Healthcare has become one of India’s largest sectors – both in terms of revenue and employment. Healthcare industry hold a large domain which includes:
- Medical Devices
- Clinical Trials
- Medical Tourism
- Health Insurance
- Medical Equipment
- Medical Care Providers
- Specialist Clinics
- Nursing Homes
- Diagnostic Centers
- Pathology Laboratories
- Wellness Centers
India’s healthcare industry has grown to be one of the country’s largest service-sector industries, both in terms of revenue and employment.The healthcare industry in India has been experiencing steady growth for the last few decades.
The Indian healthcare sector is growing at a brisk pace due to its strengthening coverage, services and increasing expenditure by public as well as private players.
The growth has been mainly due to the conducive economic environment, shift in disease patterns, increasingly stressful lifestyles, modest healthcare reforms and a sharp increase in consumer spending in healthcare related products and services.
The future of the Indian pharmaceuticals industry looks bright.
The maturity of the global pharmaceutical market coupled with intense competition in the generics market is encouraging domestic companies to diversify their businesses into biogenerics and vaccines. The focus is gradually shifting to niche segments such as agri-biotech and biotechnology, which hold great potential.
An ever increasing population with its rising healthcare demands is a big plus to India’s healthcare industry.
The Indian government, on its part, is promoting this sector through positive regulations. Taking advantage of the prevalent optimistic atmosphere, many foreign players are looking to enter the country.
Oppertunities in health insurance is also increasing. Health insurance portability is expected to increase the quality of service by raising compitetion among insurance companies to retain customers.
All in all, India is viewed as one of the most promising markets among the developing countries. India also offers vast opportunities in medical tourism as well.
References: Press Reports
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