Redcliffe Labs on Friday announced that it is planning to invest further $10 million towards the expansion of its genetic and specialised testing portfolio.
The company, which has a focus on next-generation technologies in the diagnostics space after building AI platform, has already invested $6 million earlier into genetics and specialised testing coverage from Prenatal to Oncology, Neurology, Nephrology, Gut Microbiome and the fastest-growing Pharmacogenomics.
“We plan to add advanced High throughput NGS facilities at our expanded NRL site and de-centralised low throughput sequencers across all Regional Reference labs. This will bring the fastest TAT to our clinicians and truly build affordable genomics. The technology choices are governed by main factors like reducing sequencing cost and innovation led by market leaders like Illumina, ThermoFisher, Oxford Nanapore, etc. We have also restructured our KOL national teams and integrated our specialised focus with routine teams bringing additional efficiencies on the new scale. We have also increased our offering, with a very large in-house team serving clinicians everyday across 100+ cities giving them access to genetic counselling, research projects and deeper clinical insights on each report,” Dheeraj Jain, Founder & MD, Redcliffe Labs said in a statement.
According to the company, Redcliffe Labs at present has more than 43 labs and more than 1100 authorised collection centres, and it is working towards building additional 57 labs in the next 6 months, 1200 collection centres, and be accessible in more than 200 cities and 3500 pin-codes by June’23.
The global market for genetic testing is anticipated to develop at a compound annual growth rate (CAGR) of 11.50 percent and reach a value of over $22,800 million between 2019 and 2024, according to a study report by Market Research Future (MRFR).
By the end of 2024, the prescribed genetic testing segment is anticipated to account for more than $21,600 million, it claimed.
Even though the market for genetic testing in India has grown by over 15 percent to reach Rs 400–500 million, this figure comes nowhere close to the sector’s potential for growth as compared to the US or India’s market for regular diagnostics, which is worth Rs 40,000 million. China conducts approximately 10-12 million tests per year, whereas the United States conducts over 100-150 million.
“Out of the 26 million babies born in the country each year, at least a million are born with hereditary diseases, the majority of which go undiagnosed. To address this issue of genetic testing, our genetics lab in Noida is equipped with the most advanced and high-end sequencing systems, like the Novaseq 6000′ Sequencing System and Spatial Genomics, which are useful in the diagnosis of rare conditions in new-borns, infants, and in prenatal settings. The NRL located at Noida is well equipped to perform different tests such as new-born screening (baby screen); non-invasive prenatal screening; marker screening; couple carrier screening; cytogenetics (Karyotype, FISH, Chromosomal Microarray) and exome sequencing,” Puneet Gupta, Co-founder & COO, Redcliffe Labs said.