Industry Outlook
Healthcare Sector
Healthcare is one of the world's fastest growing industry. It is evaluated at US $7 trillion worldwide. It is also a prime recruiter all over the world. In the U.S.A alone, as the largest industry in 2006, the healthcare sector provided 14 million jobs. The industry is expected to generate 3 million new wage and salary jobs between 2006 and 2016. Seven of ten fastest growing occupations are heath related.
Indian Healthcare market is worth US $35 billion. The industry is expected to grow at a phenomenal pace and reach US $75 billion by 2012 and US $150 billion by 2017. Infact, the industry output is expected to constitute 5-6.5% of GDP by 2012. The Pharmaceutical sector produced US $13 billlion revenues in 2006-2007. India occupies a significant position in the world pharma market: 8% by volume (fourth largest in the world) and 1% by value. 40% of all Pharma production is exported from India. The exports are expected to grow by 16% in the year 2009-2010 alone.
Clinical Research Industry
Clinical research is a multinational, multi-billion and multidisciplinary industry, all set to become a thriving and burgeoning industry in India. India is the second largest pharmaceutical market in Asia growing by more than 9% annually. India is viewed the world over as the ideal location for clinical research trials for the pharmaceutical industry.
According to a survey, there are 2,50,000 vacancies available worldwide 50,000 job openings in India by 2010. High remuneration packages are offered owing to the shortage of skilled professionals.
Medical Tourism Industry
According to a study by McKinsey and the Confederation of Indian Industry, medical tourism in India could become a $2.2 billion business by 2012. The report predicts that: "By 2012, if medical tourism were to reach 25 per cent of revenues of private up-market players, up to Rs 10,000 crore will be added to the revenues of these players". The Indian government predicts that India's $17-billion-a-year health-care industry could grow 13 per cent in each of the next six years, boosted by medical tourism, which industry watchers say is growing at 30 per cent annually.
Wellness Industry
The wellness Industry is emerging in India since 2005 and it is estimated at Rs.80,000 crores. The industry is poised to grow at a double-digit rate over the next five years, with certain sectors, such as spas and beauty treatments, projected to grow at more than 35-40 per cent.