India’s healthcare industry- A brief detail

India’s healthcare industry is one of the fastest-growing globally, and it is the third-largest in incremental growth.  India has always been the most popular location for medical tourists from across the globe. In the present times, even in 800BC, people also came from across the world to get medical treatment and learn medicines from experts like Sushruta. India is all set to take the reigns of being the top destination for healthcare.

 

The devil lies in the details.

One of the prominent reasons for India’s emergence as the top medical destination is the inherent sense of hospitality in the Indian culture. This is helping India in becoming the most sought destination for medical treatments. India has already treaded on the path to success, and here are specific facts to substantiate the argument.

 

  • India’s healthcare industry is all set to hit the $372billion mark by 2022.

 

  • India’s hospitals form a significant part of the healthcare industry, and it sees rapid growth. The market size of the hospital industry is expected to be at $132billion.

 

  • The primary care sector hasn’t performed so well, but the advent of COVID has raised concerns for its total revamp. With active collaboration from the private sector, it is expected to see a substantial increment from the current $13billion mark.

 

  • India’s government has also shown its intent towards revamping the healthcare industry via the Ayushman Bharat scheme, which now has over 50000 centres.

 

  • India’s healthcare tourism has also seen an upward trend in the last decade. The industry’s total market size is expected to rise from $3billion to $8billion by the end of 2020.

 

What do the numbers reflect?

The numbers are a clear reflection of the booming growth this sector will see in the coming years. It will have a different interpretation for different people.

 

For Hospitals 

  • The numbers show the size of the hospital industry in the overall market value. The sector is poised to see extraordinary growth, of which hospitals are going to be the biggest beneficiary.
  • As the market size will increase, it will happen with an increased flow of healthcare concerned people. Hospitals will witness a cut-throat competition, and each one of them will aim to absorb most of the patients.
  • The increased flow of patients should be juxtaposed with an increased number of hospitals which means a quest to be on the top.

 

For Individual Doctors

  • It will be an excellent opportunity for Individual Doctors to up the ante by taking over a big chunk of patients who don’t want to go to directly to a hospital for mild treatments or, for that matter, any other reasons.
  • Individual Doctors will be in a much better position through healthcare marketing to increase the patient flow at their clinics.
  • Individual Doctors can have a significant role in giving specialized treatment at competitive prices because of the lower cost of infrastructure management and affordable healthcare marketing through the digital medium.

 

For Healthcare Marketing Agencies

  • As per the Invest India portal of the Government of India, the National Digital Health Blueprint will have an estimated size of a whopping $200billion.
  • A significant part of India’s aim to become the world’s medical capital will be fulfilled by the Healthcare Marketing Agencies.
  • The healthcare marketing agencies will have all the bearing to put the hospitals and doctors on the web for their overall branding. And they are well-equipped to take the job with the expanding web services and people’s reliance on the internet for their day to day needs.
  • Hospitals and Individual Doctors will need branding agencies to put them on the top of the web, and they will be overtly inclining on Branding Agencies for their reputation management.
  • The Healthcare Marketing agencies will have a crucial role to play with the Internet reaching every nook and corner of the country.

With the government’s increased financing through the Public-Private Partnership Model, India will see tremendous growth in the healthcare sector. It is the best time to grab the markets since the competitors are relatively lesser in number, destined to see immense growth. As per the Government of India’s reports, the healthcare market has registered a Compound Annual Growth Rate of 22.9%. A step today will be an incentive tomorrow.

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