Healthcare is one of the fastest-growing industries in India and is the largest today in terms of revenues and employment statistics. Moving forward at a commendable rate of 22% CAGR, it is all set to expand to USD372 billion by 2022; a threefold jump from its current market size. The hospital industry is expected to grow at 16-17% CAGR and reach INR 8.6 trillion (USD 132.84 billion) by 2023.
The foremost factor contributing to the massive growth in the Indian healthcare sector is the rapid change in lifestyle leading to the emergence of various non-communicable diseases. Deaths by lifestyle diseases have doubled in a span of 12-13 years. Only 20% of India's population is covered under health insurance. Other substantial elements include a spur in demand for affordable healthcare, the emerging concept of mobile healthcare, improvement in technology, and innovative healthcare resolutions. Mergers and acquisitions to tap the huge market are also a reason for its growth. Further, government policies and tax reforms bring ease of doing business in the sector. India launched the world largest health care scheme Ayushman Bharat in the year 2018 for better health care protection for its citizens.
The growing opportunities come along with a burden of heavy risk to those involved in the sector. The growing claims on account of medical negligence, reimbursement risks, higher cost of medical indemnity, larger group insurance claims pose a challenge for manufacturers, druggists, hospitals, doctors, and other medical fraternities. High dependency on technology, cyber thefts, data security, and complexities arising from medical implants also need to be substantially covered to remain functional and gain profits. The need to partner with the most competitive insurance advisors and get adequately covered has become imperative for business success.
EPOCH knows that your survival and success are highly dependent on sound risk management strategies and a well-devised insurance cover that looks after your financial, operational, and legal security. We at EPOCH with the business principle “ON TIME EVERY TIME” is fortified with risk management experts who minutely assess your risks and build up a perfect shield around your business operations to protect against all odds. Be it the risk of professional indemnity (error & omission) or deficiency of service in providing medical care. We help you choose the best option at an optimum price cost.
Content Coming Soon...Read More
The Marine insurance provides protection against loss or damage of cargo or property while it is in transit, acquired, or held at any point between origin to the...Read More
K&R insurance protects corporations and individuals against financial losses that result from kidnapping, extortion, and ransom demands. It is designed to insure those who frequently travel, not for...Read More
Content Coming Soon...Read More
This insurance policy protect your property like buildings, plant and machinery, stocks and other installation against losses or damage caused by fire, flood, storm, earthquake, terrorism, vandalism, theft,...Read More
Envision an action that builds your adaptability, rei...
They rightly call it a “rat race”; a race that is meant to keep us competiti...
When you buy health insurance, you must remember that this sum insured is to be ...