As expenditures in the Indian healthcare sector increase, corresponding growth in the medical equipment sector is anticipated.Īlthough healthcare-related barriers to entry are low compared to other industries, non-tariff barriers and the expansion of price controls on medical devices and the pharmaceutical industry constrain market prospects. Public spending on healthcare in India stands at just 1.2 percent of GDP, but the Indian government has proposed increasing this to 2.5 percent by 2025, with a special focus on underprivileged populations. Industry experts believe there will be a significant increase in healthcare spending in India over the next several years, partially spurred by lessons learned from the pandemic. The impact of the COVID-19 pandemic on India underscores the importance of investing in the healthcare sector. However, India’s healthcare access and quality index score has improved in recent years, increasing from 44.8 (out of 100) in 2015 to 67.3 in 2020. According to the Lancet Medical Journal’s Global Burden of Disease Study, India ranks 145th among 195 countries surveyed. Nonetheless, considerable challenges exist in terms of service accessibility and patient care quality. The industry’s rapid development is fueled by large investments from existing corporate hospital chains and new entrants backed by private equity investors. The products and services driving this growth include hospitals, medical devices, clinical trials, telemedicine, medical tourism, health insurance, and medical equipment. This increase is due to growing demand for specialized and higher quality healthcare facilities. The Indian healthcare industry reached $190 billion in 2020, and, according to the India Brand Equity Foundation, it is expected to reach $370 billion by 2024-2025. In addition, changing demographics and a shift from chronic to lifestyle diseases has led to a boom in healthcare spending across the country. Rapid economic growth, rising middle class incomes, and increased market penetration of health insurance providers are fueling growth in the industry. The Indian population is growing at a rate of 1.6 percent per year and has an elderly population of over 100 million. It has experienced rapid change in recent years and has become significantly more visible over the last decade, with a renewed focus from the government and growing market demand for healthcare services and products. The Indian healthcare sector has become one of India’s largest sectors, both in terms of revenue and employment. Economic Development Organizations (EDO).Foreign Direct Investment Attraction Events.Facing a Foreign Trade AD/CVD or Safeguard Investigation?.
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