Potential of health services in India

Healthcare has become one of India’s largest sectors, both in terms of revenue and employment. Healthcare comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment.

The Indian healthcare sector is growing at a brisk pace due to its strengthening coverage, services and increasing expenditure by public as well private players.

The Indian healthcare delivery system is categorised into two major components: Public and private. 

The Government, i.e., public healthcare system, comprises limited secondary and tertiary care institutions in key cities and focuses on providing basic healthcare facilities in the form of Primary Healthcare Centres (PHCs) in rural areas.

The private sector provides a majority of secondary, tertiary, and quaternary care institutions with major concentration in metro cities.

India’s competitive advantage lies in its large pool of well-trained medical professionals. India is also cost competitive compared to its peers in Asia and Western countries.

The cost of surgery in India is about one-tenth of that in the US or Western Europe.

The healthcare market can increase three-fold to Rs. 8.6 trillion (US$ 133.44 billion) by 2022. In Budget 2021, India’s public expenditure on healthcare stood at 1.2% as a percentage of the GDP.

A growing middle-class, coupled with rising burden of new diseases, are boosting the demand for health insurance coverage With increasing demand for affordable and quality healthcare, penetration of health insurance is poised to expand in the coming years.

India is a land full of opportunities for players in the medical devices industry. 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. 

The Indian healthcare sector is much diversified and is full of opportunities in every segment, which includes providers, payers, and medical technology.

With the increase in the competition, businesses are looking to explore the latest dynamics and trends which will have a positive impact on their business.

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