Indian Healthcare IT Industry likely to grow 1.5 times by 2020

Cigma Healthcare Academy

Blog ImageMar
03

Healthcare has become one of India’s largest sectors both in terms of revenue and employment. According to a report by IT industry body Nasscom, the Indian healthcare IT market is valued at $1billion (about Rs 6,650 crore) and is likely to grow about 1.5 times by 2020. The report said within the market, the healthcare software segment generated revenues of $96.8 million in 2014 and is likely to grow at a compounded annual growth rate (CAGR) of 11% over the next five years. Comparatively, the worldwide health tech market is estimated to grow at a CAGR of 6% to $25 billion by 2020 from $17.36 billion in 2014.

The Indian healthcare sector is growing at a brisk pace due to its strengthening coverage, services and increasing expenditure by public as well private players. With a robust domestic demand, rise in innovative healthcare, corporatization of healthcare facilities, influx of medical tourism and the government push towards healthcare innovation, the overall segment has been driving the job market, even as others have ebbed and flowed.

There are clear indications that healthcare is going to be a major sector that stimulates economic growth and contribute to employment. Over 40 million new jobs are expected to be generated by 2020, as per a report titled ‘India’s New Opportunities-2020' by the All India Management Association, Boston Consulting Group and the Confederation of Indian Industries (CII). The Indian healthcare industry also has advantages over other developing countries in becoming a global hub for medical tourism. The medical treatment and educational services in India are a fraction of the cost in developed countries.

Foreseeing the job opportunities in this industry, many academies are providing relevant courses and training to students that will help them to acquire job in this field. For students, now is a very good time to look at a career in Healthcare IT industry. Not only are there a large number of job openings in these fields, many of these jobs are fairly high-paying. In Kerala, CIGMA Medical Coding Academy is the leading academy for providing training and courses in this industry.