Healthcare has become one of India’s largest sectors – both in terms of revenue and employment. Healthcare comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment. The Indian healthcare sector is growing at a brisk pace due to its strengthening coverage, services and increasing expenditure by public as well private players.
Indian healthcare delivery system is categorised into two major components – public and private. The Government, i.e. public healthcare system comprises limited secondary and tertiary care institutions in key cities and focuses on providing basic healthcare facilities in the form of primary healthcare centres (PHCs) in rural areas. The private sector provides majority of secondary, tertiary and quaternary care institutions with a major concentration in metros, tier I and tier II cities.
These categories fall under the Healthcare sector:
- Medical Equipment
- Chemical & Fertilizers
India is the largest provider of generic drugs globally. Indian pharmaceutical sector industry supplies over 50 per cent of global demand for various vaccines, 40 per cent of generic demand in the US and 25 per cent of all medicine in UK.
India enjoys an important position in the global pharmaceuticals sector. The country also has a large pool of scientists and engineers who have the potential to steer the industry ahead to an even higher level. Presently over 80 per cent of the anti-retroviral drugs used globally to combat AIDS (Acquired Immune Deficiency Syndrome) are supplied by Indian pharmaceutical firms.
By definition, a medical device is any instrument, apparatus or appliance used specifically for diagnosis, prevention, alleviation of diseases or wellness purposes.
Medical Devices are segregated into six major segments, out of which diagnostics imaging constitutes the largest chunk (from a global perspective), with an annual sales estimate of USD 60 billion in 2015. Next in line is IV Diagnostics, with an estimated 24% share. The global medical devices industry was estimated at USD 228 billion in 2015. At its current growth trajectory, the market is expected to reach USD 332 billion by 2020.
The Medical Devices industry in India is presently valued at USD 5.2 billion and contributes 4-5% to the USD 96.7 billion Indian health care industry. Currently, India has about 750–800 medical device manufacturers in the country, with an average investment of Rs 170–200 million and an average turnover of Rs 450–500 million.
The wellness industry in India has rapidly evolved from being a highly unstructured ecosystem in the 90s to a more active and growing sector today. With health and wellness being becoming mainstream, this industry expects a massive boom in the coming years. Recent estimates by FICCI and EY suggest that the industry will grow at a CAGR of nearly 12% for the next 5 years, and reach an estimated high of Rs 1.5 trillion by 2020. Rise in disposable incomes and increasing prevalence of non-communicable diseases are some factors driving this growth.
The Ministry of Ayurveda, Yoga & Naturopathy, Unani, Siddha, Sowa Rigpa and Homoeopathy, abbreviated as AYUSH, is a governmental body in India purposed with developing, education and research in the field of alternative medicine.
AYUSH stands for Ayurvedic, Yoga and Naturopathy, Unani, Siddha and Homeopathy. It refers to the Department of AYUSH. Earlier it was known as the Department of Indian System of Medicine and Homeopathy (ISM&H). It was renamed Department of AYUSH in November 2003 with a view to give more emphasis on the development of Education and Research in Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy. In 2003, it was operating under the Ministry of Health and Family Welfare. Today, it is under the Ministry of AYUSH which was established on 9 November 2014. It is headquartered in New Delhi. AS of July 2017, Sh. Shripad Yesso Naik is the Minister of State of AYUSH.
Chemical & Fertilizers
India is predominantly an agrarian economy. The Indian economy mainly depends upon its agricultural produce. The agricultural output contributes to about 25% of the country’s GDP. As a result of the chemical fertilizers being one of the related parts of the agriculture, there is tremendous scope for the growth of the chemical fertilizer industry.
Today, the Indian chemical fertilizer industry is developing fast in terms of using the latest world-class technology. Indian manufacturers of chemical fertilizers are now adopting some of the most advanced manufacturing processes to prepare innovative new products to supplement the Indian agriculture. India is also ranked as the third-largest exporter and producer of nitrogenous fertilizer.