Manipal HealthMap on Tuesday announced that it has completed the acquisition of a 100 percent stake in iGenetic Diagnostics, a specialized diagnostics chain based in Mumbai.
According to the company’s statement, the merger has received approval from the National Company Law Tribunal (NCLT), marking a significant milestone in the ongoing consolidation of India’s diagnostics sector.
“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 merger aligns with Manipal HealthMap’s strategic goal of creating an integrated and efficient diagnostics network, delivering high-quality, technologically advanced services to patients across the country. 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,” the company said in a statement.
iGenetic Diagnostics, established in 2013, is recognized for its focus on high-end molecular diagnostics and critical care services. Its expertise will complement Manipal HealthMap’s existing portfolio, particularly in specialized testing areas such as oncology, infections, fertility, and more, it stated.
“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. 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 Turn Around Time,” Dr. (Capt.) Sandeep Sharma, CEO at Manipal HealthMap, said.
Following the merger, 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, it added.
The company is controlled by the Manipal Group along with Morgan Stanley. It 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.
This merger follows Manipal HealthMap’s earlier acquisition of Medcis Path Labs, a move that deepened its market penetration and established a comprehensive diagnostic platform, it added.
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, the company stated.
