Healthcare has been one of the biggest industries in India-both in terms of income and employment. Healthcare covers hospitals, medical equipment, clinical trials, outsourcing, telemedicine, medical education, health insurance, and medical services. The Indian healthcare sector is rising at a rapid pace due to expanded public and private coverage, facilities and expenditure.
Indian health care system is divided into two major components-public and private. The government, i.e. the public healthcare system, comprises a small number of secondary and tertiary care institutions in key cities and focuses on providing basic healthcare services in rural areas in the form of primary healthcare centers. The majority of basic, tertiary and Quaternary are provided by the private sector.
The competitive advantage of India lies in its wide pool of well-trained healthcare professionals. India is also competitive in cost relative to its peers in Asia and countries in the West. The surgical cost in India is around one-tenth of that of the United States or Western Europe. India ranks 145th among 195 countries in terms of healthcare quality and accessibility. Also Healthcare Consultant in India have top medical devices companies
India is a land packed with opportunities for medical devices. India’s healthcare industry is one of the fastest growing markets and is a leading supplier of healthcare products, with projections that it will cross $280 billion by 2020. The country has also become one of the leading high-end medical diagnostic equipment suppliers destinations with massive expenditure of capital for advanced diagnostic facilities, thereby catering for a larger proportion of the population. In turn, users of Indian medical services have become more aware of their healthcare maintenance.
Indian healthcare industry is highly diversified and full of opportunities in every segment that involves digital healthcare equipment provider, payers and medical technology. With the rise of contention, companies are trying to explore the new developments and patterns that will affect their company positively. The hospital industry in India is expected to rise from Rs 4 trillion (US$ 61.79 billion) in FY17 to Rs 8.6 trillion (US$ 132.84 billion) at a CAGR of 16-17 per cent by FY22.
The Government of India is planning to increase public health spending to 2.5 per cent of the country’s GDP by 2025 for affordable healthcare equipment and supplies. One can buy healthcare product online. Also there is a rise in digital Healthcare Equipment Provider.
India’s competitive advantage also lies in Indian companies ‘ increased success rate of having Abbreviated New Drug Product (ANDA) approvals. India also provides huge opportunities for research and development, as well as medical tourism. To sum up, there are significant opportunities in urban and rural India to invest in healthcare infrastructure.