The health care industry is one of the world’s largest and fastest-growing industries, absorbing over 10% of gross domestic product of most developed nations.
India is one of the world’s most lucrative healthcare markets, and is expanding rapidly.The Indian healthcare industry is seen to be growing at a much rapid pace than it was anticipated before and is expected to become a Rs.12,60,000 Cr. by 2020. Most of the existing players in the Healthcare Industryannounced huge expansion plans, many large companies and corporates declared that they would be putting in huge investments in Healthcare Delivery.
The increase in expenditure by government towards enhancement of medical facilities is a big plus, as is the involvement of large corporate houses. The reduction in customs and excise duties on various items is proving to be of great help to the sector resulting in the formation of the healthy competition.
The various Opportunities within India’s Healthcare and Medical Sector are listed below:
Medical Tourism On The Rise:
India is fast emerging as a global medical tourism hub with international patient base growing in double digits year on year. India has become a hot medical destination for patients in the Middle East, Africa and even the West. This rising trend has resulted in an increase in investments by healthcare providers in installing best in class medical equipments, upgrading technology and seeking quality accreditation.
Emerging Health Insurance Market:
In recent years, there has been a liberalization of the Indian healthcare sector to allow for a much-needed private insurance market to emerge. Due to liberalization and a growing middle class with increased spending power, there has been an increase in the number of insurance policies issued in the country. In response to liberalization, a large number of international private insurance companies are moving into India and forming joint ventures.
Recently we have seen many new investments in healthcare infrastructure facilities in India. With the advent of private insurance and the emergence of India as a medical tourism destination, there also has been a surge of growth in so-called “super specialty” hospitals, which have teams of specialists, sophisticated equipment, links to other medical centers, and the ability to treat a broad range of ailments.
Medical Equipment Market:
Recently many international companies have expanded their operations in the Indian market
and established manufacturing facilities to assemble equipment for the domestic market and export sales.
Booming Pharmaceutical Industry:
Pharmaceutical industry has become one of the most emerging industry in India.ThePharmaceutical industry in India is the world’s third-largest in terms of volume and stands 14th in terms of technology, quality and range of medicines manufactured.
India’s economy is flourishing and the middle class is getting stronger with more disposable income to spend on healthcare services. The Indian healthcare sector is scaling new heights and is bound to gross Rs.1.3 trillion in revenue by 2020. Therefore, dealing into the healthcare sector in India today is certainly an opportunity forentrepreneur keen on making a qualitative difference in medical and healthcare sector as a whole.
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The growth of Indian Healthcare market is really remarkable. Increase in healthcare insurance can be an important factor for this growth. Although medical tourism is not very popular as compared to other Asian countries, we hope it picks up in the coming years with improved medical facilities.
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