India’s Healthcare Industry to Reach $372 Bn by 2022

With the growing incidence of lifestyle diseases, and rising demand for affordable healthcare delivery systems, India’s healthcare market will increase three times in value terms to $372 billion by 2022,  says a report prepared by trade association Assocham.
The medical devices market in India, which was valued at $4 billion in 2016, is likely to cross $11 billion by 2022 due to a growing geriatric population, medical tourism, and a gradual decline in the cost of medical services, the survey said.
Other factors for the growth of the healthcare market in India include the adoption of telemedicine, the rapid health insurance penetration, mergers and acquisitions reaching untapped markets, and government initiatives on healthcare, the report noted.

“Increasing expenditure on research and development, rising collaborations between Indian and foreign companies, reduction in product approval time and other such factors are also driving the growth of the Indian pharmaceutical market,” the report added, reports the Press Trust of India.

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Posted on by Gunjan Bagla
Gunjan Bagla
California-based management consultant Gunjan Bagla runs Amritt, a consulting firm helping American companies to succeed in India. Amritt is the trusted advisor for India market research, India business development, India market entry, Global Engineering, Global Technology Scouting, India R&D and Open Innovation. Gunjan is author of "Business in 21st Century India: How to Profit Today from Tomorrow’s Most Exciting Market" (Hachette Book Group, 2008), Amazon's top rated title on the subject. He has appeared as the India Expert on BBC Television, Bloomberg TV, Fox Cable Business and has been quoted in the New York Times, the Los Angeles Times, the Hollywood Reporter and Business Week for his expertise on India.


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