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India has changed; rather changed for better in many aspects like Lifestyle, Tourism, Food, Culture, & Healthcare. The Healthcare Sector has undergone a change from an unorganized to an organized structure & more so towards corporatization.
The healthcare system of any country contributes to the well being of its residents. Health is the prime concern for all individuals of all ages. The healthcare system of India has seen a paradigm shift in the last few decades.
Today, there are diagnostic centers, nursing homes, hospitals, health clubs, health centers, dispensaries, 24-hour pharmacies, blood banks, and what not!
The Indian healthcare system has achieved significant achievements. The modalities of treatment of various diseases have also improved remarkably. The medical technologies are evolving at a very fast pace.
Hospitals contribute 34% of the revenue followed by diagnostics and pharmacy globally.
India’s potential for medical tourism is high. India has a share of 2% of global health tourism. During the 1990s, the Indian healthcare industry grew at a 16% annual rate. In India, hospitals contribute 68% to the healthcare sector followed by pharmacy and medical equipment. Diagnostics (3%), pharmacy (2%), medical insurance (2%) and healthcare IT (0.2%) are amongst others.
By 2020, the Indian healthcare sector is has grown to nearly US$280 billion. The Indian healthcare industry is expected to cross the United States by 2050. It is high time when India needs to realize the significance of healthcare as an economic development opportunity at both state and national levels.
Healthcare is one of India’s largest sectors, both in terms of revenue & employment generation. The workforce in the healthcare industry has grown to near 7.5 million by 2022.
Government policies have resulted in aggregate foreign investments into Indian hospitals, more so that India is variously identified as one of the most attractive long-term investment locations.
Large corporate plan to invest in single-specialty hospitals, given that technology will play a much larger role in day-to-day interactions in healthcare.
Corporate hospitals and multinationals in the healthcare industry are one of the most promising emerging trends.
Personalized healthcare has been seen as one of the ways the Indian healthcare system can transform care delivery as it enables disease prevention. The core purpose of the personalized approach is to offer patient-specific solutions to specific concerns associated with the patient. This approach also helps patients access personalized support along their medical journey, which enhances disease management.
To conclude, in Indian healthcare system in 2023, we can expect healthcare providers and government to focus on telehealth, mental health, rapid adoption of latest technologies to increase productivity and to achieve better patient outcomes. Further, healthcare providers are expected to find new ways of incorporating more remote testing and chronic disease management into the current virtual care modalities. This trend will enhance care access for underserved areas and reduce mortality rates, especially for rural communities in India.
