The Growth and Rise of the Hospital Industry in India

Healthcare is among those sectors that ensure sustenance of any nation over the longer term. It is because of the developments made in this field that humans are enjoying longer life expectancy. Without a significant contribution from this particular industry, there’s no way that mankind can live long enough to aid overall growth and development of civilization. If we look closer into industrial statistics, our country happens to be the largest contributor in the world as far as the healthcare sector is concerned. By 2022, India’s healthcare market is all set to cross the whopping $372 Billion mark. The healthcare industry comprises of all the aspects related to healthy living, and one of the key facets of the healthcare industry which is not only essential for ensuring good health of people but is also registering immense growth in the current times is the hospital sector.

Suitable Environment for Growth of the Hospital and Healthcare sector

The data from the past years reveals a lot about what’s waiting for us in the distant future. If we consider the growth in the number of doctors between the years 2010 and 2017, we can see a steady rise. While there were 8,27,006 registered doctors available in India in the year 2010, the number has reached 8,41,104 in 2017. Now all these doctors are considered on the basis of the degree they possess and the registration under respective state medical councils as well as the Medical Council of India.

If we closely look into sector’s happenings, it would come to our notice that a large portion of the doctors and physicians at foreign hospitals across the international borders, especially in the developed world are Indians. It is of no doubt that India supplies the most number of healthcare professionals to the other parts of the world, which indicates the skills and the potential of the healthcare professionals of our country.

Any country’s growth is accelerated by the policies that the Government sets. At this moment, with the implementation of the Ayushman Bharat scheme, the Indian hospital and healthcare sector is awaiting some more astonishing growth in the near future. Some experts have also commented that if this scheme continues to deliver on its promise, soon the Indian healthcare sector might outgrow the estimated growth numbers.

International forces are aiding the growth in the Indian hospital sector

One of the other major reasons for such dynamic growth of the Indian healthcare and hospital sector is the massive Foreign Direct Investments (FDI) that our country has been able to attract. Between April 2000 and June 2018, the total value of FDI has amounted to $5.25 Billion. In the first half of 2018, the country has successfully finalised 23 deals that total the amount of a whopping $679 Million. According to the recent data released by the Indian Government, India and Cuba had signed a MoU (Memorandum of Understanding) that focused on the development of health and medicine sectors, which ensures more opportunities for young professionals.

Growth in Hospital Industry Creates a Huge Demand for Healthcare Professionals

As per the latest data published for the financial year 2017, the total market value of the Indian hospital sector amounts to $4 trillion. This is a huge number, and the value is equal to the combined GDP of certain smaller third-world countries. As per the experts, the industry in India is about to experience an astonishing growth of 17 percent CAGR and is expected to reach the market value of 8.6 trillion US Dollars within 2022. Therefore, the equation shows that the sector’s growth would lead the industry to double its total value in a matter of the next 3 years. With growth comes higher demand and our educational system must take some additional responsibilities and facilitate the production of more healthcare professionals to meet the growing demand of the hospital sector. At the Indian Institute of Health Management Research (IIHMR), New Delhi, we are dedicated to training the new generation professionals in order to meet the excessive demand that our industry is facing right now.

As you all are aware that India is a highly populous country and is being predicted to take over the title of the world’s most populous nation by 2022. With such a growth in population, the need for specialist doctors and other medical professionals would be felt more than ever before. After all, a nation’s health is vital for its global survival. To that end, the Indian hospital sector shows some great promise for future growth and expansion and will crack open a huge number of employment opportunities for the aspirants willing to join the sector. However, for the candidates to deliver their best to the industry and cope up with the rising market demands, it is crucial that they are familiar with the real industry standards and have a clear insight into the deep-seated challenges. We, at IIHMR, have been doing exactly the same ever since our inception. With our state-of-the-art laboratories, industry-centric curriculum, world-class infrastructure, and multiple collaborations with leading organisations, we have facilitated a deep learning environment for our students. We aim at enabling each of our students to rise up as highly skilled and reliable healthcare professionals who can successfully contribute to the growth of the industry and the nation.