A brief overview of the Indian Healthcare market is explained in this Blog. The importance of the Private sector and the import dependent Indian healthcare sector makes India an attractive investment option. READ ALSO: Statistics & Figures: Medical Device Registration India
A recent study by LSI Financial Services show that the Indian Healthcare industry is receiving strong interests by the private equity funds. It is expected to be a US $155 Billion industry by 2017.
The recent political changes resulting in a pro-business environment has made manufacturers from the Healthcare industry stand up and take notice of India. The Indian Healthcare sector is expected to grow at a high CAGR of 15 percent for the next five years and is predicted to become a US $155 billion market by 2017. This growth rate is expected to place the Healthcare sector at the top of the revenue generating sectors in the country. The key players of the wide and diverse spectrum of Indian healthcare are Medical devices, pharmaceuticals, biotechnology, and more recently the medical tourism sector. The rapidly growing economy of India makes it one of the strong partners in the BRICS. Promising economic growth, rising disposable incomes, large pool of English speaking and talented human resources, shift from communicable diseases to lifestyle related diseases has made the Indian Healthcare industry an attractive investment option. Growth is seen across all sectors of healthcare: medical devices, pharmaceuticals, labs, hospitals, IT services and other providers.
Attractive pricing for high quality in surgical procedures and treatments have increased the popularity of India as a Medical Tourism destination. This industry is growing at a impressive percentage of 30% per year. Recognizing the immense opportunities in this space, Morulaa has set up an independent division: Holiday Healer.
The revenue trends of the Indian Healthcare industry from 2005-2012 is presented in the above figure. The growth rate has growth at an average of 17 % since 2005. A major contributing factor to this soaring revenue trend is due to the dominating role played by the private players. The private players occupy nearly 68 % of the current Indian health care and this percentage is expected increase in the coming years with the advent of Medical tourism.
Within the health care industry, the majority of revenue is generated by the Indian hospitals. This in turn increases the purchasing power of the private sector, causing a 30% growth in the medical equipments and diagnostics market.
Registration of medical devices in India is regulated by the Central Drug Standard Control Organization CDSCO. (Official Website of CDSCO) Medical devices which require registration in India include spinal needles, cochlear implants, annuloplasty rings, trachestomy tubes, syringes and needle, dental implants, surgical sealants, heart valves, cardiac stents, orthopedic implants, endotracheal tubes, and catheters, among others. Learn more if your products requires registration in India.