Health care is the treatment and prevention of illness. Health care is delivered by professionals in medicine, dentistry, nursing, pharmacy and allied health. The delivery of modern health care depends on an expanding group of trained professionals coming together as an interdisciplinary team. The health care industry incorporates several sectors that are dedicated to providing services and products dedicated to improving the health of individuals.
According to industry and market classifications, such as the Global Industry Classification Standard and the Industry Classification Benchmark, the health care industry includes health care equipment and services as well as pharmaceuticals, biotechnology and life sciences. The particular sectors associated with these groups are: biotechnology, diagnostic substances, drug delivery, drug manufacturers, hospitals, medical equipment and instruments, diagnostic laboratories, nursing homes, providers of health care plans and home health care.
The rate of growth of the health care industry in India is moving ahead neck to neck with the pharmaceutical industry and the software industry of the country. Much has been said and done in the health care sector for bringing about improvement. Till date, approximately 12% of the scope offered by the health care industry in India has been tapped. The health care industry in India is reckoned to be the engine of the economy in the years to come.
Health care industry in India is worth $17 billion and is anticipated to grow by 13% every year. The health care sector encompasses health care instruments, health care in the retail market, hospitals enrolled to the hospital networks etc. India in case of health care facilities still lakes the adequate supply. In health care sector also there is huge gap between demand and supply at all the levels of society. Still there are so many urban areas were you could hardly find any multi specialty hospital.
And in case of metros the market sentiments itself created a need of psychological consultation. Healthcare, which is a US$ 35 billion industry in India, is expected to reach over US$ 75 billion by 2012 and US$ 150 billion by 2017. The healthcare industry is interestingly poised as it strives to emerge as a global hub due to the distinct advantages it enjoys in clinical excellence and low costs. In today’s highly competitive environment, hospitals are increasingly realizing the need to focus on ervice quality as a measure to improve their competitive position. Customer based determinants and perceptions of service quality, therefore, play an important role when choosing a hospital. Today the healthcare industry has emerged as one of the most challenging sectors as well as one of the largest service sector industries in India with estimated revenue of about US $ 30 billion constituting 5% of the GDP. India is one of the second most populous nations of our world with a population of over a billion.
The Indian economy over the recent past has started looking up and has now decidedly been acknowledged as likely to contribute to the sustained economic growth. The Indian healthcare Industry though still nascent in size and dynamic compared to other countries has also benefited from this economic boom. The primary driving force for an enhanced demand for quality healthcare standards are the 300 million middle class populations. Their need of quality within acceptable costs is making corporate hospitals see reason in reducing tariffs with a view to attract volumes.