The healthcare sector is and always has been one of the most important sectors in India and across the world. It is also one of India’s largest sectors, in terms of revenue as well as employment. The sector mainly comprises hospitals, medical devices, clinical trials, health and medical insurance among many other facets.
India has an incredible pool of well-trained medical professionals. Also, another advantage that gives India the edge is that the medical treatments are much more cost-effective as compared to other Asian and Western countries.
Impact of COVID-19 on Healthcare Sector:
The healthcare sector is in the spotlight during this pandemic to provide the best medical attention. Some of this includes providing testing support, conducting clinical trials and help the Government in whatever way they can. However, it is also going through some tough times. The sector has to make sure there are adequate manpower, medical equipment, and other resources to help treat COVID positive patients. So this creates a burden on the sector.
Moreover, the sector imports most of its medical devices like orthopaedic implants, gloves, syringes, etc. And since there is a complete stop made on the imports and exports of the country, the sector is incurring severe losses.
Market Size and Govt. Initiatives:
However, the market size of the healthcare sector is going to reach INR 8.6 trillion by 2022. Also, the Indian medical tourism market is growing at 18% every year and is predicted to reach $9 billion by 2020.
The Union Budget for 2020-21 has allocated Rs. 35,600 crores ($5.09 billion) for programmes related to nutrition. The Government also aims to raise the healthcare spending to 3% of the total GDP by 2022.
India’s healthcare sector is one of the fastest growing sectors and rightly so, especially when this sector is playing a vital role in controlling the pandemic. The net worth of the healthcare sector is expected to reach $280 billion by 2020. Also, with the help of FDIs, the healthcare sector will boom and provide more opportunities to explore the various facets of the sector.