Healthcare and Life Science Industry in India | Corpbiz

#Healthcare has become one of India’s largest sectors, both in terms of revenue and employment. Healthcare comprises hospitals, #medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment. The Indian healthcare sector is growing at a brisk pace due to its strengthening coverage, services and increasing expenditure by public as well private players.

India’s healthcare delivery system is categorized into two major components - public and private. The government, i.e. public healthcare system, comprises limited secondary and tertiary care institutions in key cities and focuses on providing basic healthcare facilities in the form of primary healthcare centers (PHCs) in rural areas. The private sector provides a majority of secondary, tertiary, and quaternary #care institutions with a major concentration in metros, tier-I, and tier-II cities.
Understand the market potential
• The Indian healthcare sector is expected to record a three-fold rise, growing at a CAGR of 22% between 2016–22 to reach US$ 372 billion in 2022 from US$ 110 billion in 2016.

• By FY22, Indian healthcare infrastructure is expected to reach US$ 349.1 billion.

• As of 2021, the Indian healthcare sector is one of India’s largest employers as it employs a total of 4.7 million people. The sector has generated 2.7 million additional jobs in India between 2017-22 -- over 500,000 new jobs per year.

• In the #Economic Survey of 2022, India’s public expenditure on healthcare stood at 2.1% of #GDP in 2021-22 against 1.8% in 2020-21 and 1.3% in 2019-20.

• In FY21, gross direct premium #income underwritten by #health insurance companies grew 13.3% YoY to Rs. 58,572.46 crore (US$ 7.9 billion). The health segment has a 29.5% share in the total gross written premiums earned in the country.

• The Indian medical tourism market was valued at US$ 2.89 billion in 2020 and is expected to reach US$ 13.42 billion by 2026. According to India Tourism Statistics at a Glance 2020 report, close to 697,300 foreign tourists came for medical treatment in India in FY19. India has been ranked 10th in the #Medical #Tourism Index (MTI) for 2020-21 out of 46 destinations by the Medical Tourism Association.

In the Union Budget 2022-23:

• Rs. 86,200.65 crore (US$ 11.28 billion) was allocated to the Ministry of Health and Family Welfare (MoHFW).
• Pradhan Mantri Swasthya Suraksha Yojana (PMSSY) was allocated Rs. 10,000 crore (US$ 1.31 billion)
• Human Resources for Health and Medical Education was allotted Rs. 7,500 crore (US$ 982.91 million).
• National Health Mission was allotted Rs. 37,000 crore (US$ 4.84 billion).
• Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) was allotted Rs. 6,412 crore (US$ 840.32 million).
• in July 2022, the World Bank approved a US$ 1 billion loan towards India's Pradhan Mantri-Ayushman Bharat Health Infrastructure Mission.
• in September 2021, Prime Minister Mr. Narendra Modi launched the #Ayushman Bharat Digital Mission. The mission will connect the digital health solutions of hospitals across the country with each other. Under this, every citizen will now get a digital health ID and their health record will be digitally protected.
• In July 2021, the Ministry of Tourism established the ‘National Medical & Wellness Tourism Board’ to promote the medical and wellness tourism in India.
• In July 2021, the Union Cabinet approved continuation of the National #Ayush Mission, responsible for the development of traditional medicines in India, as a centrally sponsored scheme until 2026.
India is a land brimming with opportunities for medical device manufacturers. With massive capital investment in advanced diagnostic facilities, the country has also become one of the leading destinations for high-end diagnostic services, catering to a larger proportion of the population. Furthermore, Indian medical service consumers have become more conscientious about their healthcare maintenance.

The healthcare sector in India is highly diverse, with opportunities in every segment, including providers, payers, and medical technology. With increased competition, businesses are looking to investigate the latest dynamics and #trends that will benefit their operations. The #hospital industry in India is forecast to increase to Rs. 8.6 trillion (US$ 132.84 billion) by FY22 from Rs. 4 trillion (US$ 61.79 billion) in FY17 at a CAGR of 16–17%.
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