A Joint collaboration by Pratiksha Hospital and Integra Ventures
India’s healthcare industry has been growing at a Compound Annual Growth Rate of around 22% since 2016. At this rate, it is expected to reach USD 372 Billion in 2022. Healthcare has become one of the largest sectors of the Indian economy, in terms of both revenue and employment.
The Covid pandemic has brought the inadequacies and pitfalls of India’s healthcare system to the light. The Covid-19 pandemic has reinforced the health sector’s importance and the need to strengthen efforts. Thus, “new normal” in healthcare ecosystem will be about how healthcare delivery will innovate in the coming decade and what it means for both patients and healthcare providers. Healthcare delivery is moving outside the four walls of traditional health system. Health care providers have realized that products or services alone, no matter how strong they are technically, will not be enough in future. They should look into the future to engage with their users across the health care value chain, whether that be physicians, healthcare administrators or patients, and deliver to them not just a better care product or care service, but a better care experience.
The Healthcare industry is not only restricted to hospitals, it comprises various interdependent domains like health insurance, medical equipment and furniture, medical devices and consumables, pharmaceuticals, clinical research and trials, telemedicine and medical tourism. The demand for smart quality healthcare professionals is always high and continues to soar due to the COVID-19 pandemic.
Along with experienced healthcare professionals, the healthcare industry also needs trained and skilled managers with a holistic understanding of the healthcare ecosystem to meet the growing need of the healthcare industry.
India’s healthcare sector would grow to $372 billion in 2022, driven by rising income, better health awareness, lifestyle diseases and increasing access to insurance – Niti Aayog report
In Union Budget 2022-23, Rs.86,200.65 crore (US$11.28 billion) was allocated to the Ministry of Health and Family Welfare – MoHFW
India’s public expenditure on healthcare stood at 2.1% of GDP in 2021-22 against 1.8% in 2020-21 -Economic Survey of 2022
As of 2021, the Indian healthcare sector is one of India’s largest employers as it employs a total of 4.7 million people – IBEF 2022