Indian Healthcare Industry — Growth and Development

Healthcare industry in India has come along a long way since its inception. Earlier it was characterized by slow paced growth, but now its more about utilization of technological advancements in every sphere to create efficiency.

The process can be considered little slow but people have realized the true importance of healthcare in India which is not just a requirement but a necessity too. The services have increased from the days when only some hospitals were developed in India and the poor facilities were the only thing available.

Healthcare Expenditure to Grow at a CAGR of 17% during 2011–20. Image Source : TechSci Research

In today’s times there are hospitals in every second locality providing good services and the best qualified doctors even the online pharmacy in India is gearing up it’s importance. The health awareness in India is increasing at a higher rate so the need of Healthcare apps in India are increasing, The overall Indian healthcare market today is worth US$ 100 billion and is expected to grow to US$ 280 billion by 2020 with a CAGR of 22.9%.

Statistics of Healthcare Growth

Per capita healthcare expenditure is estimated at a CAGR of 5% during the Financial Year 2008–15 to US$ 68.6 billion by 2015. As the statistics are revealing the growth of healthcare expenditure, reason could be the improved standards are paying capacity of an individual.

The ministry of health revealed that there are 50 targeted technologies for the financial year 2016 which will be useful in treating the deadly diseases like “Cancer” and “TB”. Now coming towards the revenue which is to be generated, as per the Healthcare sector which is growing at 17% during 2008–2020 the revenue will reach almost US$ 280 billion till 2020!

Development of Healthcare apps in India

The growth shows direct indication to the emerging era of Healthcare mobile apps, comfort and convenience is the need and greed of everyone and this is what the easy apps offering features like online pharmacy, pill reminder, doctor appointment, diagnostic test online and vaccination reminder provides the public.

Initiative by Government of India

Some great initiatives are taken by the government for giving out the best results and providing people with the maximum help in terms of health.

  1. A unique initiative for healthcare ‘Sehat’ (Social Endeavour for Health and Telemedicine) has been launched at a government run common service centre (CSC) to empower rural citizens by providing access to information, knowledge, skills and other services in various sectors through the intervention of digital technologies and fulfilling the vision of a ‘Digital India’.
  2. All the government hospitals in Andhra Pradesh would get a facelift with a cost of Rs 45 crore (US$ 6.76 million), besides the establishment of 1,000 generic medical shops across the State in the next few months.
  3. The E-health initiative, which is a part of Digital India drive launched by Prime Minister Narendra Modi, aims at providing effective and economical healthcare services to all citizens. The programme aims to make use of technology and portals to facilitate people maintain health records and book online appointments with various departments of different hospitals using eKYC data of Aadhaar number.
  4. Under the National Health Assurance Mission, Prime Minister Narendra Modi’s government would provide all citizens with free drugs and diagnostic treatment, as well as insurance cover to treat serious ailments.

We can say, this is just the beginning of a brighter Healthcare experience.