Kenneth Research published a report on Private Hospital Sector in India which gives detailed analysis of the present market landscape. The report which is evaluated for the forecast period, i.e., 2022-2031, provides an in-depth analysis of the market, based on size, volume, latest trends, opportunities and challenges associated.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Private Hospital Sector in India Products.
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According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Private hospitals play a pivotal role in the healthcare industry, providing healthcare services to more than 70% rural population and 80% urban population in India. In terms of revenue, the private hospital sector in India was valued at INR 7,557.84 Bn in 2019, and is estimated to reach INR 18,315.96 Bn by 2025, expanding at a compound annual growth rate (CAGR) of ~16.18% during the 2020-2025 period.
The private hospital sector in India is segmented into self-pay, government payer, and corporate insurer. The self-pay segment was the largest in 2019, accounting for ~47.00% share of the overall market revenue. Corporate insurer is estimated to be the fastest-growing segment of the market, expanding at a CAGR of 21.47% during the 2020-2025 period.
Increased public healthcare expenditure has resulted in the growth of the government payer segment. The penetration of medical insurance by corporate entities is likely to drive the corporate insurer segment. A rise in purchasing power, higher demand for quality healthcare, and expansion of the private hospital chain network has propelled the growth of corporate medical insurance.
Factors such as increased income, a rise in geriatric population, and an evolving disease profile have contributed to the sector’s growth. The life expectancy of Indians has increased considerably, inciting more demand for healthcare services from the elderly population suffering from various degenerative diseases. On the other hand, the country experienced an epidemiological transition in the past few decades, with the shift from communicable to non-communicable diseases. The growing burden of lifestyle diseases has attracted demand for healthcare services from the private hospital sector. Furthermore, India’s emergence as a preferred destination for medical tourists has stimulated the private hospital sector’s growth.
The sector encounters several restraining factors such as financial constraints, regulatory hurdles, and lack of skilled medical professionals. The market is highly capital intensive with a low and delayed return on investments. The sector faces financial challenges owing to reduced profit margin and a surge in operating expenditure. Furthermore, regulatory headwinds and the shortage of experienced healthcare professionals result in significant challenge for market players.
Impact of COVID-19:
The pandemic has disrupted the private hospital sector in India, negatively impacting patient footfall, hospital occupancy rate, and revenue. Various private hospitals have paused operations in the non-emergency and outdoor patient department (OPD) due to lockdown and fear of infection. The cancellation of elective surgeries and a sharp drop in the arrival of medical tourists led to poor revenue generation from indoor patient department (IPD) services.
The decline in patient footfall in OPD and patient admission in IPD had intensified the financial distress of the private hospital sector, which was already burdened with low-profit margin and high costs. According to the Federation of Indian Chambers of Commerce and Industry (FICCI), the sector witnessed a drop in revenue of around 50% and a fall in EBITDA by nearly 60%, in the last week of March 2020.
• Apollo Hospitals Enterprise Ltd
• Aster DM Healthcare Ltd.
• Fortis Healthcare Ltd.
• HealthCare Global Enterprises Ltd.
• Max Healthcare Institute Ltd.
• Narayana Hrudayalaya Ltd.
• Shalby Ltd.
• Columbia Asia Hospitals Pvt. Ltd.
• Manipal Health Enterprises Pvt. Ltd.
• Medanta The Medicity
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The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Private Hospital Sector in India by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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