Healthcare - #SectorUpdates
Hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance, and medical equipment are all part of India’s healthcare sector. Due to its expanding coverage, services, and rising spending by both public and private entities, the sector is expanding at an extremely fast rate. The healthcare market in India is being driven by the rising prevalence of lifestyle-based diseases, increasing demand for affordable healthcare delivery systems due to rising healthcare costs, technological advancements, the emergence of telemedicine, rapid health insurance penetration, Government initiatives like e-health, along with tax benefits and incentives. By 2023, it is projected to reach $ 5B at a CGAR of 39%. The digital healthcare market in India is estimated to reach INR 485.43 Billion by 2024, expanding at a compound annual growth rate (CAGR) of around 27.41% during the 2019-2024 period. Interestingly, the telemedicine market is the maximum potential e-Health segment in India, which is expected to touch $5.4 Billion by 2025, growing at a compound annual growth rate (CAGR) of 31%.