Introduction
The healthcare sector in India witnessed significant growth over the years in terms of capacity and quality. The electronic medical record has the ability to improve the overall care by making available the patient’s total information which can be easily accessible and can positively affect the patient and provider convenience. The gradual increase in the number of healthcare facilities along with the improvement in the digital infrastructure and consumer confidence on government policies is anticipated to increase the penetration of electronic medical record systems in the health care facilities in India.
India Healthcare Outlook
The India healthcare outlook is segmented as healthcare costs, healthcare infrastructure, key industry policies and regulations, industry participants and key players. Healthcare cost includes various parameters and factors affecting the medical costs and the burden on the residents and the government. Other sections of the report detail how government policies are affecting healthcare infrastructure and regulations concerns industry participants and key market players.
Healthcare Cost
he total healthcare expenditure in India increased from US$51.51 billion in 2008 to US$95.36 billion in 2014, growing at a CAGR of 10.81%. Healthcare cost comprises of a variety of factors including diagnostic costs, prescription drugs, hospitalization costs and many more. The constitution of India clearly states Right to Life to be fundamental and it is the duty of the government to ensure the right to health for all citizens and residents. Hence, there are public and private health care providers in the country. As per the data from the World Bank, the per-capita healthcare expenditure was US$74.99 in 2014, which grew from US$46.91 in 2008.
The healthcare cost is mainly financed by out-of-pocket expenditure at the point of service by the consumer. The quality of care provided by the private hospitals and clinics is generally better due to the presence of medical equipment, doctors and staff among others. The government of India has launched various programs extending quality care to residents of all economic classes. However, there have been several bottlenecks in taking advantage of these services by the public. Despite the tax exemptions offered by the government for insurance premiums, there is a low penetration of private health insurance. Economic growth and rising disposable income are facilitating year-on-year growth in healthcare expenditure. It is projected that the total healthcare expenditure will grow at a CAGR of 5.69% to reach a total of US$156.94 billion in 2023 from 95.36 billion in 2014. There are additional private players entering the market to fulfil this growing demand. Increase in healthcare expenditure leads to the budding adoption of advanced medical devices for diagnostic and therapeutic applications. The cost of various medical procedures is comparatively lower as compared to the developed economies, which is paving the way for medical tourism in the country.
Digital Medical Information Outlook
he number of hospitals and physician in India is steadily increasing which are incorporating digital infrastructure. The penetration of digital infrastructure in hospitals is improving, more specifically, for the large hospitals; however, there still remains the scope of improvement. Moreover, the accessibility to the internet has increased significantly with continuous investment and availability of affordable data network. Simultaneously, there is a growing government support to expand digitalization in different sectors of the economy which is anticipated to aid the adoption of digital network in different healthcare setups.
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