Footfalls for ICRA’s sample set of companies expanded by 9% YoY in FY2026, following an 8% growth in FY2025, reflecting sustained demand momentum post Covid-19. This increase has been driven by structural factors such as rising incidence of lifestyle diseases and NCDs, increasing health awareness, improving insurance penetration, and expanding market share of organised players, supported by deeper penetration into Tier 2 and Tier 3 cities. 

Volumes for diagnostic companies typically peak in Q2 of each fiscal due to higher incidence of infectious diseases during the monsoons. Volumes decline sequentially in Q3 amid the festive-period slowdown in elective surgeries and patient visits. Bolstered by income tax benefits offered on preventive diagnostic tests and deadlines associated with annual corporate medical checkup quotas, diagnostic labs tend to witness sequentially higher footfalls in Q4.