Healthcare, amongst India’s largest sectors, now growing at a tremendous pace.
Healthcare has become one of India’s largest sectors-both in terms of revenue and employment. Healthcare comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment. According to IBEF (Indian Brand Equity Foundation) the healthcare industry in India was worth close to $100 billion as of 2015 and is expected to touch $280 billion by 2020. With several thousand hospitals across the country, of which many offer some of the latest and most complex treatments available in the world; this industry is demanding in terms of quality and quantity of medical services. The rural areas have just about started the process of integrating into the network; and they will see a lot of action along with urban surge for more sophisticated treatments.
Oncology, IVF and neurology are areas which are expected to witness big needs and throw up major challenges for the healthcare industry. Apart from the demand for already established treatment technologies, we will see a need for more innovative and more price competitive products to meet market specific niche needs. New treatment technologies like targeted cancer therapies are already helping several doctors to offer more treatment options to patients here.
IVF healthcare industry in India has increased in response to lifestyle changes. Close to 100 centres offer these services in one city alone in Western India. All one and two tier cities have hospitals catering to the need of assisted reproduction. Estimates suggest that the IVF market size in India will reach 1,260 million USD by 2022.
Around 30 million people were reported to be suffering from neurological ailments in India in 2015. (Source: SKP Analysis). The neurological devices market in India is valued at USD 13.5 million.
THE BONNE SANTÉ ADVANTAGE
Connecting new technologies and innovative products to this vastly growing market is an exercise that needs strategies based on in-depth knowledge of the Indian healthcare industry; an area where our assistance will prove invaluable for our product partners.