Rise of Healthcare in India
6th Largest in the world . India will rank amongst the top three healthcare markets in terms of incremental growth by 2022.
One of the fastest growing sectors, it is expected to advance at a CAGR of 22.87 per cent during 2015–20 to reach USD280 billion.
India is the largest exporter of formulations with 14 per cent market share and ranks 12th in the world in terms of export value. Double-digit growth is expected over the next 5 years.
Major Components of Healthcare in India
Telehealth Adoption : Empowering Care at Peripheral Touch Points
By maximizing coverage through telemedicine, you can directly improve healthcare access, reduce major overhead and travel costs, and maximize resource utilization.
Non communicable diseases which account for 53 % of mortality has 50-70 % prevalence in rural india. Telemedicine Solutions enables healthcare penetration into inaccessible and underserved demographics with minimum investment and optimum utilization of existing resources.
Saturation in Metro and Urban Areas : 3.4 beds per 1000 population is much above the global average of 2.4 /1000 .
New Demographics : “Urban Poor” will be 10 % of the population by 2022 and less than 50 % hospitalization take place in private sector.
Overcoming Barriers and Enabling Ease of Availability of Healthcare
People unwilling to access institutional healthcare for routine ailments
Physical Distances to PHC facilities is a major barrier. The WHO Guidelines of a PHC within 8 km of a major settlement is still to be met in India.
INR 17,00,000 crore to INR 20,00,00 crore is the estimated total spending in healthcare by 2022.
Global Growth Drivers for Telemedicine in India
More than 50% of all U.S. hospitals currently have a telemedicine program.
The global telemedicine market valued at $17.8 billion in 2014 and is predicted to grow at a CAGR of 18.4% from 2014 to 2020.
Telemedicine makes up nearly one-fourth of the health IT market, which was valued at $15.6 billion in 2014 and is expected to increase to nearly $20 billion by 2019 with a CAGR of 4.8%.
Hospital readmissions decreased by 51% for heart failure and 44% for other illnesses after implementing telemedicine.
Almost 75% of all doctor, urgent care, and ER visits are either unnecessary or could be handled safely and effectively over the phone or video.
Building Stronger System of Primary Care
Cost of health service provision: Cost of treatment at a public healthcare facility is 2 to 9 times more affordable than that available at a private healthcare facility, and is dependent on the nature of treatment (IPD, OPD–Chronic, OPD–Acute).
Cost of drugs has increased by a 2-3% compound annual growth rate over the last decade; which further discourages people from taking prescription medicines.
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