A $80 billion market | Minimally Invasive Surgery
Indian healthcare market is expected to double in the next five years
India’s healthcare industry is undergoing an unprecedented crisis with the hit of the second wave of the pandemic. While the overall industry has steadily grown over the past years, the industry is still lagging in a number of essential areas.
One such area is the minimally invasive surgery (MIS). MIS includes any surgical procedure that is performed through tiny incisions instead of a large opening. Most common MIS surgeries include Laparoscopy (appendicitis, hernia and gallstone), Gynecology (Hysterectomy, Vaginal cyst removal), Urology (Kidney stones & Prostrate) and Ophthalmology (Cataract & LASIK). The industry is expected to double in the next five years, below are a few insights on the industry.
1. Indian healthcare market is expected to double in the next five years
India Healthcare Spend, USD Bn
Note(s): 1 USD = INR 70
The overall Indian healthcare market which stood at $150 billion in FY20, is forecasted to grow upto $300 billion. Factors like rising urbanization along with increasing healthcare awareness, easy accessibility, increase in lifestyle diseases, and government policies will accelerate the growth of the sector.
2. With 70% of the spend on in-patient care, managed by just 70,000 hospitals
India Healthcare Spend by Inpatient/Outpatient Care (FY 20), USD Bn
However, 70% of the spend that is $105 billion is on in-patient care which is handled by merely 70,000 hospitals. Further, more than 70% of the inpatient care market is led by surgeries.
3. Of which only 22k hospitals are equipped for handling Minimally Invasive Surgeries
Funnel of hospitals (FY 20 Estimates), Descriptive
Additionally, only 22,000 hospitals are enabled to perform these surgeries. These include corporate chain hospitals, medium-sized and small-sized hospitals. Of this, private and large scale hospitals are the biggest providers for MIS which makes it a major challenge.
4. With the increasing demand of affordable care, MIS is expected to reach $80 billion by FY25
MIS Market Growth Estimation, In USD Bn
In the coming years, with the increase in awareness, more medical professionals skilled to perform these surgeries, the availability of these services will increase. Notably, as the cost of the surgeries are comparatively lower, these procedures will see higher demand in the smaller cities and towns wherein affordability is a major constraint.