Healthcare is one of India’s largest sectors, in terms of revenue and employment, and the sector is expanding rapidly. During the 1990s, Indian healthcare grew at a compound annual rate of 16%. Today the total value of the sector is more than $34 billion. The private sector accounts for more than 80% of total healthcare spending in India. Unless there is a decline in the combined federal and state government deficit, which currently stands at roughly 9%, the opportunity for significantly higher public health spending will be limited.
The Indian healthcare industry is witnessing growth at a rapid pace and it is expected that the sector will touch US$ 238.76 billion by 2020. A number of major players in the healthcare sector are actively participating in the growth through expansion plans and putting in huge investments in Healthcare sector in the country.
Growth Rate
Medical tourism is one of the foremost external drivers of evolution of the Indian healthcare industry. India has emerged as a destination for medical tourism which serves its consumers with well educated, English-speaking medical staff, state-of-theartprivate hospitals and diagnostic conveniences, and comparatively low cost to address the high healthcare costs of the western world. India provides best-in-class treatment, in some cases at very low prices as compared to countries like USA, and UK. India's private hospitals excel in fields such as cardiology, joint replacement, orthopaedic surgery, gastroenterology, ophthalmology, transplants and urology.
GS’s Prospective
India's thriving economy is driving urbanization and creating an expanding middle class, with more disposable income to spend on healthcare. The Government of India in association has developed an all-inclusive policy on healthcare which aims to achieve a remarkable growth for the sector which has led to a high number of compelling opportunities such as developing new infrastructure and providing novel medical equipment solutions for the Indian sector. The sector holds enormous potential which is waiting to be unleashed to the maximum potential.
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