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Health care is the prevention, treatment, and management of illness and the preservation of mental and physical wellbeing through the services offered by the medical, nursing, and allied health professions.
According to the World Health Organization, health care embraces all the goods and services designed to promote health, including “preventive, curative and palliative interventions, whether directed to individuals or to populations”. The organised provision of such services may constitute a health care system.
The private sector (both for-profit and not-for-profit) plays an important role in most of the world’s health systems. Its role is expanding in many countries. The private sector provides a mix of goods and services including direct provision of health services, medicines and medical products, financial products, training for the health workforce, information technology, infrastructure, and support services.
As a result, most countries have mixed health systems that are a mix of public and private providers that deliver health-related goods and services. The governance arrangements deployed to steer mixed delivery differ greatly from those used to manage systems that exclusively rely on public services.
India has been on the lines of SDGs drafted for better coordinated efforts on minimizing the loss of healthcare access within the country. For the health sector, this translates into an urgent need to build the capacity of all countries to better manage the private sector and mixed health systems to ensure that all providers, public and private, effectively contribute to a country’s goals for universal health coverage.
India is encouraging investment in the healthcare sector; over the years, the private sector in India has gained a significant presence in all the sub-segments of medical education and training, medical technology and diagnostics, pharmaceutical manufacture and sale, hospital construction and ancillary services, as also the provisioning of medical care.
Over 75% of the human resources and advanced medical technology, 68% of hospitals and 37% of total beds in the country are in the private sector. The composition of the private sector in India is diverse with a large number of sole practitioners or small nursing homes having bed capacities of less than 20.
The private sector is not only India’s most unregulated sector but also its most potent untapped sector. There is also a growing belief that public and private sectors in health can potentially gain from one another. Involvement of the private sector is, in part, linked to the wider belief that public sector bureaucracies are inefficient and unresponsive and that market mechanisms will promote efficiency and ensure cost effective, good quality services.
The private health sector in India has made some impressive strides but has done so at the cost of the public sector. To regulate it may be, however, just another opportunity for bureaucratic delays and corruption. Abetter solution might be to impose greater social accountability on private providers, making a certain proportion of private services available to the poor.
A substantial number of private hospitals have a partnership model of organization, and a very few belong to the corporate, public limited category or the trust hospital category. The size of the sole-proprietorship and partnership categories is likely to vary across states, but there are very few corporate, public limited hospitals in any of these states.
The Government of India (GoI) offers a number of financial concessions to corporate hospitals in the form of subsidized sale of land, reduced import duties and tax concessions for medical research. Other benefits received by the private sector include reduced utility charges, discounted or free land, and low-interest loans.
Gradually, health care has emerged as a blue-chip industry, attracting individual as well as institutional investment. Domestic and foreign companies have also come forward to set up tertiary care/super-specialty hospitals.
In terms of utilization of services, various studies conducted in the recent past reveal that the majority of the people utilise private health services, so that the private sector is now the major provider of curative health care in India.
Contracting has emerged as a new trend in public sector management, which identifies private sector mechanisms to improve the efficiency and responsiveness to its users. It is propounded that contracting would improve efficiency through promoting competition, greater transparency, provision of quality service at lower costs, accountability regarding outputs and outcomes and enhancement of accessibility to services. This has increased the importance of the private sector on a formidable scale.
There are many useful experiments from other sectors, particularly from waste management and environmental programs. Recently, there is enormous scope for forging partnerships with the private sector in promotive care. Most information, education, and communication (IEC) activities lend opportunities for such partnership
The Indian Market of Private Healthcare can be segmented into following categories for further analysis.
The future of healthcare is shaping up in front of our very eyes with advances in digital healthcare technologies, such as artificial intelligence, VR/AR, 3D-printing, robotics, or nanotechnology. The future of healthcare lies in working hand-in-hand with technology and healthcare workers have to embrace emerging healthcare technologies in order to stay relevant in the coming years.
The Integration of AI into the healthcare industry in terms of its record maintenance systems has been a major technological integration in recent days across the healthcare industries in the country. AI algorithms are able to mine medical records, design treatment plans or create drugs way faster than any current actor on the healthcare palette including any medical professional.
VR is being used to train future surgeons and for actual surgeons to practice operations. Such software programmes are developed and provided by companies like Osso VR and Immersive Touch and are in active use with promising results. These have been noticed to be part of the post graduate programmes in various healthcare medical systems-based colleges around the country.
Various devices and mobile apps have come to play a critical role in tracking and preventing chronic illnesses for many patients and their doctors. By combining IoT development with telemedicine and telehealth technologies, a new Internet of Medical Things (IoMT) has emerged.
This approach includes the use of a number of wearables, including ECG and EKG monitors. Many other common medical measurements can also be taken, such as skin temperature, glucose level, and blood pressure readings.
Blockchain is a trend that stands to vastly improve the healthcare industry in 2020 and coming years. Digital ledgers can enable healthcare providers to distribute transaction records to patients securely and will greatly improve data security. One of the greatest benefits of blockchain in healthcare technology is interoperability. Through public-private key methods there is greater integrity in the use of healthcare information.
Indian private healthcare has been of major importance in the country as they stand to be the backbone for various requirements during and before the pandemic had started in the country. Indian private healthcare companies have been making medical equipment and healthcare products to treat patients for a multitude of diseases.
Due to the challenges faced by the public healthcare system, private healthcare has emerged as the primary source of healthcare for the majority of households in urban and rural areas. Some key contributors to its growth are rising income levels, greater awareness about health, increased precedence of lifestyle diseases, and improved access to insurance.
Indian private healthcare companies are steadily adding more hospitals, clinics, beds, and doctors to treat patients. They are also manufacturing a range of medical equipment and healthcare products. Trivitron has been one of the eminent healthcare companies of the country which is continuously involved in provisioning new and integrated medical technologies.
Trivitron has been recently involved in manufacturing a Local and International hybrid model which has improvised its reach to the healthcare segment of hospitals within the country. The company has been looking towards improving the X ray equipment for cost efficiency in recent times alongside possible efforts for point of care devices access.
Apollo Hospitals and healthcare is one of the largest chain of operational systems in the country which has developed over 20+ multi-speciality hospitals and is actively collaborating with the government regulations to enhance its partnership and facilities in the country. It is also involved in manufacturing various healthcare-based equipment for effective costs of operations.
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