Indian healthcare sector has come a long way as compared to 25 years ago. Even a decade back, we had not thought of having remote consultations with doctors or smart watches helping us with our vitals. But today, we know that these are real. According to India Brand Equity Foundation (IBEF), the Indian healthcare industry is poised for remarkable growth at a compound annual growth rate (CAGR) of 22 percent from 2016 to 2022. The report has suggested that this surge will elevate the sector’s value to an impressive USD 372 billion by 2022 from USD 110 billion in 2016. By the fiscal year 2022, the Indian healthcare infrastructure is anticipated to attain a valuation of USD 349.1 billion. Moreover, the e-health domain is set to flourish, with estimations indicating a market size of USD 10.6 billion by 2025.
Furthermore, the report highlights the Indian healthcare sector as one of the largest employers in the country, providing jobs to a significant workforce of 4.7 million individuals. Between 2017 and 2022, the sector has contributed an additional 2.7 million job opportunities in India, translating to over half a million new jobs annually.
In the past few years, the healthcare landscape has witnessed a seismic shift due to the ongoing global pandemic and evolving patient requirements. At Prayag Hospital, we navigated through such a shift by embracing innovative approaches to ensure patient care and safety, while optimizing our resources to meet the heightened demand for medical care. We incorporated cutting-edge technology to enhance the efficiency of our operations, enabling us to streamline patient management, optimize resource allocation, and maintain a high standard of care. Telemedicine services, advanced diagnostic technologies, and streamlined patient care pathways became the cornerstones of our approach.
One of the key lessons from 2021-22 was the importance of collaboration. Following our motto Seva Parmo Dharma, we reflect our dedication to serving people by partnering with government agencies, NGOs, and other healthcare providers to provide essential healthcare services. By aligning with government healthcare schemes, Prayag Hospital ensured quality medical care is accessible to those in need. Also, through sharing resources, knowledge, and expertise, we were able to extend our reach and provide care to even the most vulnerable segments of our society.
As we move towards 2024, I believe that more collaborative efforts between the government, private sector, and research institutions can lead to significant advancements in medical infrastructure, disease prevention, and public health education. For instance, encouraging faster adoption of technology amongst the hospitals and clinics in rural regions and, encouraging research and development initiatives within the healthcare sector which is crucial for innovation and medical breakthroughs. The government can contribute towards higher penetration of health insurance to alleviate the financial burden on patients and their families during medical emergencies.
Moreover, another key area that requires attention from the government is telemedicine. The success of telemedicine during the pandemic highlighted its potential to improve healthcare accessibility, particularly in remote areas. Clear guidelines and regulations for telemedicine practices will enable its seamless integration into mainstream healthcare services and operations.
In 2024, Prayag Hospital is committed to further advancing patient care, driving innovation, and improving healthcare accessibility across India as well as outside its boundaries. For this, strategic plans are being implemented which include launching hospitals in underserved regions such as Uttarakhand and UP West and providing advanced medical facilities to local communities. Prayag’s international outreach plan involves opening clinics in Indonesia and Uzbekistan, strengthening global healthcare collaboration. And with our commitment to addressing critical gaps in the Indian healthcare sector, we will heighten our focus on skill development and training for our staffs with an aim to alleviate the shortage of healthcare professionals while ensuring high-quality care delivery. Continuous education and upskilling will enable us to deliver the highest standard of care and stay abreast of the latest medical advancements.