The Indian healthcare sector has emerged as one of the largest service sectors in India. Healthcare spending in India is expected to rise by 12% per annum. An estimate suggests that by 2012 healthcare spending could contribute 8% of GDP and employ around 9 million people. Rising incomes and growing literacy are likely to drive higher per capita expenditure on healthcare. The trend is shifting from infectious diseases to lifestyle diseases.
The medical equipment market is growing at a rapid pace; the market is expected to increase by US$ 1.7 billion by 2010 as against US$1.2 billion currently. The demand for hi-tech products is close to 80 percent of the overall market in India. The domestic market comprises of low-tech devices. Major international medical equipment giants are lining up their investments in India for setting up a local base.
Over the past few years medical tourism has gained momentum in India. An increase in the number of patients from developed countries getting quality health services for less than half the price is making India a popular medical tourist hub in Asia. In 2004, approximately 1,80,000 patients from around the world arrived in India for medical treatment. It is predicted that medical tourism will grow into a 2 billion US$ (dollar) business by 2012.
Over the last five years, the Indian pathology industry has been growing at an estimated compound annual growth rate of 20% per annum. Most of the renowned path labs are expanding globally and venturing into the international market by signing outsourcing contracts with European hospitals for pathological services. Outsourcing of pathology and laboratory tests by foreign hospital chains is becoming a huge opportunity because of the high cost differential in India. For eg: A thyroid profile blood test costs around US$ 30 - 50 in the US, the same can be analyzed by Indian companies for less than US$ 5 per patient.
Future of the Indian Healthcare Industry:
Telemedicine is an answer to patient's treatment in inaccessible area in India with fewer medical facilities. The exponential growth in the ICT (information and communication technologies) sector and the reducing telecom costs are making India highly competitive in Telemedicine. There are around 120 Telemedicine centers across the country.
Teleradiology
''Teleradiology' is a means of electronic transmission of radiological images such as X-rays, CTs and MRIs from one location to another for the purposes of interpretation and/or consultation.
The demand for radiology services is growing rapidly, while there is a shortage of radiologists the world over. In India there is an abundance of radiologists. By outsourcing Teleradiology to India, overseas hospitals can be assured of competent and trained professionals, time zone adherence to HIPAA (Health Insurance Portability and Accountability Act) mandates and round the clock services. According to an estimate, approximately 50 percent of the 6,000-odd hospitals in the US still do not have the technology for Teleradiology, and this represents a huge potential market to be tapped. The Indian health imaging market is expected to double from the existing US$ 350 million by 2010. X-ray, ultrasound, CT and MRI are expected to collectively account for 68.6 percent of the health imaging market.
Healthcare BPO
Healthcare outsourcing in India by global organisations has witnessed a rise over the past few years, the recent customer demand for new products and services, increase in competition and a real-time business environment are making BPOs an important tool for achieving success for healthcare majors. The United States of America is one of the biggest markets for healthcare outsourcing from India followed by the United Kingdom. The types of services being offered by healthcare BPOs in India are data capture, documentation, commercial, administration, human resources and customer care. The global market for outsourced services from the healthcare industry in India was estimated to be US$ 3.6 billion in 2004 and is projected at US$ 24 billion by 2008 which will create an employment opportunity for around 200,000 people.
Source: India Brand Equity Foundation and rediff.com
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