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Indian Healthcare Industry is Expected to Grow at 16.9% in 2020 to Reach $272.79 Billion in 2020
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The study covers the healthcare market which develops and provides products, solutions, and/or services across the care spectrum for diagnosis, treatment, and prevention. The biosimilars market in India is expected to cross $0.9 billion by 2020. The growing prevalence of chronic diseases with an increasing aged population in India and globally, coupled with government initiatives for manufacturing under ‘Make in India’ and the global need for lower cost therapies at high quality has led to health investments from the pharmaceutical players, thereby fostering development of the biosimilars market.With about 14 million patients treated till December 2020, Ayushman Bharat is expected to boost demand for medical devices from empanelled hospitals. Given the perception of hospitals and ensuing impact on medical device and consumables manufacturers, it may be prudent for medical device manufacturers to prioritize alignment with secondary care hospitals, especially in Tier II/III cities and below. Increase in demand for cardiac stents, orthopaedic implants due to increased uptake of secondary specialties from hospitals is also expected.The $450.1-Mn market for Telehealth in 2020 is likely to grow at a CAGR of 21% till 2026. Government initiatives like the National Health Portal, online registration system, e-Hospital, etc. are expected to increase preference and adoption of e-Healthcare models among masses. This is expected especially in the areas of stress management and behavioural health extending up to the larger spectrum of cardiology, diabetes, and oncology. Startups like Wellthy Therapeutics have gained traction by focusing on the cardiac and diabetes segment.India’s health and wellness tourism sector will be the highest growing within medical tourism. India offers the unique proposition of AYUSH services that are a major attraction for medical tourists, especially from Europe and other developed countries.In light of the overloaded and strained clinical pipelines and decreasing returns on investment on Research and Development (R&D), CMOs will need to support pharma companies in introducing innovation by offering improved manufacturing efficiencies and data analytics solutions.As molecular diagnostics is guiding the treatment pathway for cancer, digital pathology will move beyond conventional histopathology to integrate genomic information. Despite the recent advancements in digital pathology, better quality control guidelines are needed right from sample preparation to whole slide imaging and image analysis.Also, independent quality assessment guidelines for different software are needed for automated quantification and for making a uniform assessment of image analysis.Innovation in radiology business models can fuel the growth of diagnostic imaging in India. Public-private partnerships in radiology services and payments made for the services utilised, has seen some success. Most of the developed countries are moving from departmental PACS to VNA / Enterprise PACS. Without the large-scale adoption of this basic infrastructure, it would be difficult to envision implementation of new-age solutions such as AI, enterprise imaging, and precision medicine.Author: Akshay Zanjurne
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