Healthcare is a largest sector in India in terms of revenue and employment. It comprises of hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment. It was observed that the Indian healthcare sector is growing rapidly due to its services and consumers awareness in medical safety. The country’s health care system is categorized into public and private healthcare system. The government handles the public healthcare system as limited secondary and tertiary healthcare institutions are available in major cities and provides basic healthcare facilities in the form of primary healthcare centres (PHCs) in rural areas. The private healthcare in India facilities are established as secondary, tertiary and quaternary healthcare institutions in metros, tier I and tier II cities.
India consists of a large pool of well-trained medical professionals and the cost of surgery in India is less compared to the other countries which is about one-tenth of that in the US or Western Europe. The increase in advanced technological and digital adoption in Indian healthcare market will witness a three times growth over the next few years. India healthcare industry infrastructure and expenditure continues to rise with more diversification and opportunities. The country is the world’s leading destinations for high-end diagnostic services with huge capital investment for advanced diagnostic facilities, vast opportunities in R&D and medical tourism. The Indian government is focussed on advanced medical technology, well trained medical professionals, new policies to reduce tax and creating new drug-testing laboratories to attract global consumers.
88% of the antiretroviral drugs used for treatment of AIDS (Acquired Immuno Deficiency Syndrome) are supplied by Indian pharmaceutical firms. 70% of the rural population in India will demand for sophisticated health services. Healthcare in India is concentrated around urban areas where consumers have higher spending power. India also possesses AYUSH (Ayurveda, Yoga & Naturopathy, Unani, Siddha and Homoeopathy) treatment as an alternative medicine to the people and has 3,600 hospitals and 26,000 dispensaries across the country.
According to Health Care Industry Analysis, India is a land full of opportunities for players in the medical devices industry. India healthcare industry is one of the fastest growing sectors and in the coming 10 years it is expected to grow at a constant rate. The country has also become one of the leading destinations for high-end diagnostic services with tremendous capital investment for advanced diagnostic facilities, thus catering to a greater proportion of population. Besides, Indian medical service consumers have become more conscious towards their healthcare upkeep.
India is witnessing a continuing rise in communicable diseases and a spurt in non-communicable or lifestyle diseases. As a result the disease burden is growing on ageing population. In Indian rural areas, mobile technology and improved data services are playing a critical role in improving healthcare delivery. Despite possessing advanced and digital technology, India’s healthcare sector faces a lot of challenges due to less government spending and consumers’ spending from their personal savings compared to the other countries which offer healthcare support to their citizens. The private healthcare sector dominates healthcare delivery across the country. The majority of the population living below the poverty line depend on public healthcare centres which are not fully equipped unlike private healthcare centres.
India has the world’s second-largest population and it is increasing drastically every year. Therefore, the already existing healthcare infrastructure is not enough to cater to the growing demands of the increasing population. The central and state governments in India offer universal healthcare services, free treatment and essential drugs at government hospitals. However, almost all the public hospitals are understaffed and under-financed which forces patients to visit private medical practitioners and private hospitals. Indian government contribution to insurance is very less compared to the other countries. Majority of the consumers spend on healthcare from their savings or from their pocket and most of them do not possess a health insurance.
Health Care Industry Research and Market Reports helps to assess ways to improve the quality of healthcare in India, the government needs to boost rural development, advanced medical infrastructure and macroeconomic stability. Healthcare in India should be uniquely balanced to undergo a change at all its stages such as prevention, diagnosis, and treatment so that no single entity in the healthcare sector can work in isolation. Increasing disposable income, health awareness, increased lifestyle diseases and access to insurance would be the key contributors to growth in Indian healthcare sector. Over 58,000 job opportunities in healthcare sector are expected to be generated by the year 2025.
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Ankur Gupta, Head Marketing & Communications