Manipal HealthMap, a leading diagnostic services provider, has announced the full acquisition of Mumbai-based iGenetic Diagnostics. This strategic move secures a 100% stake in iGenetic Diagnostics, marking a significant milestone in Manipal HealthMap’s expansion plans.
With this acquisition, Manipal HealthMap aims to strengthen its presence in key markets, including Maharashtra, Madhya Pradesh, and Karnataka, while consolidating its pan-India reach. The company plans to accelerate its expansion efforts to establish over 200 centers by 2027, further expanding into metro, tier 1, tier 2, and tier 3 cities through various business models, including public-private partnership (PPP), business-to-business (B2B), business-to-consumer (B2C), contract research organization (CRO), and institutional clients.
Key insights:
- Expansion and Market Penetration: By acquiring iGenetic Diagnostics, Manipal HealthMap is significantly bolstering its presence in crucial markets such as Maharashtra, Madhya Pradesh, and Karnataka. This move is part of a broader strategy to establish over 200 centers by 2027, expanding into various city tiers through diverse business models like PPP, B2B, B2C, CRO, and institutional clients.
- Integrated Diagnostic Network: The acquisition aims to create a more integrated and efficient diagnostic services network. This integration is expected to enhance the quality and affordability of pathological services, leveraging advanced technology and ensuring faster turnaround times.
- Strategic Growth and Consolidation: The Indian diagnostics sector, valued at $15 billion, is highly fragmented with over 100,000 laboratories. Manipal HealthMap’s acquisition strategy, including the earlier acquisition of Medcis Path Labs, indicates a trend towards consolidation. This trend is likely to shape the future of the sector, with integrated service providers leading the way.
- Technological and Service Expansion: Manipal HealthMap’s focus on high-end molecular diagnostics and critical care services, supported by a robust network of radiology and pathology centers, positions it well to meet the growing demand for specialized diagnostic services. The company’s operations span 17 states, offering a wide range of diagnostic services, including advanced testing protocols in NGS, molecular diagnostics, histopathology, cytogenetics, and microbiology.
- Regulatory Approval and Commitment: The merger’s approval by the National Company Law Tribunal (NCLT) underscores the regulatory support for such consolidations, reinforcing the company’s commitment to creating a more integrated diagnostic services network
“We are thrilled to welcome iGenetic Diagnostics into the Manipal HealthMap family, and this is a strategic step toward creating a more integrated and efficient diagnostic services network, offering cutting-edge solutions to patients across India,” said Dr. (Capt.) Sandeep Sharma, CEO at Manipal HealthMap .
With both greenfield and brownfield growth strategies in place, Manipal HealthMap is poised to further expand into Metro, Tier 1, Tier 2, and Tier 3 cities through various business models, ensuring a unified approach to providing high-quality diagnostic services across their network.
This acquisition is expected to enhance Manipal HealthMap’s diagnostic services portfolio, particularly in specialized testing areas such as oncology, infections, fertility, and more. The company remains committed to providing high-quality yet affordable pathological services, pivoted in technology, quality, and faster turnaround time.