New Delhi, April 19 -- India's diagnostics industry is expected to grow at a strong pace of 14 per cent compounded annual growth rate (CAGR) over the next five years, according to a recent report by PhillipCapital.

The report forecasts this growth driven by several key factors such as increased healthcare spending, an ageing population, higher income levels, rising awareness of preventive testing, wider availability of advanced diagnostic tests, increased penetration of health insurance, and initiatives by the central government to strengthen healthcare infrastructure.

It said "The Indian diagnostics industry CAGR is estimated at an accelerated 14 per cent over FY23-28 fuelled by an increase in healthcare spending driven by an ageing po...