Healthcare Industry in India Analysis
Autor: Ranjita Kumar Mahapatra • January 15, 2019 • Case Study • 522 Words (3 Pages) • 557 Views
Healthcare Industry Analysis
Executive Summary
At the turn of this century, Health outcomes in India and the quality of the underlying health system lagged those of peer nations. From such a weak starting position, the progress made in the last decade has been mixed. The government has recognized the need for reform and has re-emphasized its vision of creating access to a minimum set of healthcare services for all. The Twelfth plan seeks to strengthen initiatives taken to expand the reach of health care and work towards the long term objective of establishing a system of Universal Health Coverage (UHC) in the country.
India has embarked upon a journey of healthcare system transformation. Healthcare has become one of India’s largest sectors - both in terms of revenue and employment. The Indian healthcare industry, which comprises hospitals, medical infrastructure, medical devices, clinical trials, outsourcing, telemedicine, health insurance and medical equipment, is growing at a very rapid level.
During recent times, the healthcare delivery in India has improved considerably, which is mainly evident from improvement in key health indicators such as decline of mortality rates for infant and mother and rise of average life expectancy at birth. The hospital & healthcare sector in India, as an industry, is very much in a state of evolving maturity. The private sector has played an important role in improving access and quality during the timeframe and experienced unprecedented growth during this period.
India is expected to rank amongst the top 3 healthcare markets in terms of incremental growth by 2020. In 2017, Indian healthcare sector stood as the 4th largest employer as the sector employed a total of 319,780 people, and further to this the Asian Research and Training Institute for Skill Transfer (ARTIST) announced plans to create around 1 million skilled healthcare providers by 2022.
Indian healthcare sector is expected to advance at a CAGR of 22 per cent during 2016-2022 to reach US$ 372 billion by 2022. There is immense scope for enhancing healthcare services penetration in India, thus presenting ample opportunity for development of the healthcare industry.
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