Indian Medical Industry
Medical Tourism Industry in India
The medical tourism market in India is projected to hit $3.9 billion mark this year having grown at a compounded annual growth rate of 27 per cent over the last three years, according to a joint report by consultancy firm KPMG and industry body FICCI.
The inflow of medical tourists is expected to cross 320 million by 2016 compared with 85 million in 2012. The medical tourism industry in India gets maximum patients for heart surgery, knee transplant, cosmetic surgery and dental care as the cost of treatment in India is considered to be the lowest in Asia, much lower than Thailand, Indonesia, Singapore and Hong Kong.
A key competitive advantage India has in medical tourism is the cost effectiveness it has to offer to its patients. Besides the western markets, the SAARC countries have been an important source of medical tourists for India.
The year 2010 witnessed about 6,00,000 patients travelling to India and spending 4,500 crore in getting treated here from over 30 counties around the world, USA, Canada, UK, Russia, the Middle East, Uganda, Tanzania, Sri Lanka, the Central Asian Republics. In the year 2012 more than 18000 medical visas issued by Indian High Commission (10621 for Abuja and 7611 for Lagos).
Healthcare and Wellness Industry in India
In India, wellness is a concept which has been in practice since ancient times. Traditional medicinal and health practices like Ayurveda and Yoga have propounded the concept of mental and body wellness. With the progress of time, wellness as a concept has taken up a multi-dimensional definition by expanding its range to new generation offerings like preventive healthcare, luxury products and personalized services.
The growing wellness industry has attracted a large number of domestic entrants and international players. As per a recent study by the Stanford Research Institute International, the Indian Wellness Industry is a US$ 9.8 billion market
The wellness industry in the country will grow at a rate (CAGR) of approximately 30-35 per cent for the next five years, says a latest study by FICCI and Ernst & Young
Medical Devices & Electronics Industry in India
The Indian Medical Electronics industry is currently valued at around 1 billion and has been growing at an average rate of 17% for past couple of years. It is strongly believed that growth will outperform the pace, resulting in the Indian Medical Electronics market reaching close to USD ~6.5 billion by the year 2020.
The Medical electronics industry has witnessed a double digit growth in recent years and this growth trajectory is expected to continue due to the rising incidence of chronic diseases, increased urbanization and a growing elderly population and increased awareness about latest technology solutions to save augment life and rehabilitation. The influx of Medical Electronics technology has also reinforced the existing Healthcare infrastructure in various ways right from digitizing medical test, diagnostic and therapeutic procedures to enhancing the reach of Healthcare through Telemedicine and Health IT.
During the last two decades, there has been a tremendous increase in the use of electronic equipment in the medical field for clinical and research purposes. Human body is a source of numerous signals, highly significant for diagnosis and therapy. These signals are picked up from the surface of the body or from within which requires electrodes of different sizes, shapes and types. Also, there are some parameters like temperature, blood flow, blood pressure, and respiratory functions etc., which are routinely monitored. These parameters, which are basically non-electrical in nature, are converted into corresponding electric signals by various transducers.
Rising Demand for Medical Electronics
Growing population, ageing, income base and associated disposable income, increasing socio-economic inclusion of rural and deprived in mainstream economy are some factors which have heightened manufacturing and innovation to create customized products. The sector is designed to meet the needs of all income segments, changing disease prevalence pattern and growing awareness among the middle class to focus on early detection and disease prevention.
Non communicable Diseases (NCDs) have also emerged as major public health concern. NCDs most widely prevalent in India are cardiovascular diseases, diabetes, cancer, stroke and chronic lung diseases. Contrary to popular belief, the poor population is more vulnerable to NCDs. Main reasons for this are material deprivation, stress, unhealthy living conditions and limited access to quality health care.
A basic drive of such proportions is expected to generate demand in medical electronic equipment devices and disposables, examples X-Ray and imaging equipment, pathological analyzers, probes, mains and battery operated devices, mobile detection and therapeutic equipment, AEDs, equipment for sanitizing and infection protocols, robotics and radio-therapeutic equipment’s, cardiovascular & neurovascular detection, bionics, systems along with modular life support systems, patient monitoring, internal & external implants, minimally invasive and non-invasive surgery, distant monitoring, diagnosis and remedial management.
Furthermore, today various parameters of Indian demography offer opportunity for tremendous growth in Medical Electronics due to general demand for healthcare.
An extensive use of computers and microprocessors is now being made in medical instruments designed to perform routine clinical measurements, particularly in those situations where data computing and processing could be considered as part of the measurement and diagnostic procedures.