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High economic growth, low cost labour and opportunities in untapped sectors has made India a favourable investment destination. The Indian government has implemented initiatives to promote the ease of doing business. Some of these initiatives include relaxing FDI norms, policies to promote start-up culture, strengthening research and development (R&D) and refining the intellectual property rights (IPR) regime.
Indian healthcare sector, is expected to record a threefold rise, at a CAGR of 22% during 2016-2022 to reach US$ 372 billion in 2022
Presently valued at US$ 5.2 billion, India is the 4th largest medical devices market in Asia and is poised to grow to US$ 50 billion by 2025The medical device market is dominated by imported products, which comprise of around 80%
The Indian government is planning to increase public health spending from 1.4% to 2.5% of the country’s GDP by 2025. In 2018, Government of India launched Pradhan Mantri Jan Arogya Yojana (PMJAY) to provide health insurance worth US$ 7,124.54 to over 100 million families every year
The value of medical tourism is forecasted to reach US$ 9 billion by 2020 as India promotes advanced facilities, skilled doctors and low-cost treatment as well as traditional practices and wellness programmes
Additional 1.54 million doctors and 2.4 million nurses required to meet the growing demand for healthcare. Healthcare sector will generate 40 million jobs by 2020
Over US$ 200 billion is expected to be spent on medical infrastructure by 2024