Healthcare has become one of India's largest sectors - both in terms of revenue and employment. The industry comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment. The Indian healthcare industry is growing at a tremendous pace due to its strengthening coverage, services and increasing expenditure by public as well private players.
The Indian healthcare industry is projected to continue its rapid expansion, with an estimated market value of US$ 280 billion by 2020, on the back of increased population growth in India's low income communities
Large investments by private sector players are likely to contribute significantly to the development of India's hospital industry and the sector is poised to grow to US$ 100 billion by the year 2015 and further to US$ 280 billion by 2020.
Private sector's share in healthcare delivery is expected to increase from 66 per cent in 2005 to 81 per cent by 2015. Private sector's share in hospitals and hospital beds is estimated at 74 per cent and 40 per cent, respectively.
The diagnostic market is the fastest growing segment of India's healthcare industry, according to PricewaterhouseCoopers (PwC), with the segment forecasted to grow to US$ 17 billion by 2021.