Healthcare Consulting in India

 

Healthcare consulting is the process of sharing expertise, giving advice, and guiding healthcare organizations to make business decisions that promote growth and benefit their customers and patients. Healthcare consultants are experts in the industry they have the necessary education and background on healthcare laws, regulations, and policies to effectively help medical organizations and hospitals run their businesses efficiently and effectively.

In fact, healthcare consulting was ranked among the top 100 careers by CNN Money due to its excellent pay, healthy growth, and job satisfaction. ... While an undergraduate degree may qualify one for an entry-level position, a master's degree along with solid experience is likely required for senior-level roles

Provide insights and expertise regarding company decisions that directly impact customers, patients, and other external stakeholders Work with a wide range of healthcare organizations as well as hospitals Maintain strong job security healthcare organizations, pharmaceutical companies, government agencies, and hospitals will always need industry expertise and advice Make an good salary range Have 10-year job growth of over 18% Work in full or part-time positions for healthcare organizations, hospitals, or firms, or be self-employed

The Healthcare Industry in India mainly comprises of Hospitals, Medical Devices, Clinical Trials, Outsourcing, Telemedicine, Medical Tourism, Health Insurance and Medical Equipment. We all know that the industry is growing at a very faster pace, owing to its strengthening coverage, services and increasing expenditure by public as well as private players.

 This is a mainly because:

Growing incidence of lifestyle diseases.

Rising demand for affordable healthcare delivery systems due to the increasing healthcare costs.

Technological advancements.

The emergence of telemedicine.

Rapid health insurance penetration and government initiatives like e-health together with tax benefits and incentives are driving healthcare market in India.

Healthcare Industry Scenario: The Healthcare industry is expected to reach $372 Billion by the year 2020.

The hospital industry alone accounts for 80% out of the total healthcare Market, which is witnessing a huge demand from the global as well and domestic investors.

The hospital industry alone is expected to reach $132 Billion by the year 2023, from $ 61.8 billion in the year 2017; growing at a CAGR (Compound Annual Growth Rate) of 16-17%.

The Indian Medical Tourism market is expected to grow from its current size of $3 billion to $7-8 billion by 2020.

The diagnostics industry in India is currently valued at $4 bn. The share of organized sector is almost 25% in this segment (15% in labs and 10% in radiology).

The primary care industry is currently valued at $13 bn. The share of organized sector is practically negligible in this case.

Current Industry Trends in India

TELEMIDICINE: Major hospitals have adopted telemedicine services and entered into a number of PPPs. Telemedicine market in India is expected to rise at a CAGR of 20% during 2016-20, reaching $32 mn by 2020.

ARTIFICIAL INTELLIGENCE: AI for keeping health records & providing best possible treatment to patients at the right time.

MOBILE & WEARABLE DEVICES: India is emerging as a strong market for wearables, with approximately 2 million units sold in 2017, expected to reach 129 million units in 2030.

ROBOTIC SURGERIES: India's surgical robotics market is estimated to expand at a CAGR of 20% (2017-25) to hit the size of $350 mn by 2025.

 

Top-Line Healthcare Stats For India

Healthcare industry to reach $372 billion by 2022

4th largest medical device market in Asia

Public health spending to grow to 2.5% of the country’s GDP by 2025

The value of medical tourism is forecast to reach $9 billion and generate 40 million jobs by 2020

Over $200 billion to be spent on medical infrastructure by 2024

The hospital industry in India is expected to have a CAGR of 16-17%, reaching to $132.84 billion by 2022

The medical devices market is expected to reach $11 billion by 2022

Non-communicable diseases account for 7 out of the top 10 causes of deaths in India

70% of the population live in rural areas with access to less than 30% of the healthcare infrastructure

Growth drivers:

Infrastructure: $200 billion is expected to be spent on medical infrastructure by 2024

Demographics: Home-based care services to gain popularity as average life expectancy will cross 70 years by 2022

Medical tourism: Visas for international patients and attendants introduced to ease medical tourism

Rising disposable income: Growing middle-class and increased insurance penetration would lead to a steep rise in annual earnings of Indians

Health & wellness centres: 150,000 centres with a budget of $1.8 billion will make the healthcare system more accessible

Robotic process automation (rpa): RPA to improve the efficiency of healthcare workforce; reducing costs and creating value proposition

 

Road Ahead:

India is a land full of opportunities for players in the medical devices industry. India’s healthcare industry is one of the fastest growing sectors and it is expected to reach $372 billion by 2020.

The country has also become one of the leading destinations for high-end diagnostic services with tremendous capital investment for advanced diagnostic facilities, thus catering to a greater proportion of population.

Besides, Indian medical service consumers have become more conscious towards their healthcare upkeep.

Indian healthcare sector is much diversified and is full of opportunities in every segment which includes providers, payers and medical technology.

With the increase in the competition, businesses are looking to explore for the latest dynamics and trends which will have positive impact on their business.

The hospital industry in India is forecasted to increase to Rs 8.6 trillion (US$ 132.84 billion) by FY22 from Rs 4 trillion (US$ 61.79 billion) in FY17 at a CAGR of 16-17 per cent.

The Government of India is planning to increase public health spending to 2.5 percent of the country GDP by 2025.

India’s competitive advantage also lies in the increased success rate of Indian companies in getting Abbreviated New Drug Application (ANDA) approvals.

India also offers vast opportunities in R&D as well as medical tourism.

To sum up, there are vast opportunities for investment in healthcare infrastructure in both urban and rural India.

Reasons to Invest in Indian Healthcare:

Increase in patients population, increasing lifestyle related health issues

Faster diagnosis leading to early treatment, awareness on preventive healthcare disorders

Affordable treatment costs

Thrust on medical tourism

Improving health insurance penetration

Increasing disposable income

Medical insurance and mandatory wellness checks by corporate houses

Government initiatives and focus on Public Private Partnership (PPP) models