3D Power observes Indira Securities' report on healthcare sector Healthcare has become one of India's largest sectors - both in terms of revenue and employment. The industry comprising - hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment - is growing at a tremendous pace owing to its strengthening coverage, services and increasing expenditure by public as well private players. Moreover, the industry is projected to continue its rapid expansion, with an estimated market value of $280 billion by 2020, increased population growth in India's low income communities has resulted in a lack of affordable and easily accessible quality healthcare for millions of people.
The Indian healthcare delivery system is characterized by two major components public and private. The Government i.e. public healthcare system comprises of 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 majority of secondary, tertiary and quaternary care institutions with a major concentration in metros, tier II and tier I cities.
Large investments by private sector players are likely to contribute significantly to the development of India's hospital industry and the sector is poised to grow to $100 billion by the year 2015 and further to $280 billion by 2020. Private sector's share in healthcare delivery is expected to increase from 66 per cent in 2005 to 81 per cent by 2015. Private sector's share in hospitals and hospital beds is estimated at 74 per cent and 40 per cent, respectively. Outlook The outlook for Indian healthcare industry looks positive owing to high growth rate in almost all its segments, whether its primary healthcare, secondary and tertiary healthcare, medical equipment, diagnostics, health insurance or medical tourism.
The ever growing population, increasing government expenditure on health and growing per capita income will increase the size of this industry in the years to come. Per capita income is expected to increase at a CAGR of 5.7 per cent over 2012-18. Rising incomes mean a steady growth in the ability to access healthcare and related services. Moreover, changing demographics will also contribute to greater healthcare spending; this is likely to continue with the size of the elderly population set to rise from the current 96 million to about 168 million by 2026. However, growing health awareness and precautionary treatments coupled with improved diagnostics will result in decreasing hospitalization.
The ever growing population, increasing government expenditure on health and growing per capita income will increase the size of this industry in the years to come. Per capita income is expected to increase at a CAGR of 5.7 per cent over 2012-18. Rising incomes mean a steady growth in the ability to access healthcare and related services. Moreover, changing demographics will also contribute to greater healthcare spending; this is likely to continue with the size of the elderly population set to rise from the current 96 million to about 168 million by 2026. However, growing health awareness and precautionary treatments coupled with improved diagnostics will result in decreasing hospitalization.
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