MARKET ANALYSIS OF HEALTHCARE SECTOR
In 2017, India ranks to be the sixth largest healthcare market globally. It was expected that by 2020 Indian Healthcare sector is expected to reach RS. 19.57 lakh crore . There are six segments through which Indian Healthcare Market Operates and there are as follows:-
- HOSPITALS
- PHARMACEUTICAL
- DIAGNOSTICS
- TELEMEDICINE
- MEDICAL EQUIPMENTS AND SUPPLIES
The healthcare industry was expected to grow from $99.6 billion in 2010 to $162.2 billion in 2015. In 2018, the global health industry was worth $8.45 trillion. It is expected that by 2022, the global healthcare spending could reach over $10 trillion. The Global Telemedicine market in 2019 was $43.2 billion which is expected to grow upto 104.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 19.1%. The global market for Medical Device, OTC drugs and diagnostics will grow from $9.8 billion in 2020 to $17.8 billion by 2025 at a Compound Annual Growth Rate of 12.7%.
Healthcare exhibit a significant developement in the era of Globalisation and is one of the most rapidly growing sector in world economy.
