India's Leading Healthcare & Pharma Companies 2023

40 | India’s Leading Healthcare & Pharma Companies 2023 D iagnostics is an integral part of healthcare system as almost 70% of medical decisions are based on diagnostic testing. India’s diagnostics market is estimated to be USD 10 bn in FY21, is one of the fastest growing service segments in the country. The sector is estimated to grow at a CAGR of ~10% over the next 5 years driven by the rising income level, spread of healthcare services and life & medical insurance in Tier II & III cities, and surge in preventive testing amidst growing health consciousness. OVERVIEW OF INDIA DIAGNOSTICS SECTOR The diagnostics sector in India can be classified into two broad segments Du & Bradstreet