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Healthcare Sector Has Huge Potential For Growth: Panelists: Chennai

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35 views2 pages

Healthcare Sector Has Huge Potential For Growth: Panelists: Chennai

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lobrandi46
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Healthcare sector has huge potential for

growth: Panelists
January 22, 2024 01:08 am | Updated 01:10 am IST – CHENNAI

THE HINDU BUREAU


The panel discussion was held as a part of the Kalaignar
Centenary International Medical Conference on the ‘Future
of Medicine’, organised by Tamil Nadu Health Department
at the Chennai Trade Centre.

The panel discussion was held as a part of the Kalaignar


Centenary International Medical Conference on the ‘Future
of Medicine’, organised by Tamil Nadu Health Department
at the Chennai Trade Centre. | Photo Credit: Special
Arrangement

India’s healthcare sector has tremendous potential to grow


across various sectors, industry players said here on
Sunday.

Globally, the size of the sector is $10 trillion. The Indian


healthcare sector accounts for about $372 billion and is
growing at a compounded annual growth rate (CAGR) of
22%. Given the population size, there is huge scope for
growth, G.S.K. Velu, chairman & managing director,
Trivitron Healthcare & Neuberg Diagnostics Group said,
moderating a panel discussion on ‘Investments, Healthcare
Financing & Private Equity Funding that will shape the
future of healthcare’.
Healthcare and Life Science
Last published date: 2024-01-12

Overview
The Indian healthcare sector has become one of India’s
largest sectors, both in terms of revenue and employment.
It has experienced rapid change in recent years and has
become significantly more visible over the last decade, with
a renewed focus from the government and growing
market demand for healthcare services and products. The
Indian population is growing at a rate of 1.6 percent per
year and has an elderly population of over 100 million.
Rapid economic growth, rising middle class incomes, and
increased market penetration of health insurance providers
are fueling growth in the industry. In addition, changing
demographics and a shift from chronic to lifestyle diseases
has led to a boom in government healthcare spending
across the country.

The Indian healthcare industry reached over $370 billion in


2022. According to Nexdigm, the healthcare industry is
expected to reach over $610 billion by 2026.

The COVID-19 pandemic awakened the Indian government


and private sector around the importance of investing in
healthcare. Industry experts believe there will be a
significant increase in government healthcare spending in
India over the next several years, in part spurred by
lessons learned from the pandemic. Public spending on
healthcare in India stood at two percent of GDP in 2022
versus 1.2 percent in 2020.

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