The Healthcare industry in India is a rapidly growing and evolving sector propelled by a range of factors. The Healthcare industry in India comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance, and medical equipment, and is experiencing a period of tremendous growth because of its expanding coverage, services, and rising spending by both public and private players.
The Indian healthcare industry has seen a surge in demand over the years. Growing incidence of lifestyle diseases, rising demand for affordable healthcare delivery systems due to the increasing healthcare costs, technological advancements, the emergence of telemedicine, rapid health insurance penetration, and government initiatives like e-health together with tax benefits and incentives are driving the healthcare market in India.
India is at the cusp of becoming a medical hub of the world. The Indian healthcare industry is expected to grow at a CAGR of 22.86 percent over the period of 2016-2021, owing to increasing healthcare expenditure, implementation of the Goods and Services Tax (GST), and the Make in India initiative.
The government has taken various initiatives to improve the healthcare system in India, including the National Health Policy 2017, the Ayushman Bharat Yojana, and the Pradhan Mantri Jan Aarogya Yojana. These initiatives are expected to improve access to quality healthcare and further propel the growth of the healthcare industry in India.
The emergence of telemedicine is also likely to revolutionize the healthcare industry in India. This technology enables medical practitioners to diagnose, treat and manage patients remotely through web-based technologies. It is expected to increase access to healthcare services, reduce costs and improve the quality of medical care.
The Indian healthcare industry is poised to witness significant growth in the coming years due to an increase in spending and government initiatives. The healthcare industry is expected to benefit from the government’s efforts to make healthcare accessible and affordable to all, and the increasing penetration of technology in the healthcare sector. This will enable the industry to provide better services, quality and affordability to the Indian population.
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