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"The Healthcare Industry in India, comprising hospitals and allied sectors, is projected to witness an annual growth rate of 13 per cent and touch US$ 65 billion by 2013 from US$ 35 billion." As per the Department of Industrial Policy and Promotion (DIPP), the hospitals and diagnostic centres witnessed FDI worth US$ 786.14 million between April 2000 and April 2010.
Healthcare Sector is one of the largest and rapidly-growing sectors in India, in terms of revenue and employment. It registered a growth rate of 9.3 per cent between 2000-2009 and the growth rate would further be accelerated by healthcare facilities, medical diagnostic and medical insurance sector. Despite the global financial crisis, healthcare industry in India witnessed a growth rate of 43 per cent in net profit during the first quarter (April-June '09). And this is what makes numerous domestic and international players to leverage on this huge business potential and start aggressive expansion in the country.
In a bid to promote healthcare facilities in the country, the Government of India launched the National Rural Health Mission (NRHM) in the year 2005. The aim is to provide quality healthcare facilities and also increase the overall expenditure on healthcare from 0.9 per cent of GDP to 2-3 per cent by 2012.
As per the Union Budget 2010-11, Mr. Pranab Mukherjee, the Indian Finance Minister, has increased the plan allocation for Ministry of Health and Family Welfare from US$ 4.2 billion in 2009-10 to US$ 4.8 billion in 2010-11.
In a bid to meet the revised cost of construction, in March 2010 the Government of India allocated an additional US$ 1.23 billion for six upcoming AIIMS-like institutes and up-gradation of 13 existing Government Medical Colleges.
Medical Infrastructure
Medical Infrastructure comes as the largest portion of Healthcare Industry in India where another 1.75 million beds would be required by the end of 2025. And thus, the sector attracts both domestic and international investors. On the other hand, medical-equipment industry has reached US$ 2.2 billion and is estimated to touch US$ 5 billion by 2013.
Healthcare Insurance
As per the estimation, health insurance sector in India will touch US $ 4 billion in 2012, registering a growth rate of 50 per cent, due to rising income of Indian middle-class and health concerns. At present, health insurance penetration in the country stands at 14 per cent and with Government increasing FDI permit from 26 per cent to 49 percent, Indian economy will see more flow of foreign investment.
Medical Tourism
Medical tourism industry has enormous potential for growth and development and is estimated to generate revenues worth US$ 2.4 billion by 2012. It is the high cost of treatments in the western countries that make patients from such regions to head for India so as to seek cost-effective quality treatments. Over 200,000 international patients underwent medical treatment in Indian hospitals in 2006-07, thus generating revenues worth US$ 350 million.
Also with an increase in disease profiles, healthcare sector is going to play a very significant role in the coming years.
How Tecnova Can Help?
With over 25 year-experiences in helping foreign clients enter the vast Indian market, Tecnova deliver the 'India-Advantage'. From market-analysis to business set-ups, we do it all for our clients. So far, we have assisted numerous clients (both foreign and domestic) set-up or expand their operations in booming Indian healthcare market with ease. Some of our clients in healthcare sector include bioMérieux sa (France), Hitachi Medical (Japan), Intuitive Surgical (USA), Esaote (Italy), Hollister (USA), and Becton Dickinson (USA)