India's rapid growth has brought about many changes in demographics and lifestyle. Rising incomes, hectic pace of life and stress have resulted in a change in disease patterns, even as there is greater awareness about health and a demand for quality healthcare. Healthcare, which is a US$ 35 billion industry in India, is expected to reach over US$ 75 billion by 2012 and US$ 150 billion by 2017 according to Technopak Advisors in their report - 'India Healthcare Trends 2008'.
The healthcare industry is interestingly poised as it strives to emerge as a global hub due to the distinct advantages it enjoys in clinical excellence and low costs. The industry, which was once the exclusive domain of the government, has seen a steady participation of major corporate houses which have helped set up premium hospitals and medical facilities across the country.
The sector offers immense potential to healthcare players as the country witnesses a rise in the incidence of lifestyle-related and other diseases. A growing elderly population and rise in income levels are also pushing for better facilities in the country. Driving the sector's growth will be the health-conscious middle class which can afford and wants quality healthcare.
Over 150 million Indians have annual incomes of more than US$ 1,000, and many who work in the business services sector earn as much as US$ 20,000 a year. If the economy continues to grow at the current rate and the literacy rate keeps rising, much of western and southern India will be middle class by 2020. To meet this growing demand, the country needs US$ 50 billion annually for the next 20 years, says a Confederation of Indian Industry (CII) study. India needs to add 2 million beds by 2027 to the existing 1.1 million, and requires immediate investments of US$ 82 billion