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.
India, a country recognized for its warm hospitality and the perfect blend of vibrant art and cultures, is also one of the most preferred countries for medical tourism. The continuously increasing number of multi-specialty hospitals and technologically evolving medical assistance has led India to the list of one of the most favored places for health and medical tourism.
Healthcare in India is cost-effective. The low medical cost, alongside superior quality healthcare service, is what makes people from all around the world, fly to India for their treatment. Additionally, India excels in the state of the art medical facilities, reputed health care professionals, quality nursing facilities, and traditional healthcare therapies.
Additionally, the government extensively investing in developing new technologies and improving the healthcare infrastructure in India, countries with limited resources or relatively expensive medical facilities are seen contributing towards the growing medical tourism of India.
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. India ranks 145 among 195 countries in terms of quality and accessibility of healthcare.
Wide Road Ahead
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 the population. Besides, Indian medical service consumers have become more conscious of 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. The hospital industry in India is forecast to increase to Rs. 8.6 trillion (US$ 132.84 billion) by FY22 from Rs. 4 trillion (US$ 61.79 billion) in FY17 at a CAGR of 16–17%.
The Government of India is planning to increase public health spending to 2.5% of the country’s GDP by 2025.
India’s competitive advantage also lies in the increased success rate of Indian companies in getting Abbreviated New Drug Application (ANDA) approvals. India also offers vast opportunities in R&D as well as medical tourism. To sum up, there are vast opportunities for investment in healthcare infrastructure in both urban and rural India.