With 1.2 billion population, largest English-speaking population in world, 2nd largest pool of scientists and engineers in the World, Indian health care industry one of the fastest growing industry, is expected to advance at a CAGR of 15 per cent during 2011-17 to reach USD158 billion.
Rising income levels, aging population, growing health awareness, changing attitude towards preventive healthcare is expected to boost healthcare services demand in future. The low cost of medical services has resulted in a rise in the country’s medical tourism attracting patients from across the world. Government of India is committed to establishing India as hub of R&D and affordable health care. To correct the imbalances in the availability of affordable health care facility in the different parts of the country 8 new AIIMS are being setup over two phases and 58 state medical institutions are being upgraded over three phases. This is in addition to the world-class hospitals being set-up by the private sector. India needs additional 1.8 million beds to achieve target of 2 beds per 1000 people by 2025. India needs additional 1.54 million doctors to meet growing demand of health care. Estimated investment of USD 86 billion is required to meet these targets.
The global medical device market was worth USD 298 Billion in 2013, which experienced significant growth over the last few years and is expected to continue, reaching approximately USD 440.5 billion in 2018 with a CAGR of 7.5% The five largest global markets for medical devices are U.S., Japan, Germany, France, and Italy. They account for 13.1% of global population and 76% of global medical device use. Conversely, the five most popular countries in the world China, India, Indonesia, Brazil and Pakistan account for nearly half of the global population, But they account for only 4.4 per cent of global medical device use. US is a global player in the global medical device industry with nearly 50% shares by sales and nearly 20% of the market shares by production . Source: Global Marketing Emergo Group Inc.
Healthcare providers in India are expected to spend US$ 1.2 billion on IT products and services in 2015, an increase of 7 per cent over 2014, according to Gartner, Inc., leading information technology research and advisory company. This forecast includes spending by healthcare providers (including hospitals, as well as ambulatory service and physicians practices) on internal services, software, IT services, data center, devices and telecom services.
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