Healthcare Industry in India

Health

Healthcare Industry in India

Healthcare industry is the largest and growing sector in India in term of providing huge opportunities and revenue. This sector is expected to reach 372 billion USD by 2022 driven by lifestyle diseases, better health awareness.  The sector is in a growing phase due to increasing expenditure by private and public players. This industry comprises telemedicine, medical tourism, clinical trials, health insurance, and medical equipment.

  1. Healthcare industry in India is the 4th largest employer and supposed to generate 40 million jobs by 2030.
  2. India is all set to spend 2.5% of its GDP on public health
  3. By 2020, India is supposed to be in the top 3 healthcare markets in terms of constant growth
  4. By 2022, India diagnostics market will be expected to grow at a CAGR of 20.4% to reach $32 bn.
  5. India telemedicine market is supposed to grow at a CAGR of 20.4% to touch 32 billion USD.
  6. In the upcoming years, National Digital Health Blueprint can unleash a progressive economic value of 200 billion USD for the health sector.
  7.  The healthcare IT market is supposed to grow 1.5 times from the current value of 1 billion USD.
  8. 370% increase in health expenditure during 2000-2014
  9. 45.6% increase in total investment in health tech startups.
  10. The health industry is expected to rise by CAGR of 22.9% during 2015 – 2020. And expected to reach 372 billion USD

Growth Drivers

  1. Rising Lifestyle Diseases – NCDs contribute to 50% of the disease burden and 60% of all deaths in India.
  2. Life Expectancy – Life expectancy will be 70years by 2022, it will increase the demand for health care services.
  3. Insurance Coverage– Insurance sector of India is growing and supposed to be increased.
  4. Emergence of Telemedicine
  5. Medical infrastructure – Government planned to spend 200 billion USD on medical infrastructure by 2024.
  6. Atmanirbhar Bharat Abhiyaan– Additional package of 200 lakh crore to promote the manufacturing in India.

Government Initiatives

  1. 100% FBI allowed in the sector through the automatic route by the Indian government.
  2. The Indian government is planning to increase budget allocation every year.

Government Schemes

  1. Ayushman Bharat – National Health Protection Mission
  2. Central Sector Scheme for Conservation, Development  and Sustainable Management
  3. Central Sector Scheme for Promotion of Information  Education and Communication
  4. National Ayush Mission
  5. National Digital Health Mission
  6. National Health Policy 2017
  7. National Health Portal of India
  8. Rashtriya Arogya Nidhi ( RAN)
  9. Scheme for Development  of Ayush Clusters

Health Care Startups in India

Healthcare startup is playing a vital role in the development of the health care market. Here is the list of the segment with allocating fund.

  1. Fund of worth 416 million USD provided to Healthcare IT
  2. Fund of worth 962.4 million USD provided to Consumer Health-tech
  3. Fund of worth 153.7 million USD provided to Life science software
  4. Fund of worth 309.2 million USD provided to fitness and wellness
  5. Fund of worth 81 million USD provided to healthcare analytics

Key Stakeholders of Health Care

  1. Ministry of Health & Family Welfare
  2. Medical Council of India
  3. Central Bureau of Health Intelligence
  4. Central Drugs Standard Control
  5. Department of Pharmaceuticals

Key Players of India

Here are the major players of India playing an important role to enhance and providing incremental growth to the healthcare sector.

  1. Apollo
  2. Fortis Healthcare
  3. Naranya Health
  4. Medanta, the Medicity
  5. Max Healthcare
  6. Manipal Hospitals
  7. Columbia Asia

Healthcare Industry Trends

  1. Telemedicine
  2. Artificial Intelligence
  3. Robotic Surgeries
  4. Mobile and Wearable Devices

Source: (investindia.gov.in)