Healthcare has become one of India’s largest sectors – both in terms of Revenue and Employment. Healthcare comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment which constitutes 65 per cent of the overall market. The Indian healthcare sector is growing at a brisk pace due to its strengthening coverage, services and increasing expenditure by public as well private players..
It has been predicted that with increased digital adoption, the Indian healthcare market, which is worth around US$ 100 billion, will likely grow at a Compound Annual Growth Rate of 23 per cent to US$ 280 billion by 2020.
The healthcare market can increase three fold to US$ 372 billion by 2022. The hospital industry in India stood at Rs 4 trillion (US$ 61.79 billion) in 2017 and is expected to increase at a CAGR of 16.17 per cent to reach Rs 8.6 trillion (US$ 132.84 billion) by 2023. The Healthcare Information Technology (IT) market is expected to grow 1.5 times by 2020.
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