Hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance, and medical equipment are all part of India’s health industry.
The healthcare sector holds the topmost priority for people all around the world.
The country had a horrifying experienced amid the coronavirus outbreak in the last two years and the harsh reality of the Indian healthcare system was seen. This outbreak has also led to improving the healthcare system of the Indian hospitals.
In India 2,82,970 new cases of the new variant of coronavirus, Omicron have been found with 441 deaths according to data issued by the government. This time the Indian government and the Indian healthcare system are in a better state to fight the virus.
In the 2021 budget government of India announced a 137% increase in healthcare spending to fill the gaps of the healthcare sector. In India, healthcare accounted for around 1.8 percent of GDP. A new initiative called the PM Aatmanirbhar Swasth Bharat Yojana was introduced, with a promise to spend Rs 64,180 crore on it over the next six years, with a focus on three areas: prevention, cure, and well-being.
In the GHS index, India ranks 66th out of 195 countries, with a score of 42.8 and a 0.8-point drop from 2019.
This year also an increase is expected in the Union Budget 2022 which is to be presented on February 12 and 13 by Finance Minister Nirmala Sitharaman.
Private players on the other hand also hold a very important role in the healthcare sector.
Vikram Thaploo, CEO of Apollo Telehealth stated, “digital health along with various innovations should be encouraged. The government should also support private players and startups in this segment to increase the current coverage of the locations including tier-2 and tier-3 cities to provide advanced healthcare facilities in these areas”.
India’s second-largest healthcare hospital chain operator, Max Healthcare Institute Ltd. has planned to invest 450 Million in the course of the next 4 years in India. This would help India to pace up its healthcare facilities.
- At a CAGR of 39% , the Indian healthcare industry is predicted to reach $372 billion by 2022.
- The Indian digital healthcare industry was worth INR 116.61 billion in 2018 and is expected to rise to INR 485.43 billion by 2024, with a compound annual growth rate (CAGR) of 27.41 % till 2024.
- The diagnostics industry is predicted to expand at a CAGR of 20.4% from $5 billion in 2012 to $32 billion by 2022.
- Telemedicine is India’s most promising eHealth area, with revenues estimated to reach $5.4 billion by 2025, expanding at a 31% compound annual growth rate (CAGR).
- The National Digital Health Blueprint has the potential to generate nearly $200 billion in added economic value for India’s healthcare industry over the next ten years.
- India has the world’s largest health insurance scheme (Ayushman Bharat), which is backed by the government. Since 2014, India has spent INR 17,691.08 crore in 157 new authorized medical colleges.