Why this is important to Wisconsin businesses: Demand for health care services is growing due to increasing health insurance coverage and longer life expectancy.
The National Digital Health Mission, an initiative announced in August by the government of India, is set to revolutionize health care in India. It aims to create a management mechanism to process digital health data and facilitate its seamless exchange; develop registries of public and private facilities, health service providers, laboratories and pharmacies; and support clinical decision-making as well as offer direct services like telemedicine.
Health care is one of the largest sectors in India, both in terms of revenue and employment. Health care comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment. The health care sector in India is diversified and offers opportunities in each segment, which includes providers, payers and medical technology. The government, i.e., the public health care system, comprises limited secondary and tertiary care institutions in key cities and focuses on providing basic health care facilities in the form of primary health care centers in rural areas. The private sector provides the majority of secondary, tertiary and quaternary care institutions, with major concentration in metros and tier I and tier II cities.
The government of India is planning to increase public health spending to 3% of the country's GDP by 2025. The health care industry in India is projected to reach $372 billion by 2022. The hospital industry is expected to reach $132 billion by 2023, growing at a compound annualized growth rate of 16-17%. The diagnostics industry in India is currently valued at $4 billion. The share of organized sector is almost 25% in this segment (15% in labs and 10% in radiology). The medical device sector (which includes diagnostics) is likely to grow to $65 billion by 2024, from its current estimated size of $11 billion. The primary care industry is currently valued at $13 billion; the share of organized sector is negligible in this case.
Some of the growth drivers include policy initiatives by the government of India, such as an economic stimulus package announced in mid-May 2020 to combat the COVID-19 pandemic. Other policy initiatives include Ayushman Bharat, the world’s largest government-funded national health protection mission; the National Nutrition Mission; and Mission Indradhanush, which aims to improve coverage of immunizations in the country. Other growth drivers are increasing demand for health care services due to rising life expectancy and increasing health insurance coverage due to rising incomes and urbanization.
Big data companies can find ample opportunities in this market: Health care data and health information technology upgrades will be needed to improve artificial intelligence functionality for diagnostic and treatment devices. The current consumer trend toward wearable devices creates opportunities for glucose monitors, exercise trackers, wearables for mental health and other types of devices. There is a trend toward assistive robotic surgeries and minimally invasive surgeries, as well as predictive diagnosis—which all have a role for artificial intelligence, one more area of opportunity. There are also opportunities to work with startups in health care. In 2016, around 115 deals were made in the health tech sector, with a total investment of $ 140.2 million. In addition, telemedicine companies will have new opportunities due to the development of the National Telemedicine Network, satellite communication–based telemedicine nodes and mobile health clinics.