The healthcare sector is growing at a 15 per cent compound annual growth rate (CAGR) and grew from US $45 billion in 2008 to US $78.6 billion in 2012 and is expected to touch US $158.2 billion by 2017, according to a report by Equentis Capital.
India's per capita healthcare expenditure has increased at a CAGR of 10.3 per cent from US $4.1 in 2008 to US $57.9 in 2011 and is expected to rise to $88.7 by 2015. The factors behind the growth are rising incomes, better access to high-quality healthcare facilities and greater awareness of personal health and hygiene, highlighted the report.
The healthcare industry forms the backbone of any nation's well being. The private sector has emerged as a vibrant force in India's healthcare industry, lending it both national and international repute.
Presence of world-class hospitals and skilled medical professionals has strengthened India's position as a preferred destination for medical tourism. The Government of India has decided to increase health expenditure to 2.5 per cent of gross domestic product (GDP) by the end of the Twelfth Five Year Plan (2012-17), from the existing 1.4 per cent.
Currently as regarding Radiology and Radiotherapy scenario in India there are circa 4000 CT's, 700 MR's, 300 LINACS, 90 PET CT's serving a population of 1.2 Bn. There is a huge gap and opportunity here for high-quality and specialty healthcare services in tier-II and tier-III cities. All these factors are creating huge demand for better healthcare services in the country.
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References: Media Reports, Union Budget 2012-13, Department of Industrial Policy and Promotion (DIPP), RNCOS Report http://indiainbusiness.nic.in
India’s healthcare sector to grow to $158.2 billion in 2017’
MUMBAI: The healthcare sector in India will grow to $158.2 billion in 2017 from $78.6 billion in 2012, a report has said. "The healthcare sector is growing at a 15% CAGR and jumped from $45 billion in 2008 to $78.6 billion in 2012 and expected to touch $158.2 billion by 2017," Equentis Capital said in its report.
The country's healthcare system is developing rapidly and it continues to expand its coverage, services and spending in both the public as well as private sectors, it said. Private sector's share in healthcare delivery is expected to increase from 66% in 2005 to 81% by 2015. Private sector's share in hospitals and hospital beds is estimated at 74% and 40%, respectively.
There is substantial demand for high-quality and speciality healthcare services in tier-II and tier-III cities. To encourage the private sector to establish hospitals in these cities, government has relaxed the taxes on these hospitals for the first 5 years.
Over the years, health insurance is gaining momentum in India; gross healthcare insurance premium is expanding at a CAGR of 39% over FY06-10. This trend is likely to continue, benefitting the country's healthcare industry.
Strong mobile technology infrastructure and launch of 4G is expected to drive mobile health initiatives in the country. Mobile health industry in India is expected to reach $0.6 billion by 2017, the report said.
To standardise the quality of service delivery, control cost and enhance patient engagement, healthcare providers are focussing on the technological aspect of healthcare delivery.
Digital health knowledge resources, electronic medical record, mobile healthcare, hospital information system are some of the technologies gaining acceptance in the sector.