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The Indian Healthcare IT Market
Tekplus Consultancy Pvt Ltd, July 2011, Pages: 45
This report provides current status and five-year forecast on three key Healthcare-IT segments in India - Picture Archiving and Communications Systems (PACS), Patient Records (PR) and Departmental Clinical Systems (DCS). It looks at the overall structure of the Indian Healthcare system and the factors that are affecting its dynamics. It provides clear knowledge on demand-supply gap, middle class population, health insurance, stronghold of private corporate providers, medical tourism, etc. - how are these affecting the market. The report looks at the Indian Healthcare-IT Market in general, current market environment, trends, restrictions, competitive landscape and how is the market developing.
Globalisation, increasing purchasing power, infrastructure development initiatives, huge population base and economic liberalisation are making India a lucrative market for many industries. The country’s healthcare systems are also ever developing; continuing to expand their coverage, services and spending. Both the public and private sectors are providing a big market for hospital information systems as well as other healthcare-related IT solutions. The Federation of Indian Chambers of Commerce & Industry expects the Indian Medical Technology Market to grow to $14 billion by 2020. The factors driving this growth are – strong economic growth, higher public spending, greater private investments in health sector, increased penetration of health insurance and emergence of new models of healthcare delivery. The rise in per capita income and increasing health consciousness are making people more flexible with their health related spending. There is a greater awareness of developing technologies and an increased demand for the best and the latest.
There is widespread lack of confidence in the public healthcare system among the Indian population. According to the Central Bureau of Health Intelligence, only 23.5% of the urban populaion and 30.6% o the rural population choose public facilities. The private healthcare providers are enjoying much better position and their number is rising fast. There is rise in multi-facilities healthcare enterprises – one company holding many hospitals, retail clinics, single speciality care centres, etc. These private healthcare organisations play a very important role in the Indian health-IT investments. Many Medicites/ Health cities and Hospotels are flourishing in India by the private corporate players. Generally, these facilities are world-class with state of the art technologies and IT systems and substantial investment goes in modular applications like PACS and Patient Records.
Over the next five years, healthcare spending is expected to grow in India; this is directly reflected in the Indian market for Hospital IT solutions and its related sub-markets. TekPlus expects the Indian market for PACS, Patient Records and Departmental Clinical Systems to grow at a CAGR of more than 20 percent for next five years. This limited optimism (given the huge expectations) is after careful examination of the on-going project investments and the potential new funding that has been earmarked by various funding organisations. The Indian healthcare-IT market has been growing at a brisk pace over the last few years. During our forecast period we expect it to continue to grow at a steady pace. It has fully recovered from a slight dip (in growth rates) in the previous years. TekPlus expects the momentum to continue throughout our forecast period. Overall, in India, markets for various healthcare-IT solutions are either in their first or second phase of maturation.
TekPlus believes that customisation and localisation of products will drive the market in the future. There will be need for patient-focused solutions that can provide tailor-made treatment plans. Also, there will be demand for centralised solutions that can integrate all aspects of healthcare provision. The vendors who will be able to customise their products and provide a full plethora of services are going to have a competitive advantage. Integration and communication with existing IT infrastructure is going to be a necessity to achieve maximum efficiency in the health processes. The companies who are able to integrate their products and services faster and who are capable of providing seamless migration services plans, without costing an arm and a leg will be certainly at an advantage.
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