Indian healthcare industry poised for rapid growth

August 5th, 2011 - 11:40 pm ICT by IANS  

Bangalore, Aug 5 (IANS) The Indian healthcare industry is set to grow rapidly this decade due to rising life expectancy, higher income levels, health insurance proliferation and growing incidence of lifestyle-related diseases, a top health-sector entrepreneur said Friday.

“The Indian healthcare industry is undergoing a rapid expansion phase with 12 percent CGPA (cumulative growth per annum) since 2008 and its market is poised to gross Rs.1.3 trillion (Rs.12,60,000 crore) in revenue by 2020,” Apollo Hospitals group founder-chairman Prathap C. Reddy said at an event here.

Unveiling the second edition of the international conference-cum-exposition ‘Healthex 2011′ at the Bangalore International Exhibition & Convention centre (BIEC) on the city’s outskirts, Reddy said private hospitals were training and modernising equipment to reach out and serve their patients better with best methods and practices.

“Government initiatives and public-private partnerships will help create better opportunities for nurses, paramedics, emergency medical technicians and specialised doctors across the country,” Reddy said.

According to the Investment Commission of India, the market size of hospitals and nursing homes will be Rs.54,000 crore with 20 percent growth rate per annum; medical equipment Rs.9,000 crore with 15 percent growth; clinical lab diagnostics Rs.4,500 crore with 30 percent growth; imaging diagnostics Rs.4,500 crore with 30 percent growth and other services, including training & education, aesthetics & weight loss and retail pharmacy Rs.9,000 crore.

“Health Insurance has the potential to show top line growth, as a study by global advisory McKinsey-CII (Confederation of Indian industry) estimates the number of insurable lives at 315 million, with a potential of generating Rs.34,650 crore in premium by 2015,” Reddy noted.

Importing customers into India for medical tourism, educational services, leisure tourism is expected to generate an additional $6-50 billion in revenue and create 10-48 million direct and indirect jobs by 2020.

Hosted by the CII national health council, the three-day expo showcases medical, surgical and diagnostic equipment, technology, materials, supplies and allied services.

“With a number of innovations and trends in the healthcare sector, there is a need for the private and public sectors to work jointly in the interest of the public,” said Air Vice Marshal Pankaj Tyagi, inaugurating the exhibition.

Addressing the delegates and exhibitors, Karnataka health secretary Ramana Reddy said the healthcare sector emerged as one of the most progressive and largest service sectors in the country.

“The country’s vision 2020 should include delivery of affordable healthcare system even to the rural poor, besides making available the best healthcare systems,” Reddy said.

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