Manipal HealthMap, the diagnostics arm of Manipal Group, on Tuesday said it has fully acquired Mumbai-based iGenetic Diagnostics for an undisclosed amount.
Sources told ET that the deal size would be around Rs 200 crore.
With this acquisition, Manipal HealthMap is set to strengthen its presence in key markets, including Maharashtra, Madhya Pradesh, and Karnataka, while expanding its pan-India reach. The acquisition will also complement Manipal HealthMap’s existing portfolio, particularly in specialized testing areas such as oncology, infections, fertility, and more.
iGenetic Diagnostics, established in 2013, focuses on high-end molecular diagnostics and critical care services. The company in In 2017, raised around $20 million (Rs 130 crore) from Manipal Education & Medical Group (MEMG) and Britain's CDC Group.
Following the acquisition, Manipal HealthMap plans to accelerate its expansion efforts to establish over 200 centers by 2027, solidifying its leadership in the integrated diagnostics sector. 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, including PPP, B2B, B2C, CRO, and institutional clients.
Manipal HealthMap is controlled by the Manipal Group along with Morgan Stanley currently operates in 17 states, with a robust network of 55 radiology centers offering services like CT scans, MRIs, PET-CT, ultrasounds, X-rays, and ECGs. Additionally, its pathology division covers 35 locations and provides specialized testing protocols across multiple areas of diagnostics, including NGS, molecular, histopathology, cytogenetics, and microbiology. Manipal HealthMap’s all operations are carried out under the Manipal TRUtest brand, ensuring a unified approach to providing high-quality diagnostic services across their network.
This acquisition follows Manipal HealthMap’s earlier acquisition of Medcis Path Labs, a move that deepened its market penetration and established a comprehensive diagnostic platform.
“This acquisition is in sync with our brand salience to serve patients across multiple states with high quality yet affordable pathological services pivoted in technology, quality, and faster turnaround time,” said Dr. Sandeep Sharma, CEO at Manipal HealthMap.
India’s diagnostics sector, valued at $15 billion, is experiencing rapid growth, yet remains fragmented with over 100,000 laboratories across the country. As private equity investment continues to flow into the sector, consolidation trends are expected to shape the future of diagnostics, with integrated service providers like Manipal HealthMap leading the charge.
Sources told ET that the deal size would be around Rs 200 crore.
With this acquisition, Manipal HealthMap is set to strengthen its presence in key markets, including Maharashtra, Madhya Pradesh, and Karnataka, while expanding its pan-India reach. The acquisition will also complement Manipal HealthMap’s existing portfolio, particularly in specialized testing areas such as oncology, infections, fertility, and more.
iGenetic Diagnostics, established in 2013, focuses on high-end molecular diagnostics and critical care services. The company in In 2017, raised around $20 million (Rs 130 crore) from Manipal Education & Medical Group (MEMG) and Britain's CDC Group.
Following the acquisition, Manipal HealthMap plans to accelerate its expansion efforts to establish over 200 centers by 2027, solidifying its leadership in the integrated diagnostics sector. 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, including PPP, B2B, B2C, CRO, and institutional clients.
Manipal HealthMap is controlled by the Manipal Group along with Morgan Stanley currently operates in 17 states, with a robust network of 55 radiology centers offering services like CT scans, MRIs, PET-CT, ultrasounds, X-rays, and ECGs. Additionally, its pathology division covers 35 locations and provides specialized testing protocols across multiple areas of diagnostics, including NGS, molecular, histopathology, cytogenetics, and microbiology. Manipal HealthMap’s all operations are carried out under the Manipal TRUtest brand, ensuring a unified approach to providing high-quality diagnostic services across their network.
This acquisition follows Manipal HealthMap’s earlier acquisition of Medcis Path Labs, a move that deepened its market penetration and established a comprehensive diagnostic platform.
“This acquisition is in sync with our brand salience to serve patients across multiple states with high quality yet affordable pathological services pivoted in technology, quality, and faster turnaround time,” said Dr. Sandeep Sharma, CEO at Manipal HealthMap.
India’s diagnostics sector, valued at $15 billion, is experiencing rapid growth, yet remains fragmented with over 100,000 laboratories across the country. As private equity investment continues to flow into the sector, consolidation trends are expected to shape the future of diagnostics, with integrated service providers like Manipal HealthMap leading the charge.
