Indian healthcare industry is touched $100 billion in 2015, growing by 20% every year. In year 2020, it is expected to reach $280 billion. The ever-growing increase in the demand for professional and expert healthcare facilities will give a further boost to India's healthcare sector.
Healthcare Revenue Breakup
- Hospitals - 70%
- Pharmaceuticals - 12%
- Medical equipment - 8%
- Diagnostics - 6%
- Medical insurance - 4%
Growth Drivers of Healthcare Sector in India are
- Increase in population
- Increase in lifestyle related health problems
- Faster diagnosis leading to early treatment – health awareness & prevention
- Increase of disposable incomes in Indian households
- Better penetration of health insurance
- Medical tourism
- Medical insurance and compulsory wellness checkups by companies, government programs and focus on PPP (Public Private Partnership) models in healthcare to reach deeper into rural areas
- Rising literacy and growing awareness
₹ 40,000 Crore Diagnostic Industry and growing at 15% annually.
- India has over 100,000 Diagnostic laboratories
- Pathology labs represent around 70% of the total Diagnostic business
- Unorganized players dominate 85-90% of the industry (This will reduce as the Law get stricken with Standardize Practice protocol)
- Diagnostic corporations acquire 20% market share and mounting rapidly
- 25-30% uncommon Test business diverted from small & mid size to giant players
Most part ill Patients with single visit without formulating tracing link to follow-up for further loyalty, few regulars who repeat off and on for chronic treatment. This traffic will always be present and can be improved with Standardize Data medium programs.
Fitness regime is not hype anymore; importance of healthy being is well understood by quite a few and numbers are growing with self-care awareness in new aged India.
Health literate clients will seek for qualified skill, transparent communication, decision libration, organized data command, convenient options and course clarity.
Healthcare entities in India have to get technically equipped to deliver preventive care demands in techno savvy world.
Business Next Level
- 10% of the population is in sick stage on an average (guaranteed business) which does not mean rest 90% doesn't need medical attention. Target audiences are 10% of that 90% population = 120 Million people, promote preventive care.
- Presently 10 crore literate individuals can afford anything and also there are 20 crore more wealthy people who can buy almost anything. New aged Indians craving for quality products and services and this is 25% extensive opportunity for growth if equipped adequately.
Competition & Challenges
There are 5 giant organised Diagnostic corporations in business and expanding rapidly. Currently they acquire 20% market share and spreading everywhere strength by strength with organised business setup, includes broad controlled office, marketing strategy, established contacts, sales squad, IT team, updated Lab equipments and finance power.
Most noble professional are more on a responsive side and less on commerce, it takes extra toil on their everyday practice, it is virtually impossible to advance business with limited recourses to compete with big players in the present Diagnostic trade.
- Technology will be a game changer; IT adds value in terms of providing better control in operations and enhanced customer service levels to the patient, which indirectly contributes toward better business efficiency. Just like the hospitals equipment, selecting a right IT provider is also an important decision.
- 300 Million Internet users in India and expected to be double by year 2018
- India's solid mobile technology infrastructure and the launch of 4G is expected to drive mobile health (mHealth) adoption. India has reached 236 million mobile internet users and 314 million by 2017
- Web-based solution will extend tele-medicine, medical tourist, travelers and especially for insurance purpose
- Electronic Health Records is a only way of care-giving communication in technological generation.
Indian Online Users
||Sharing World Population
||Global Internet Share
||Global internet using Rank
Above chart statistics project 100 new internet users every minute in India. No business can prolong without digitalized penetration in the next 2-3 years if these numbers progress the way it is.
Standardization in medical practice is an utmost important factor and quality digitalization is a key for Standardize outcome. The chart suggests in coming years, 50% electro-breed generations' of Patients & Doctors will demand Online Reporting for convenience, accuracy and logical exchange.