India has about 17% of world population, and accounts for approximately 21% of the global disease burden. In terms of market size, Indian healthcare market ranks as the 6th largest globally. The Indian Healthcare sector that primarily comprises of Medical Delivery & Diagnostics, Pharma & Medical Devices is currently valued at about USD 120 Billion. The key trends in the sector include an increase in government spending, increased health awareness, improved quality of care, newer delivery formats, and a rise in demand for life enhancing procedures. The Healthcare sector is estimated to grow at about 15% CAGR and reach an approximate market size of USD 250 Billion by 2020.
There is a growing focus on primary and preventive care in India. As a result, “diagnostics” is the fastest growing segment within the Healthcare Sector in India. There is also an increased focus to promote medical tourism in India. Growing insurance market, strong pharmaceutical industry, cheap international travel, and quality health care are increasingly making India a preferred medical tourism destination. India hosts medical tourists from countries such as the US, UK, Bangladesh, Sri Lanka, and China making India a key destination for Medical Tourism.