New Delhi [India], April 13 : India's healthcare expenditure will surge from 3.3 per cent to 5 per cent of its GDP by 2030, said CareEdge in its latest report.
highlighting the opportunity, the report added that India's healthcare sector is on the cusp of significant transformation, driven by increased public and private investments, policy initiatives, and demographic shifts.
It further added that despite the current challenges, including disparities in healthcare infrastructure and the availability of medical services in the workforce between urban and rural areas, the future looks promising with sustained efforts and strategic investments.
As of 2022, India's healthcare spending accounted for 3.3 per cent of the the Indian GDP.
Krunal Modi, Director, CareEdge Ratings, emphasises, "India's healthcare landscape is evolving rapidly. The government's commitment to increasing healthcare spending, coupled with private sector participation, is laying a strong foundation for improved healthcare access and quality."
He further adds, "The doubling of medical seats, expanded health insurance coverage, and continued addition of hospital beds are positive steps towards building a robust healthcare system. As we move forward, a balanced approach that incorporates concerted efforts from both the public and private sectors will be essential in achieving our healthcare goals and delivering better health outcomes for all citizens."
Looking forward, the report added that the rising share of the population aged over 45 years, coupled with income growth, is also expected to catalyse higher demand for quality healthcare services.
"This demand will likely translate into sustained investments across the entire value chain, from medical education and training to hospital infrastructure and digital healthcare technologies," said the report.
The report suggested that India must focus on the equitable distribution of resources, the enhancement of public healthcare systems, and the retention of skilled medical personnel in rural and semiurban regions by providing adequate compensation and quality of life.