Healthcare industry in India comprises of hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment. The industry is growing at a tremendous pace owing to its strengthening coverage, services and increasing expenditure by public as well as private players.
Growing incidence of lifestyle diseases, rising demand for affordable healthcare delivery systems due to the increasing healthcare costs, technological advancements, the emergence of telemedicine, rapid health insurance penetration and government initiatives like e-health together with tax benefits and incentives are driving healthcare market in India.
- 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 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