Healthcare Sector

Healthcare sector has become one of the biggest revenue earners as well as employers in India. India’s population could surpass China’s around 2024, two years later than previously estimated, and is projected to touch ~1.5 billion in 2030, according to a UN forecast.
The healthcare sector comprises of doctors, hospital, medical care devices, health insurance, medical equipment and recently growing branches of medical tourism and telemedicine. As a result of an increase in the demand in this sector, both the private and the public sector have been increasing their investments, resulting in an increase in the service coverage area and also in the improvement in the quality of services.
India’s competitive advantage lies in its large pool of well-trained medical professionals. The cost factor adds to the list of benefits. The cost of surgery in India is about one-tenth of that in the USA or Western Europe, making India an ideal destination for medical tourism. India continues to face challenges due to lower healthcare to GDP ratio (4.5%), although this number has been continuously increasing. India has witnessed a steady increase in health insurance coverage. Between FY 2013 and FY 2016, insurance coverage witnessed a growth of about 40%.