Trends in Healthcare : A brief report for India (2023)
Over last six months in the first half of 2023, I conducted a survey and a systematic study of trends in the Healthcare sector, in various Urban, sub-urban and Rural geographies of India. Here are some of the early takeaways, observations and trends based on raw data.
India Healthcare: A high level birds eye view
Preventive Healthcare: Diagnostic services, allied healthcare services like Gyms and Spas, Studios for yoga and related activities a big trend and opportunity
Non-Traditional Healthcare : Ayurvedic pharmacies and non-regulated pharmacies have gained huge traction especially in post-Covid era. Ayurvedic and allied practices have gained traction, have gained acceptability, become main stream especially due to steep rise in Chronic and occupational disease ( DM, chronic pain, palliative oncology )
MedTech / HealthTech : A growing trend but a bubble in making, primarily due to cost to consumer
A dramatic shift in therapeutic modalities in certain specialities like Opthalmology, Orthopedics, Dentistry
Provider Sector : Needs a more rapid and geographical growth in Sub-urban and rural sector. Group and cohort speciality practices is the way forward to create win-win. ( eg Diabetes care, Oncology )
“Productization of Healthcare Services” is the trend and way forward. A win-win for providers, patients and payers !
Payer ecosystem growing rapidly: may be the next big opportunity ( or already is! )
Challenges
Accessibility remains a critical issue in India, not just in rural areas but very much in urban areas.
Information overload in healthcare sector causing huge “noise” for the end-consumer. ( A regulation on healthcare apps and healthcare aggregator apps is almost in offing, sooner or later )
Challenges in dissemination of “reliable healthcare awareness and knowledge”
The mismatch of healthcare provider demand and supply in rural and urban geographies has always been and continues to be a challenge
High Quality resources in healthcare services and trained Para-medical staff has been a challenge all over world and more so in India. This escalates cost to Providers, patients as well as payers
Demand in healthcare provider sector:
Mid-tier cities: Primary Care as well as In-patient care
Large cities: Home care, Ambulatory care
Sub-urban geographies: Primary Care, Dental Care
Quality Medical Education and Continued Medical Education for professionals, is in great demand ( and lacks supply )
High quality training for healthcare service providers ( nurses, caretakers, Emergency workers, optometrists, therapists ) for ensuring pipeline of resources in healthcare services sector is essential and needs a priority scaling up.
A high-level SWOT analysis (without going into granularities) for Urban and Sub-Urban geographies.
Strengths
· Huge demand for quality healthcare providers
· Growing healthcare awareness especially in Post-Covid era
· Good Paying capacity and requirement in Working population
· Productised services in great demand for all therapeutic areas
Weaknesses
· Affordability
· Quality of care
· Cost of Quality Care
· Infrastructure and upfront investments for Providers (ROI)
Opportunities
· Providers: Productised services in Ophthalmology, Dentistry, Orthopaedics
· Home care and Ambulatory care : Diabetes care, Oncology
· Senile and Geriatric care: Excellent long term opportunity
· Clubbed Primary Care: e.g Primary Physician with a Dentist
· Group and Cohort practice for Specialists and Superspecialists
· Medical Education and training services for Healthcare Service providers, para-medical staff
· Continuing Medical Education for Professionals
· Productized Surgical services
· Medical Tourism
Threats
· Lack of trained Resources
· Para medical staff crunch
· Challenges in scaling up due to limited pipeline of resources
· Infrastructure and Technology cost
· Quality assurance
· Escalating Sales and Marketing cost
· Regulations
