The hospital industry in India is expected to grow at a CAGR of 16-17 percent to reach Rs 8.6 trillion by FY2022 from 4 trillion in FY2017, which is deriving attention from the global players in Indian healthcare market. The year 2019 is going to be an exciting year for Indian healthcare sector with deeper penetration of global players in the market. In the last decade, with global players coming there has been a major transformation in the healthcare market with a focus on making services more affordable, accessible, and taking quality healthcare to the doorsteps of the masses. In this year we will continue to make efforts to make innovations and interventions to lift up the entire healthcare ecosystem. This year will also be a year of consolidation and initial turbulence before the dust settles down. The expansion of the Indian healthcare market will be the focus of this year when global players will be making their debut or impression on larger geographical areas of India.
In line with the economic growth of India, the healthcare consumption is increasing rapidly. Today’s patient is more informed, value-conscious, engaged, and discerning. We will be paying extra care to the demand of our healthcare services for all. In the current scenario, all the stakeholders have an exciting opportunity to transform the Indian healthcare system in several ways. Digitalization and thrust on innovation to drive efficiencies and patient experience will be key differentiators in the healthcare industry. Advanced technologies, artificial intelligence, and medical research will be driving the equipment market for Indian healthcare. Apart from providing medical care more and more national and international players are looking forward to expanding in these areas. At the same time, it will be imperative for healthcare leaders to find solutions and deliver high-quality care in optimal cost.
It will be interesting to see how Ayushman Bharat evolves and impacts the industry. Ayushman Bharat is created to reduce the urban-rural divide and consumption of healthcare in India. This might turn Indian into affordable quality care among emerging economies. The making of digital India with healthy India will be the focus going forward. Sustainable business models addressing wider population will emerge stronger. Another area is of home healthcare, which has emerged as the most promising area in healthcare. While there are already service providers in this industry the existing hospital players might look into the expansion as well.
Our roadmap for Fortis Memorial Research Institute revolves around a continued focus on clinical excellence and warm patient experience driven by innovation, robust processes, and technology. Each year adding an extra mile in patient experience is what we strive for. The patient’s feedback keeps us moving up and providing extra care for them. Our clinical excellence and outcome have been great because of the patient satisfaction and reaction we receive on time. We will work with analytical tools and digital applications to get sharp insights for decision making. This year we are coming up with consolidated data management for all the Fortis units across India.
Our focus on high-end tertiary care with medical programs in robotics, oncosciences, transplants, cardiac, neuro, and renal will continue and we will work on developing niche cutting edge procedures in these areas. Fortis has been a thought leader in organ donation in India and each year we are creating more buzz around the same. The other focus area is where we are coming up with robotic technology to heal the patient quickly. This year we will be working on creating more awareness about the benefits of robotics and public awareness on the same.
We started 2019 with an optimistic note and are working on the patient safety goals. This evolving industry day by day is challenging and motivating at the same time. The more we meet and care for new patients, the more we learn and improve. Together the challenges we overcome become a learning forever. This year we plan to include technological advancements in our facility so that we can maximize patient medical care with faster and better service. Our attention will be driven by patient centricity and better services for all.