Medical and Healthcare Sector in India
Medical and Health care sector has now been India's backbone in terms of both revenue and employment. The medical sector includes hospitals, clinical gadgets, clinical preliminaries, outsourcing, telemedicine, health insurance, medical coverage and clinical instruments. The Indian medical and health care sector is developing at a lively pace because of its fortifying inclusion, benefits and rising demand by the public.
Indian medical care conveyance is sorted into two significant parts; public and private. The Government, the public medical care system, involves secondary and tertiary care organizations in prime urban communities and focuses on giving basic medical care services.
India's upper hand lies in its high class professional medical practitioners. India is likewise cost serious in comparison with other Asian and Western nations. The expense of a medical procedure in India is around one-10th of that in the US or Western Europe. India positions 145 among 195 nations regarding the quality and accessibility of medical care.
Investment
Hospitals and clinical centres have pulled in Foreign Direct Investment (FDI) worth US$ 6.72 billion between April 2000 and March 2020, as per the information delivered by the Department for Promotion of Industry and Internal Trade (DPIIT). A portion of the new interests in the Indian medical services industry are as per the following
Major Projects
Atmanirbhar Bharat Abhiyaan - Self Reliant India
A special economic and comprehensive package of INR 20 lakh crores towards promoting manufacturing in India
Life Expectancy
Life expectancy is going to exceed 70 years by 2022, hence more healthcare services required
Insurance Coverage
20% Indians covered; expected to rise with rising incomes, urbanization
Emergence of telemedicine
Along with these, the emergence of telemedicine, and government initiatives like e-health married with tax benefits and incentives are driving the healthcare market in India.
Medical Infrastructure
Over $200 bn to be spent on medical infrastructure by 2024
Future Predictions-
By 2020, India is expected to rank amongst the top 3 healthcare markets in terms of incremental growth
By 2020, the healthcare information technology market is expected to grow 1.5 times from the current $1 bn
By 2022, the diagnostics market is expected to grow at a CAGR of 20.4% to reach $32 bn from $5 bn in 2012
During 2015-20, the in-patient market is expected to grow at a CAGR of 13% By 2020, the Indian telemedicine market is expected to grow at a Compound Annual Growth Rate (CAGR) of 20% to reach $32 mn from $15 mn
Over the next 10 years, National Digital Health Blueprint can unlock the incremental economic value of over $200 bn for the health sector.
100% FDI is allowed under the automatic route for greenfield projects. For investments in brownfield projects, up to 100%, FDI is permitted under the government route.
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