The growth of Indian medical care
Today, more than 143 million population in the country is above 60 years of age, and more than 16 million households come in the category of high income. The population of the age group of 35 to 65 will increase where people will be suffering from heart diseases, cancer, and diabetes at a growth rate of more than 47%. The health insurance market is also predicted to grow at an average of 421 percent CAGR. All these factors have increased the potential of the industry and attracted the attention of investors from within and outside the county. The industry is related to pharmaceutical, manufacturing of equipment, medical equipment, etc. The medical care industry is poised to double up by 2015 with $ 120 billion at 15 percent CAGR. The public spending will limit itself to 20 % of the spent healthcare. There will be an expansion of medical care in the form of medical technology, wellness, medical tourism, health insurance, medical education and more. The industry is also dominated by unorganized private players that comprise of nursing homes and clinics.
The scenario in the medical care industry
The government role in the medical education is commendable. There are various good government funded medical, dental and nursing colleges that are capable of providing the best academic learning along with practical exposure and training to the students with nominal fees. Those who come out of these colleges are highly skilled and world all over the world. The potential is seen in a sector like medical devices, vaccines, therapeutics, and diagnostics research. Various plans are being made by the government to help educate the aspirants with the best technology that is available today in the world and prepare them to serve better.
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