Overview of Market
The Indian Healthcare Industry is all set for a steep growth. Statistics show that the growth of investments into the Industry has been in the double digit. The no of foreign players in the country in this Industry is growing. India is being recognized as global destination for the healthcare industry. There is a need for addressing these changes and developments which are happening at a rapid pace.
The Current Medical devises and equipment market is around US $ 3.15 billion. It is expected to grown steadily at around 18% annually. The various verticals growth is depicted in the graph below.
Industry Analysis Trends
The Corporate hospital groups such as Apollo, Escorts, Wockhardt, Fortis & Max together receive approximately 3000-5000 international patients each year.There is a growth of 30 to 35% annually to the patients coming from abroad. The patients are mainly from developed countries besides Middle East & African countries along with patients of Indian Origin who reside abroad
The various nationalites come here for Cardiac, Orthopedics and Dental specialties and increasingly a number of Insurance companies abroad are favouring India as a healthcare destination. The one of the main reasons is that of the cost to conduct any surgery is among the lowest in the world but in terms of care & recovery it is the highest.
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Indian
Healthcare - New Avenues for Growth |
India represents the world’s second largest populated
country. Hence 65% of the healthcare industry is still to be
developed in India. So the country is becoming a source of
opportunities for players operating in these segments.
The Healthcare industry is expected to grow at 15% p.a., to
reach US$79 billion by FY 2012
Total healthcare spending in India is expected to grow at a
CAGR of 17% between 2007 and 2012.
In India, 80% of healthcare payments are still paid
out-of-pocket.
Around 76 Million Indians are expected to be above 65 years
of age by 2012, thereby increasing the prevalence of several
chronic diseases.
India, with one of largest population with diabetes and
cardiovascular diseases, has created a huge opportunity for
healthcare products and services for these indications.
The large-scale prevalence of both infectious and
lifestyle-related diseases has created a big opportunity for
the IVD market in India.
Strong human resources and cost advantage has enabled India
to emerge as a strong outsourcing destination. |
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