- Health Care, Drugs & Insurance
5 Healthcare Trends in India to watch out for
"India" & "Healthcare" are two words which have constantly been used together around the world. India a land where Ayurveda started, Indian Doctors are handling key positions in some of the most developed countries. Some of the Hospitals of India (Like Medanta Group) are trusted name around the globe.
However, the fact within India is, we are still witnessing a healthcare ecosystem which can easily be defined as "way behind" from healthcare ecosystem of any developed country. And honestly we all are responsible for it - Government, Hospitals & patients (general public).
Good news is things have started to change, Indians are more vigilant about their health than ever, Government is trying to strict the healthcare norms and technology is swiftly becoming a popular tool not only among the doctors but among the patients & general public as well.
"The Indian healthcare sector is growing at a 15% CAGR and jumped from $45 billion in 2008 to $78.6 billion in 2012 and expected to touch $158.2 billion by 2017," Equentis Capitalsaid in its report".
This all augur a positive change in Indian healthcare, here are 5 healthcare trends that we all should watch out for in near future-
1) Healthcare Mobility / mHealth-
Healthcare Industry is fastest to adopt & leverage the power of mobile apps in healthcare domain and India is fastest growing healthcare market in the world.
The use of Mobile apps in Indian healthcare is increasing every dayand India is one of the fastest growing smartphone market; these two facts clearly suggests that Mobile and technology will soon be the nucleus of Indian healthcare. We will see Doctors leveraging technology (via smartphones and Tabs) and patients using their smart devices to receive healthcare and to connect with doctors.
2) Care Management Tools -
In present healthcare ecosystem, Indian patients and his/her family are normally pretty much in a vacuum once they are out of the hospital. They do not have any means to be in touch with their doctors other than making a telephonic call (which are not so efficient).
Normally, after any major operation or in the treatment of any chronic disease; comes across so many questions and doubts (while at home) that they want to consult with their doctors and due to the hectic schedule of doctors it becomes even more difficult for the patient and his family.
With increasing use of technology & mobile, this problem can be solved. Care management solution is rapidly becoming popular in developed countries like USA and Indian hospitals are also showing a keen interest in care management solutions.
Using care management solution all the players (doctors, patients, caregiver & care managers, and patients) of healthcare ecosystem can be included single communication thread and this allow patients to be involved in his/her own health decisions, this solution can also help in medication management and appointment scheduling with doctors. Trusting the initial interest in care management solutions; it can soon be in practice in the Indian market.
3) Boom in Fitness industry -
Gone are the days when we had only a couple of six pack abs bodies in Bollywood; now even Indian TV stars are raring to show their toned muscular body and this speaks volumes about trending interest of Indian youth in fitness.
Gyms are mushrooming in every part of India to make money from fitness freak population; supplement shops, diet consultants, personal trainer all will continue to be in high demand in foreseeable future.
In India, the total retail market for fitness as a category is valued at Rs. 4,579 Cr (US$ 0.76 bn), growing at 16-18 per cent and is estimated to cross Rs. 7,000 crore (US$ 1.18 bn) by the year 2017. Needless to say, Fitness industry is now one of the fastest growing in India.
Though one worrying fact is most of the Indian youth are after only a good looking body but not after a healthy body.
4) Medical Tourism Sector in India -
India is now a major destination on the world map for the treatment of any serious illness or for a major operation. The primary reason for the growth in India's medical tourism sector is its cost effectiveness.
People from developed countries can be treated in India at the much cheaper price if compared to their own country. In October 2015, India's medical tourism sector was estimated to be worth US$3 billion. It is projected to grow to $7–8 billion by 2020.
Though India is quickly becoming a favorite medical tourism destination for the people in developed countries but for a common Indian man, the healthcare facility is still a costly affair.
5) Healthcare Insurance Industry -
With increased literacy rate More Indians are aware of the benefits of having a healthcare insurance for his/her family. Another factor is- better understanding of Internet and Government's emphasis on digital India has made healthcare insurance available to people of Indian an easier way.
With so many positives , healthcare insurance is set to take a giant leap in Indian market,contributing in the overall growth of Indian insurance industry.