Healthcare

India's Thriving Healthcare Sector: A Booming Industry

The healthcare sector has emerged as a powerhouse within India, boasting significant contributions to both revenue and employment. Encompassing a wide spectrum, healthcare in India includes hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance, and medical equipment. The sector is experiencing rapid growth, propelled by enhanced coverage, services, and increased investments from both public and private entities.

India's healthcare system is bifurcated into two primary components: public and private. The public healthcare system, governed by the government, focuses on providing essential healthcare services, with limited secondary and tertiary care facilities primarily situated in key urban centers. In rural areas, the emphasis is on establishing Primary Healthcare Centers (PHCs) to deliver fundamental healthcare services. On the other hand, the private sector plays a pivotal role by offering the majority of secondary, tertiary, and quaternary care services, predominantly concentrated in metropolitan areas as well as tier-I and tier-II cities.

A significant competitive advantage for India lies in its extensive pool of well-trained medical professionals. The country stands as a cost-effective healthcare destination compared to its counterparts in Asia and the Western world. The cost of medical procedures in India is approximately one-tenth of that in the US or Western Europe, attracting a surge in medical tourism from patients worldwide. Additionally, India has positioned itself as a prominent hub for R&D activities for international players due to its comparatively lower costs in conducting clinical research. This advantageous position further fuels the growth and development of the healthcare industry within the nation.

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Market Size

The Indian healthcare sector is experiencing a substantial growth trajectory, poised for remarkable expansion. Projections indicate a remarkable three-fold rise, anticipating a Compound Annual Growth Rate (CAGR) of 22% between 2016 and 2022. This growth trajectory is expected to elevate the industry's value from US$ 110 billion in 2016 to a staggering US$ 372 billion by 2022. Furthermore, the healthcare infrastructure in India is forecasted to reach a noteworthy US$ 349.1 billion by FY22.

In terms of public expenditure on healthcare, India has been progressively amplifying its commitment. Recent data highlights an allocation of 2.1% of the Gross Domestic Product (GDP) in FY23 and 2.2% in FY22 towards healthcare, a notable increase from the 1.6% witnessed in FY21, as affirmed by the Economic Survey 2022-23.

The health insurance segment is a significant contributor to the industry's growth, with premiums underwritten by health insurance companies reaching a substantial figure of Rs. 73,582.13 crore (US$ 9.21 billion) in FY22. This segment commands a significant share, accounting for 33.33% of the total gross written premiums earned in the country.

The medical tourism market in India is gaining momentum, propelled by factors like cost-effectiveness and high-quality medical services. The sector was valued at US$ 2.89 billion in 2020 and is projected to surge to an impressive US$ 13.42 billion by 2026. Notably, India has earned the tenth position in the Medical Tourism Index (MTI) for 2020-21 among 46 destinations, as reported by the Medical Tourism Association.

Moreover, the e-health market, an emerging domain leveraging digital technologies for healthcare solutions, is estimated to expand substantially. The market size is anticipated to reach a substantial US$ 10.6 billion by the year 2025, showcasing the burgeoning potential of digital health solutions.

However, despite these advancements, the country is cognizant of its doctor population ratio, recognizing the need for a more extensive medical workforce. As of the latest data, the doctor population ratio in India stands at 1:854, factoring in the availability of allopathic and AYUSH doctors. Addressing this ratio remains a priority to ensure comprehensive and accessible healthcare services for the population.

Advantage India: Thriving Healthcare Landscape

Strong Demand: The Indian healthcare market is on a trajectory to reach a substantial US$ 372 billion by 2022, propelled by multiple factors including increasing income levels, heightened health awareness, lifestyle-related diseases, and improved access to insurance. This surge in demand underpins a robust healthcare sector in India.

Attractive Opportunities: India's public expenditure on healthcare has witnessed a notable increase, reflecting a clear commitment. Allocating 2.1% of the GDP in FY23 and 2.2% in FY22, as compared to 1.6% in FY21, portrays the government's dedication to enhancing the nation's health infrastructure.

Additionally, India's robust response to the COVID-19 pandemic through the deployment of two key vaccines, Covaxin and Covishield, played a pivotal role in protecting the population against the virus, showcasing the country's resilience and capabilities in the face of healthcare challenges.

Rising Manpower: India stands as a hub for well-trained medical professionals, boasting a vast pool of skilled healthcare practitioners. The significant rise in the number of allopathic doctors, reaching 1.3 million in November 2021, compared to 0.83 million in 2010, underscores the abundant availability of medical expertise.

Policy and Government Support: The Indian government's unwavering support for the healthcare sector is evident through substantial allocations and ambitious programs. In the Union Budget 2023-24, a significant allocation of Rs. 89,155 crore (US$ 10.76 billion) was earmarked for the Ministry of Health and Family Welfare (MoHFW), signifying a commitment to bolster healthcare provisions.

Furthermore, the government's forward-looking plan to introduce a credit incentive program worth Rs. 500 billion (US$ 6.8 billion) underscores the dedication to fortify the nation's healthcare infrastructure. These proactive policy initiatives offer an encouraging outlook for the sector's growth and development.

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