Creating Waves of Awareness
The Indian healthcare sector has been growing at a frenetic pace
in the past few years. The windfall began ever since the developed world
discovered that it could get quality service for less than half the price.
The Indian healthcare market is
estimated to be US$ 30 billion and includes pharmaceuticals, healthcare
(including Homeopathy), medical and diagnostic equipment and surgical equipment
and supplies. Revenues from the healthcare sector account for 5.2 per cent of
the GDP and it employs over 4 million people. Private spending accounts for
almost 80 per cent of total healthcare expenditure.
According to a study by CII-McKinsey on ‘Health in India’, India will spend US$ 45.76 billion on
healthcare in the next five years as the country, on an economic upsurge,
is witnessing changes in its demographic profile accompanied with lifestyle
diseases and increasing medical expenses.
Coupled with the expected increase in the pharmaceutical sector, the
total healthcare market in the country could increase to US$ 53-73 billion (6.2-8.5 per cent of GDP) in the next five years.
Private healthcare will continue to be the largest component in 2012 and
is likely to double to US$ 35.7 billion. It could rise by an additional US$ 8.9
billion if health insurance cover is extended to the rich and middle class.
Last Updated: August 7, 2007