N E W S B Y T E S
Indian hospital industry in the pink of health : ICRA
India MedTech Expo 2023 showcases advancements , innovations & contributions of industry
Bhagwanth Khuba , Union Minister of State for Chemicals & Fertilizers , Government of India addressed the valedictory session of the India MedTtech Expo 2023 on 19th August , 2023 at Gandhinagar , Gujarat .
In the exhibition , huge range of medical equipment ranging from the state-ofthe-art imaging systems to precision surgical instruments , from wearable health monitors to AI-driven diagnostic tools , were on display . Various sessions on themes relevant for the medical device sector during the course of three day Expo that witnessed large participation from Global and Indian companies including MSMEs , Startups , Academic and Research Institutions , State Governments , Central and state procurement agencies , Regulatory Agencies etc . Government of Gujarat provided all kind of support and facilitated the event . He informed that Buyer – Seller Meets were organised , wherein more than 4000 meetings were held in first two days and more than 10,000 + visitors visited the expo .
India Medtronic and Fortis Escorts Rating agency ICRA maintains its Stable outlook on the Indian hospital industry , supported by expectations of healthy revenue growth and strong margins for ICRA ’ s sample set , led by the rising incidence of noncommunicable lifestyle diseases , growing per capita spend on healthcare and awareness levels , increasing penetration of health insurance and higher medical tourism volumes .
ICRA expects the aggregate occupancy for its hospital industry ’ s sample set to remain strong at 63-65 % in FY2024 ( 65.1 % in FY2023 ), backed by sustained healthy demand for healthcare services and continued market share gains for organised players . The average revenue per occupied bed ( ARPOB ) is expected to witness moderate growth of 5-7 % in FY2024 ( after witnessing an expansion of 10 % in FY2023 ), given the high base of the previous year .
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BioVoiceNews | September 2023