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, writes Dr P Siva Kumar, CEO, Trivitron Healthcare, in this insightful article on the Indian healthcare industry.
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's competitive advantage lies in its large pool of well-trained medical professionals apart from being 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 Indian healthcare market, which is worth around 100 billion, will likely grow at a CAGR of 23 per cent to $280 billion by 2020.The revenue of India's corporate healthcare sector is estimated to grow at 15 per cent in Financial Year 2017-18.
India is experiencing 22-25 per cent growth in medical tourism and the industry is expected to double its size from present (April 2017) $3 billion to $6 billion by 2018. Medical tourist arrivals in India increased more than 50 per cent to 200,000 in 2016 from 130,000 in 2015. As the number of hospitals that are being accredited and recognised, apart from enhanced awareness to develop their quality to meet international standards, India should become a healthcare hub in years to come.
The Healthcare Information Technology (IT) market is valued at $1 billion currently (April 2016) and is expected to grow 1.5 times by 2020.
Over 80 per cent of the antiretroviral drugs used globally to combat AIDS (Acquired Immuno Deficiency Syndrome) are supplied by Indian pharmaceutical firms.
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.