel tests, liver panel tests, renal panel tests, lipid panel tests covering the revenue growth of each sub-segment from 2018 to 2030.
The market in India is driven by factors such as the high prevalence of chronic diseases, an increase in disposable income, and improvements in the healthcare scenario. According to National Crime Records Bureau in 2021, over 28,449 deaths due to cardiac diseases were reported in the country.
In addition, the presence of key companies and efforts to implement the Make in India project has attracted various other companies, which has increased the market potential of clinical laboratory tests in India.
Moreover, in December 2022, Med source Ozone Bio medicals launched its made-in-India autoimmune assays. These test kits, created in partnership with their German counterpart, Human Diagnostics GmbH, at a cutting-edge manufacturing facility in Faridabad, aid in the detection of autoimmune illnesses.
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