Press release
Hospital Sector in India May See a Big Move
Hospital Sector
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Summary
Market insights:
Hospitals are an important part of India's healthcare system. The market is growing due to rising disposable income, an aging population, and changing illness profiles. The Ayushman Bharat initiative has also strengthened the healthcare system, from primary to tertiary care. In terms of revenue, the hospital sector was valued at INR 7940.87 Bn in FY 2021. It is expected to reach INR 18,348.78 Bn by FY 2027e, expanding at a CAGR of ~18.24% during the FY 2021 ─ FY 2027e period.
Segment insights:
Self-pay, government payer, and corporate insurer are the three segments of the hospital industry. The self-pay group dominated the market in the start of 2021, followed by government payers. The corporate insurer category, on the other hand, is predicted to rise significantly because to the extension of coverage by both government and company insurers.
The growth of corporate medical insurance has been fuelled by increased purchasing power, rising demand for quality healthcare, technological advancements, and the expansion of hospital networks. Patients' claims for accidental hospitalisation, COVID-19 insurance, daily hospital benefits, critical illness coverage, and maternity coverage are all guaranteed.
Impact of COVID-19:
The second wave of COVID-19 affected the hospital sector because patient footfall, both, domestic and international, had declined. High infection rates and lockdowns forced hospitals to pause non-emergency, and outdoor patient department (OPD) and indoor patient department (IPD) services. Medical tourism also declined due to travel restrictions.
Despite the initial dip (after the second wave of COVID-19) in footfall, signs of recovery in patients and relaxed lockdown norms by the end of July 2021 marked an increase in hospital occupancy rate. Although the pandemic caused a nationwide crisis in India's primary healthcare, key changes in the sector such as flexibility in operations, improved health insurance, and cost-effective medical tourism will strengthen it.
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Chapter 1: Executive summary
Chapter 2: Socio-economic indicators
Chapter 3: Introduction
3.1. Market definition and structure
Chapter 4: Market overview
4.1. Hospital sector in India - An overview
4.1.1. Hospital sector in India - Size and growth forecast based on value
(FY 2020 - FY 2027e)
Chapter 5: Market segmentation
5.1. Hospital sector - Segmentation
....Continued
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