The horizon of Indian healthcare landscape is widening as never before. New technology and advanced equipments are being developed by both Private and Public players to treat patients to their satisfaction. Companies have come up with innovative products and services to tap booming market of the healthcare ecosystem. In terms of revenue and employment, the Industry is counted as one of the largest Indian sector.
The healthcare ecosystem is growing largely due to rising demand of ‘quality affordable service’ from across India. Rural India which is around 70 per cent of the whole population has emerged as a potential demand source.According to a Assocham report, the India’s healthcare market is growing in fast pace. The value of the sector in 2016 was $110 billion, which is expected to rise upto $372 billion by 2022. The Industry will see a compounded annual growth rate (CAGR) of 22 per cent.
The Medical devices market, which was valued at $4 billion in 2016, will touch $11 billion mark by 2022. The Healthcare Information Technology (IT) market, which is valued at $1 billion currently, most likely to grow 1.5 times by 2020.Experts and top leaders of this field believe that the sector is booming due to growing lifestyle diseases which force people to look for cost-effective quality medical services. In addition to this, emergence of telemedicine, penetration of health insurance companies (in rapid manner), mergers and acquisitions along with various government schemes are becoming the driving force for the healthcare industry.
Government has also taken many initiatives with sharp focus on empowering citizens to access quality healthcare services. A slew of measures, including affordable health insurance coverage and the Jan Aushadhi Yojana were taken. To make whole process transparent and easily accessible, Government initiated National Health Portal and digitized government hospital services under the ‘Digital India Mission’.