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The publisher presents an in-depth analysis of the Pharmaceutical and Healthcare. Healthcare is a rapidly developing industry in India and opportunities arealways on the rise.
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Healthcare in india industry. The Healthcare sector is one of the fastest-growing sectorsin India and by 2022 it is expected to grow up to 86 trillion. In 2015 India ranked as the third most popular destination for medical tourism when the industry was worth US 3 billion. The following emerging trends are changing the course of the industry.
Added to the problem is the lack of regulation in the private sector and the consequent variation in. 2 Indias insurance industry has fluctuated between public and private ownership for most of the 20 th century. The Indian healthcare industry has today become a preferred sector for strategic and financial investments.
The first two categories are fully managed by the government. Almost 75 of healthcare expenditure comes from the pockets of households and catastrophic healthcare cost is an important cause of impoverishment. Over 55000 hospitals and lakhs of clinics and other healthcare delivery centres constitutes the.
Rising income level greater health awareness increased precedence of lifestyle diseases and improved access to insurance would be the key contributors to growth. Intelligent patient chat bots and contextual patient engagement apps will be the future of healthcare. It is common knowledge that the private sector is the dominant player in the healthcare arena in India.
In the healthcare industry the use of AI isnt new but there is a shift from treatment centricity better decision makingto patient centricity improving patient experience. Instant industry overview Market sizing forecast key players trends. Indian healthcare is experiencing a new wave of opportunity.
There is no doubt that India plays an important position in the global pharmaceutical and healthcare industry. In June 2021 PharmEasy acquired a majority stake in Thyrocare Technologies a diagnostics chain to diversify and. The industry is growing at a tremendous pace owing to its strengthening coverage services and increasing expenditure by public as well as private players.
The change in the governments role from provider to payer has expanded the financial risk protection coverage to the marginalised. The Healthcare industry in India comprises of hospitals medical devices clinical trials outsourcing telemedicine medical tourism health insurance and medical equipment. Some of the recent initiatives in the Indian healthcare industry are as follows.
Healthcare Industry in India. They also account for almost 74 of the countrys total healthcare expenditure. Indian Healthcare Delivery Services Hospitals Sector Update Overview of the Healthcare Industry in India India is the worlds tenth largest economy in terms of nominal gross domestic product GDP with a GDP of 19 trillion and accounts for approximately 20 of the worlds population with 12 bn.
Private sector players occupy a major share of nearly 80 of the countrys total healthcare market. In India healthcare is provided through primary secondary and tertiary care hospitals. In June 2021 AstraZeneca India signed a memorandum of understanding MoU with Docon Technologies a.
The Indian healthcare market is expected to reach 24 lakh crore by 2022 from 9 lakh crore in 2016 growing at a CAGR of 177 driven by rising incomes greater awareness prevalence of lifestyle diseases and increasing penetration of medical insurance. With the release of EHR standards for India private healthcare providers have now shifted their focus to EHR adoption. Several private insurance companies have entered the market and have petitioned hospitals to provide cashless treatment to subscribers of insurance companies.
On Indias healthcare industry is its lack of a medically insured population and high out-of-pocket expenditure 7113. As for emerging technologies while private healthcare providers in India. Indian healthcare sector is expected to reach US 19383 billion by 2020.
Providers are reinventing existing delivery models to bring healthcare closer to the patient. Healthcare becoming costlier in developed countries. Most private healthcare providers at least the ones in tier 1 and tier 2 cities have adopted foundational technologies such as HIS ERP appointment booking RFID asset tracking etc.
Indias medical tourism industry could grow by 200 by 2020 hitting US 9 billion according to Ministry of Tourism figures.
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