Updated on 30 October 2013
Mr Richard Guest, CEO, Siemens Healthcare, South Asia Cluster
The Indian healthcare industry has seen a surge during the last few years. This is growth is expected to reach $160 billion in the next four years. Mr Richard Guest, CEO, Siemens Healthcare, South Asia Cluster, in an exclusive interview with BioSpectrum shared his views on the medical diagnostic industry and its future.
Can you explain the overall market scenario of medical diagnostics in India?
As per a recent study by PriceWaterhouseCoopers (PwC), the medical device industry including in-vitro diagnostics (IVD) and radiology is worth more than $4 billion, growing at a compound annual growth rate (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 currency exchange rates.
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.
What are the latest trends in the Indian medical diagnostic market?
Today medical diagnostics is all about quality, speed and accessibility. Until a few years ago, clinical images were blurry grey pictures, which were difficult to read. Functional imaging, 3D-imaging or visualizing molecular information was unthinkable. However, today we are close to delivering a 'digital copy' of the patient, showing structures that are less than one millimeter in dimension, 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.