In India, the healthcare industry is undergoing a revolutionary change mainly due to the rising income levels, increasing awareness on lifestyle diseases, changing attitude from prescriptive to preventive healthcare, growing insurance market and increasing government spending on healthcare. New and innovative healthcare delivery models are also coming in the market including planned surgical centres, similar to the Ambulatory surgery centres in the U.S. The concept of franchising has also proved to be quite beneficial for healthcare professionals and has given the industry an instant boom in INDIA.
This can also be considered as the EVERGREEN sector either you consider it before COVID-19 or after it. The concept of healthcare franchising will also benefit due to the increased demand for HEALTH and LIFE Insurance which will shoot up after COVID-19. So, here are the Well known healthcare and insurance franchises in India like APOLLO HOSPITALS, AFFLATUS, INDIA DENTAL WORLD, RELIANCE LIFE INSURANCE, THE WELLNESS STORE and such other similar professionals…will surely take the benefit after COVID-19 due to increasing healthcare awareness that’s why someone rightly said “HEALTH IS WEALTH” – the mantra which not only works for the patients or the conscious people but also works for the healthcare professionals more focusing on WEALTH.
As India progresses, healthcare constitutes an important aspect of the country’s development. With increased attention from the Government as well as international organizations like the WHO and other non-profit organizations, we see healthcare in India poised for growth. There are various aspects of healthcare services, including hospitals (both public and private), medical diagnostic services, medical equipment, private health insurance etc. Healthcare services in India are expected to improve and thereby the industry to continue on its growth path over the next few years.
TOP 3 GROWTH FACTORS FOR HEALTHCARE SECTOR
In INDIA, Medical Tourism has seen enhanced interest from both the government and private sectors. With an increasing number of medical tourists all around the world, and a significant portion coming to India for treatments, the medical tourism industry is poised for growth. However, medical tourism is highly dependent upon the regulations at the home country of the tourist as well as the economic conditions. Considering the above, medical tourism will still make an impact on the healthcare services market of India.
The hospital’s business would continue to contribute to more than 70 percent of the healthcare sector, with the private and public sector combined contributing about USD 54.5 billion. While the government will step up its investment in the sector as planned, the private sector will foray into the hitherto largely ignored sector. With increasing confidence and understanding of the industry, investor interest will spur many private players to increase their scope of operations.
This industry, boosted by catering to rising medical needs of the country and gaining momentum through growing acceptance of preventive cures will inch towards a more mature market set up over the years. The diagnostic and pathology services industry is expected to continue its consolidation.