The Indian healthcare industry, which comprises hospitals, medical infrastructure, medical devices, clinical trials, outsourcing, telemedicine, health insurance and medical equipment, is expected to reach US$ 160 billion by 2017.* *Technology is r…
The Indian healthcare industry, which comprises hospitals, medical infrastructure, medical devices, clinical trials, outsourcing, telemedicine, health insurance and medical equipment, is expected to reach US$ 160 billion by 2017. Technology is rapidly changing the way healthcare is delivered across the country. The Indian healthcare sector is expected to become a US $280 billion industry by 2020, with spending on health estimated to grow 14% annually, according to a report by an industry body.
Healthcare has emerged as one of the most progressive and largest service sectors in India, with an expected GDP spend of 8% in 2012, up from 5.5% in 2009. During the last five years, the rural healthcare sector has seen the addition of 15,000 health sub-centers and 28,000 nurses.
India leads all of Asia's key markets in revenue, technology, and trial costs, and it is expected to dominate in this vertical.
Latest Trends in the Healthcare Sector:
1) Telemedicine: used to connect remote rural populations to medical advice from specialists.
2) Telemedicine Technology: allows easy access for physicians to their colleagues in multiple locations across health facilities, thus offering the possibility of creating a network of health service providers.
3) Technology: to improve efficiency, Technology is offering comprehensive clinical and financial solutions that enable better decisions and outcomes for both businesses and patients, improve revenue cycle, drive quality outcomes and accelerate image management and workflow.
4) Patient Remote Monitoring: Care from the admission to post discharge
5) Multispecialty Outpatient Clinics: large number of providers are setting up chains
6) Medical City: relatively new concept offering immense growth opportunities
7) Medical Tourism: great boon for the healthcare industry
Challenges faced by India in the Healthcare Sector:
1) Diabetes Capital of the World: According to the International Diabetes Federation (IDF), India is expected to be the diabetes capital of the world, with the number of diabetes cases expected to increase from nearly 60 million in 2011 to 100 million by 2030.
2) Rising Costs & Increased Customer Expectation: reason being the health facilities are increasingly run by corporates and funded through private equity, which demands better management practices
3) Dual disease Burden: Changes in the lifestyle of the people is the result of dual disease burden 4) Private Partnerships: The Public Sector is keen to continue to encourage private investment in the healthcare sector and is now developing Public €“ Private Partnerships i.e. PPP models to improve availability of healthcare services and provide healthcare financing.
India has witnessed an increase in the number of patients from Africa, CIS countries, Gulf and SAARC nations, Pakistan, Bangladesh and Myanmar, who mainly come for organ transplant, orthopedic, cardiac and oncology problems.
The country's healthcare system is developing rapidly and it will continue to expand in terms of services and spending in both the public as well as private sectors. This is creating a large market for hospital information systems and other healthcare-related IT solutions.
India, thus offers favorable demographic virtues which are an attractive market for healthcare providers and investors in India. Healthcare Industry is the future and INDIA is the next big Healthcare Hub of the World.