General Healthcare Industry: Purchasers are willing to spend more on the health and fitness club, with the health factor playing as a foremost role to propel the market growth around the world. The fitness market involves a wide range of products and services likewise clothing and footwear, training equipment, nutrition food and energy drinks, wireless health and fitness devices, as well as the establishment of gyms, clubs and fitness/training centers. However, the young demographics and great disposable income across the respective country is one of the greatest growth drivers of the industry. Unremitting investment in research & development and marketing activities by the wearables producers is completely impacting the industry’s growth.
Whereas, India is projected to rank amongst the foremost 3 healthcare markets in terms of incremental growth by 2020. The effective growth in the public healthcare expenditure across India at a CAGR of 14.6% over the last 5 years and cost improvement over its peers across the West and Asia offering high- quality medical services has led to the augmenting requirement of hospital furniture by the hospitals and other end users. The India Hospital Furniture industry has increased at a CAGR of 7.0% on the basis of revenue over the duration of 2015-2020. Growth of ~25% in medical tourism is one of the greatest growth drivers for this industry. The Medical tourism industry size has doubled from USD 3.0 billion during 2017 to USD 6.2 billion throughout 2018.
Not only has this, Hospitals underwritten the majority revenue share in the end-user sector. The low share of government spending and robust requirement trends has led to growing investment by private players. General Home Healthcare Market is one of the increasing segments as individuals are getting more and more aware of the advantages of availing of healthcare services at home.
The industry of healthcare is greatly competitive with approximately 220 manufacturing firms present in the market. The industry is still reliant on imports due to the usage of outstanding quality and patient-friendly products. In addition, the raw material and the parts are imported greatly from China basis the stumpy cost of products. The market is exceedingly fragmented with the leading local players specifically Midmark, Steelcraft, Narang Medical, PMT Healthcare, GPC Medical capturing <10.0% of the market share during FY’2019. Such players compete on the basis of parameters such as product pricing, the distribution network, product superiority, clientele, partnerships, product innovation, customer support, and many more.
Furthermore, most of worldwide home healthcare leading players are based out of the U.S. and The UK. However, there are a lot of association activities taking place regionally explicitly in the improving markets. One of the present such transactions was the acquisition of Almost Family by LHC leading to a jump during its present year revenues by USD 800 million. Corporates such as Healthcare at Home, Bayada, Right at Home and Home, Instead Senior Care are energetically looking for development opportunities overseas, involving region such as India, China and Germany. Kindred Healthcare, one of the leading players across the US is set to discrete its home health, hospice, and community care businesses resulting in a standalone corporate, owned 40% by Humana, whereas Bayada transformed its business into a non-profit one in order to safeguard any future takeover. It is projected that many players will start investing profoundly in tech based models/innovations during the coming years to stay ahead of their competition.
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Ankur Gupta, Head Marketing & Communications