New industry report on India hospital sector market status and prospects [2023-2032] has been released. It includes information about the global market, such as development trends, competitive landscape analysis, key regions, and their development status. The report also examines advanced approaches and plans, as well as manufacturing processes and cost structures. It analyzes import/export utilities, market figures, cost, price, revenue, and gross productivity of the market.
The hospital sector was valued at INR 7940.87 Billion in 2021. It is expected to reach INR 18,348.78 Billion by 2027, expanding at a CAGR of 18.24% during the FY 2021 to FY 2027 period.
Hospitals are an important part of India’s healthcare system. The market is growing due to rising disposable income, an ageing population, and changing illness profiles. The Ayushman Bharat initiative has also strengthened the healthcare system, from primary to tertiary care.
Self-pay, government payer, and corporate insurer are the three segments of the hospital industry. The self-pay group dominated the market in the start of 2021, followed by government payers. The corporate insurer category, on the other hand, is predicted to rise significantly because to the extension of coverage by both government and company insurers.
The growth of corporate medical insurance has been fuelled by increased purchasing power, rising demand for quality healthcare, technological advancements, and the expansion of hospital networks. Patients’ claims for accidental hospitalisation, Covid-19 insurance, daily hospital benefits, critical illness coverage, and maternity coverage are all guaranteed.
Impact of Covid-19:
The second wave of Covid-19 affected the hospital sector because patient footfall, both, domestic and international, had declined. High infection rates and lockdowns forced hospitals to pause non-emergency, and outdoor patient department (OPD) and indoor patient department (IPD) services. Medical tourism also declined due to travel restrictions.
Despite the initial dip (after the second wave of Covid-19) in footfall, signs of recovery in patients and relaxed lockdown norms by the end of July 2021 marked an increase in hospital occupancy rate. Although the pandemic caused a nationwide crisis in India’s primary healthcare, key changes in the sector such as flexibility in operations, improved health insurance, and cost-effective medical tourism will strengthen it.
On June 8th, 2022, the Bureau of Economic Analysis and U.S. Census Bureau released a report detailing the recovery of the U.S. market and international trade. The report highlighted the significant growth in exports and imports, with exports reaching $300 billion in April 2022, an increase of $13.4 billion, and imports amounting to $294.5 billion, increasing by $17.4 billion. Despite the impact of Covid-19 on the global economy, the U.S. market is showing signs of recovery.
However, the Healthcare/ICT/Chemical industries are still feeling the effects of the pandemic, which is creating a large market for India Hospital Sector. As the recovery of the U.S. market continues, there will be a direct impact on these industries, and the demand for India Hospital Sector is likely to increase. The report highlights the need for businesses to stay informed about market trends and adjust their strategies accordingly to take advantage of emerging opportunities in this evolving landscape.
Intricacies of Covid-19 impact analysis:
The pandemic of Covid-19 has also reduced the availability of and demand for non-Covid-19-related medical treatment. A wide range of treatments, including emergency care for acute diseases, routine check-ups, and recommended cancer screenings, are being postponed or avoided by patients. Undiagnosed illnesses and a failure to intervene early will have serious long-term health consequences. Covid-19 has accelerated a variety of existing and emerging healthcare trends, including changing consumer attitudes and habits, the convergence of life science and health care, rapid advances in digital health technologies, and new talent and care delivery models, to name a few.
In-depth analysis of the Russia-Ukraine war impact:
Global industries were impacted by the Russia-Ukraine War, which started in February 2022. There have been widespread announcements of strict travel restrictions over Ukrainian airspace. The market in 2022 has been damaged by the Russia-Ukraine War.
The conflict between Russia and Ukraine raises defense spending and fortifies NATO nations’ armed forces. Due to Russia’s invasion, the majority of European nations have raised their defense budget. Germany earmarked USD 109 billion, which is more than the whole cost of the military in 2021, increasing its defense spending above 2% of GDP. Ocean