Diagnostics platform Redcliffe Labs on Friday said it plans to invest additional USD 10 million (around Rs 81 crore) to expand its genetic and specialised testing portfolio.
The company, which has a focus on next generation technologies in the diagnostics space after building an AI (artificial intelligence) platform, has already invested USD 6 million earlier into genetics and specialised testing coverage from prenatal to oncology, neurology and nephrology, among other segments.
"We plan to add advanced high throughput NGS (next-generation sequencing) facilities at our expanded NRL (national reference lab) site and de-centralised low throughput sequencers across all regional reference labs," Redcliffe Labs Founder & MD Dheeraj Jain said in a statement.
According to a study report by Market Research Future (MRFR), the global market for genetic testing is anticipated to develop at a compound annual growth rate of 11.5 per cent and reach a value of over USD 22,800 million between 2019 and 2024.
By the end of 2024, the prescribed genetic testing segment is anticipated to account for more than USD 21,600 million, it claimed.
The market for genetic testing in India has grown by over 15 per cent to reach Rs 400-500 million.
Redcliffe Labs currently has over 43 laboratories and 1,100-plus authorised collection centres.
The company said it is working towards having an additional 57 laboratories in the next six months. It also plans to have 1,200 collection centres and become accessible in more than 200 cities and 3,500 pin codes by June next year.
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