Healthcare - #SectorUpdates
The Healthcare industry in India comprises of hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance, and medical equipment. The industry is growing at a tremendous pace owing to its strengthening coverage, services and increasing expenditure by public as well as private players. The Indian healthcare sector is expected to record a three-fold rise, growing at a CAGR (Compound Annual Growth Rate) of 22% between the years 2016–2022 to reach USD 362 billion in 2022 from USD 110 billion in 2016. Interestingly, in the Economic Survey of 2022, India’s public expenditure on healthcare was captured at 2.1% of GDP in 2021-22 as against 1.8% in 2020-21. Healthcare has become more focused on innovation and technology over the past two years and 80% of healthcare systems today are aiming to increase their investment in digital healthcare tools in the next five years.