About 80% of people living in cities largely rely on private hospitals
The private hospital sector in India is expected to reach Rs.26,825.45 billion by FY 2027, expanding at a compound annual growth rate (CAGR) of ~18.60% during the FY 2023-FY 2027 forecast period.
It was valued at Rs.11,606.50 billion in FY 2022, says a ResearchAndMarkets report “the Private Hospital Sector in India 2023”.
In India, private hospitals are essential to the provision of healthcare services. Around 70% of people living in rural areas and about 80% of people living in cities largely rely on private hospitals as their primary source of healthcare.
In comparison to government hospitals, private hospitals are better equipped to handle severe illnesses, have a better healthcare workforce, provide better treatment, and so on.
The report also pointed out the hygiene issues at government hospital, a lack of proper treatment and facilities, better insurance to cover costs, personalised services, disposable income, and other factors have led to an increase in demand for private hospitals.
Many people believe that private hospitals are prohibitively expensive, and that even minor treatments are overpriced, said the report.
Besides that, changes to the Patient Protection and Affordable Care Act (PPACA) have resulted in significant reductions in reimbursements for some healthcare providers, including private hospitals.
Furthermore, lack of trained medical personnel makes it difficult for private hospitals to operate efficiently, jeopardizing their profitability and prominence.
Competitive landscape: Apollo Hospitals Enterprise Limited, Aster DM Healthcare Limited, Fortis Healthcare Limited, Global Health Limited, HealthCare Global Enterprises Limited, Max Healthcare Institute Limited, Narayana Hrudayalaya Limited, Shalby Limited, Columbia Asia Hospitals Private Limited and Manipal Health Enterprises Private Limited. fiinews.com
