#healthindustry wellnessindustry indiahealth medicalequipment healthcare

[kainosglobal-blog]

Health and Wellness Industry in India – Rs 1.5 Trillion by 2020

With roughly 47% of Indians predicted to get in the elderly stage, it goes without saying that a major portion of India’s population still belongs to youngsters.

In financial year 2014-15, the health and wellness sector in India was estimated at a close Rs 85,000 crore. The health sector in our country is expected to see major growth of 12% in five years. If a recent report by Ficci and EY are to be believed, India can achieve up to Rs 1.5 trillion in 2020.

According to recent reports, the wellness sector in India will drive major growth and sales for Insurance companies. The major economic growth driving factors in India is the increasing ailments, high cost of health care, productive years lost, etc.

With time, the definition and status of the wellness sector have seen a transformation. The societal changes and the latest lifestyle trends have played a crucial role in revolutionizing the wellness industry. Other than that, globalization and the increasing awareness of the individual’s well-being have led to this transformation.

The wellness companies have reacted to these changes by focusing more on curative healthcare, customized healthcare services, and luxury products. Even the healthcare and insurance regulators are taking the necessary steps to support the health and wellness industry. As the Indian government is trying its best to embrace this transformed ecosystem, it is imperative to adapt to the designs (that put an emphasis on wellness offerings and how it can be made accessible to the individuals in the value chain).

Risk Factor

Wellness industries have seen a lot of transformations in the past 25 years. Earlier the focus of people was on the communicable disease but it has now shifted to the non-communicable diseases (NCDs). This shift is led by the unfavourable economic condition, due to which the lifestyle and dietary habits of Indians have changed. As infectious diseases are rapidly spreading throughout the country, India is going through low mortality whereas high morbidity rate. Chronic Non-communicable diseases are most commonly found in older people with age 60 years and above.

The NCDs are responsible for half of the deaths and increasing morbidity rate in India. Our wellness industries are focusing more on preventing and curing these non-communicable ailments. Taking these facts into consideration, the government has introduced National Programs for Prevention of Diabetes, Strokes, Cancer, and Cardiovascular Diseases (NPCDCS). But as these measures have just started, they are expected to take time to cure non-communicable diseases.

Kainos Global’s Take: As the government takes steps to align itself with the ecosystem, it is important to simultaneously address the challenges of design and implementation, which outline the effectiveness of the wellness offerings and the ease with which they are made available to each of the entities in the value chain, to adopt to the shift. Then only will it be possible for all the key stakeholders of the ecosystem to drive the revenue and achieve the Rs 1.5 trillion mark.

(Information extracted from Ficci EY report)