Healthcare to add on $1 Billion to the IT Sector in 2014

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HealthcareSky high revenues ahead in the IT sector

The Indian healthcare industry has grown big time since the country achieved independence. In olden times, there was a lengthy list of ailments falling under the incurable category. With constant research and development (R&D) works things have changed for good now and average lifespan has increased tremendously. The industry’s growth in the country is notable as one of the serious health issues- Polio has been eradicated completely and this is one victory the nation for sure needs to celebrate proudly. This is undoubtedly a commendable success in the healthcare segment. However, unaccounted investments and almost 70 years have gone by in achieving this milestone. It is needless to say that the industry is working hard to find similar solutions for other deadly diseases. Thus, the scope for the sector is expanding with every passing day.

As per a recent report, the Indian government spends only 78% of the total amount allotted for the healthcare department; this in GDP percentage format is lower than the amount spent by a much smaller country like Nigeria.

The Indian healthcare industry is estimated to reach a mark of US$280 bn (billion) within a short span on 5 to 6 years from now. At US$ 276 mn (million), the amount spent on information Technology (IT) sector with connection to the healthcare segment has grown by US$ 10 mn in just one year. Thus, healthcare sector holds lots of potential for its subsidiary industries one of them being the (IT) sector. The segment under the healthcare industry has grown a wealthy 8% on an annual timeframe and is expected to jump further in the years to follow. The speculations on the developing technologies in healthcare are riding high. For an immediate increase, the healthcare sector is predicted to least reach the figure of US$ 160 bn by the end of the year 2017. This is estimated to be a CAGR hike of a vigorous 15% as the industry stood at a lesser value of US$ 79 bn in the year 2012.

As per market research, the IT sector is ought to witness a giant leap in its revenues as the healthcare segment alone is expected to contribute a massive inflow of US$ 1 bn to the industry by the end of 2014. According to experts of the contributing industry, a chunk of this amount is likely to be spent (about 80%) in the innovation processes. These include finding of newer technologies for diagnoses, imaging and other aspects of treating the patients in a better way. This will help reducing the period of treatment thus; minimizing the stress on the patient by lessening the number of days they spend in the hospital. This period is expected to go down by almost 50 % surely bringing in some respite to the recovering persons. Moreover, a mentionable share of about 30% is estimated to go into the IT infrastructural development for the healthcare sector. Hence some massive improvements can be expected and hopefully witnessed in the years to come. The involvement of IT sector in helping healthcare in India enhance is visible as major IT companies are grabbing super valued projects of implementing IT applications for better functionality of the industry. With the increasing initiatives undertaken globally the worldwide e-health industry is second only to the e-banking innovation which was previously started and has made life simpler.

Hope the same success continues in case of the healthcare industry.