Metropolis Healthcare Limited is acquiring Core Diagnostics for $29 million to enhance its oncology testing capabilities and expand its market presence in India.

Information on the Target

Core Diagnostics Private Limited, founded in 2012, specializes in providing advanced diagnostic services, particularly in oncology. The company operates over 200 locations across India, including nine laboratories, and offers more than 1,300 high-end diagnostic tests. Core Diagnostics also employs a franchisee network that extends its services to more than ten countries across Asia, Africa, and the Middle East. It has gained traction in the market with backing from notable private equity firms, including Artiman Ventures, F-Prime Capital Partners, and Eight Roads Ventures.

Industry Overview in India

The Indian diagnostic market, particularly focused on oncology, is witnessing rapid growth, projected to expand at a compound annual growth rate (CAGR) of 17.5% from 2023 to 2028. This growth is attributed to a myriad of factors including increasing cancer incidences, advancements in technology, enhanced healthcare access, and rising public awareness regarding early detection and treatment of cancer.

An increasing number of diagnostic labs and improved healthcare infrastructure are pivotal in accommodating the increasing demand for cancer testing services. Furthermore, the integra