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Indian Healthcare Sector Report May 2014
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The Indian healthcare industry, which comprises hospitals, medical infrastructure, medical devices, clinical trials, outsourcing, telemedicine, health insurance and medical equipment, is expected to reach US$ 160 billion by 2017, as per Frost & Sullivan.
India's healthcare system is developing rapidly and continues to expand its coverage, services and expenditure in the public as well as private sectors. This is creating a large market for hospital information systems and other healthcare-related IT solutions.
The Indian medical device and equipment market is expected to grow to around US$ 5.8 billion by 2014 and US$ 7.8 billion by 2016, growing at a compound annual growth rate (CAGR) of 15.5 per cent, according to a report by Grant Thornton India. India’s medical device market is currently the fourth largest in Asia with 700 medical device makers, and ranks among the top 20 in the world, as per data from India Semiconductor Association.
The hospital and diagnostics centre in India received foreign direct investment (FDI) worth US$ 2,057.29 million, while drugs & pharmaceutical and medical & surgical appliances industry registered FDI worth US$ 11,391.03 million and US$ 720.41 million, respectively during April 2000 to September 2013, according to data provided by Department of Industrial Policy and Promotion (DIPP).
The Indian medical device and equipment market is expected to grow to around US$ 5.8 billion by 2014 and US$ 7.8 billion by 2016, growing at a CAGR of 15.5 per cent, according to a report by Grant Thornton India. India’s medical device market is currently the fourth largest in Asia with 700 medical device makers, and ranks among the top 20 in the world, as per the data from India Semiconductor Association.
On the back of continuously rising demand, the hospital services industry is expected to be worth US$ 81.2 billion by 2015. In addition, the Indian hospital services sector revenue is expected to increase at a CAGR of 20 per cent during the period 2012–17, generating immense possibilities for players in the market, according to a RNCOS report titled, ‘Indian Medical Device Market Outlook to 2017’.
The Indian healthcare providers plan to spend Rs 5,700 crore (US$ 916.40 million) on IT products and services in 2013, a 7 per cent rise over 2012 revenues worth Rs 5,300 crore (US$ 852.09 million), as per a report by Gartner.
Initiating a new era of quality health facility, telemedicine services were launched by Mr Nitish Kumar, Chief Minister of Bihar, in Patna-based prominent hospitals and those in 22 districts and 82 primary health centres of Bihar.
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