The healthcare sector encompasses hospitals, medical equipment and devices, clinical trials, outsourcing, telemedicine, medical tourism and health insurance. An overview of the different sub-sectors in the industry is presented below:
Accounting for 80% of the total healthcare market, the hospital industry in India has been witnessing a huge demand from both global and domestic investors. This industry is estimated to reach US$132 billion by 2023,
growing nearly 100% from US$ 61.8 billion in 2017 at a CAGR of 16-17%.
The diagnostics industry in India is currently valued at US$ 4 billion. The immense potential of this sub-sector can be underscored by the fact that the organized part in this segment constitutes a mere 25%, of which 15% includes labs and 10% includes radiology.
Telemedicine and government initiatives like e-health combined with tax benefits and incentives are driving the latest healthcare trends in the Indian sector. The telemedicine market in India is expected to rise at a CAGR of 20% reaching US$ 32 million by 2022.
Only about 20% of the population in India is covered by some form of health insurance plan. The overall life expectancy in India is projected to exceed 70 years by 2022. Complementing this fact is a rising disposable income of a vast pool of customers which upholds the health insurance segment. This presents a tremendous opportunity for anybody who can identify and utilize it.