In words of revenue and employment, Healthcare has become one of India’s largest sectors. Healthcare include medical devices, outsourcing, telemedicine, health insurance and medical equipment, hospitals, clinical trials, medical tourism. Due to its services the Indian healthcare sector is growing at a high speed. Indian healthcare sector is divided into two major parts – one is Public and another is Private. Public Healthcare sector includes limited secondary and tertiary care institutions in major cities and target to providing basic healthcare facilities in the form of primary healthcare centres (PHCs).
Compared to its peers in Asia and Western countries, India is also cost competitive. In India the cost of surgery is about one-tenth of that in the Western Europe or US.
By 2020, the Indian healthcare market, which is worth around US$100 billion, will rise at a CAGR of 23% to US$ 280 billion. As per the Ministry of Health, to treat diseases like Cancer & TB, development of 50 technologies has been targeted in the FY16.
Below are the major key player in Indian Healthcare sector:
- Kerala Institute of Medical Sciences (KIMS)
- STEER Engineering
- Max Healthcare
- Thyrocare Technologies
- International Finance Corporation (IFC)
- Abraaj Group
- Practo Technologies Pvt Ltd
To promote generics and reduce the cost of medicines, government modify the Drugs and Cosmetics Act. In Gujarat and Jharkhand set up two new All India Institute of Medical Sciences (AIIMS). Government of India, has approved the National Health Policy 2017, for achieving universal health coverage and delivering quality health care services to all at an affordable cost.Due to its lower costs, better patient outcomes, greater patient engagement and improved safety, India's telemedicine market is also growing significantly.
To bring healthcare closer to the patient, providers are reinventing existing delivery models. Telemedicine is a fast-emerging trend in India and is valued at $7.5 million currently and is suppose to increase at a CAGR of 20% to reach $18.7 million by the end of 2017.
Indian government target to develop the country as a global healthcare hub.For providing effective healthcare to both the urban and rural population, government has created the National Health Mission (NHM).