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Our analysis of healthcare scenario in India: What’s in store at MediHealth Congress 2011?
Industry leaders unanimously opine that the Indian healthcare sector is currently witnessing its peak in terms of business potential and return on investment. It is expected to become a $ 280 billion industry by 2020 with spending on health estimated to grow by 14 per cent annually. The private sector in India is leveraging on this business potential and various big brands have started aggressive expansion on this front. Some of the companies that plan to make their presence felt in the healthcare sector in a major way include Reliance Health, Sahara Group amongst others
The size of Indian medical technology industry may touch $ 14 billion by 2020 from $ 2.7 billion in 2008. Additionally, the health insurance market in the country has emerged as a new and lucrative growth avenue. Healthcare retail has deepened its roots in India and is growing at a rapid pace. The Indian medical tourism industry is presently at a nascent stage, but has an enormous potential for future growth and development owing to low cost range of treatments provided by the country. The growth in India’s medical tourism market will be a boon for several associated industries, including hospitals, medical equipment as well as the pharmaceutical industry. Telemedicine & mobile technology are gaining momentum and the rural healthcare sector is also on an upsurge.