Medical insurance is booming in India, as the country’s growing healthcare sector is facing pressure from a rising number of uninsured patients and rising costs.
India is the world’s third-largest consumer of medical equipment and services, after the US and the US, according to the World Health Organization.
With medical insurance companies in the country, patients have been able to pay a significant portion of the cost of medical procedures and treatments, but many of these companies have faced serious problems in recent years due to the government’s slow pace of implementation.
Medical insurance companies are a multi-million dollar industry, but there is little oversight and regulation.
India’s medical insurance sector has been booming since the launch of the countrys national healthcare system in 2006, with the number of insured patients growing from 7 million in 2011 to 17 million in 2016.
The number of medical insurers has grown from 4.7 million in 2010 to 13.6 million in 2018, according the India Medical Insurance Association.
It was a similar story in 2016, when the industry added another 1.3 million patients to its rolls, which has driven the number to over 20 million in 2020.
The surge in the number has been attributed to India’s rising healthcare costs.
In 2018, healthcare costs per person in India rose by 3.2 percent to Rs.5,085, which is about six times the national average of about Rs.3,400.
The increase is mainly due to rising costs of prescription drugs and medical equipment.
India has seen a huge surge in medical insurance costs in recent times, with medical insurance rates rising by 30 percent in the first half of 2018, the biggest growth in the world, according a report by PricewaterhouseCoopers India.
India ranks third in the globe for the number and percentage of uninsured people, with over 3.5 million Indians living in poverty, according McKinsey India.
According to the report, India has the highest number of people without insurance in the OECD, which ranks 189 countries, including the US.
While the industry has seen massive growth in recent months, there are still a lot of barriers that are hindering the growth of the industry.
In addition to the lack of oversight and regulations, India’s medical insurers have been hit by a rising share of new enrollees.
According to the 2016 Indian Statistical Yearly Survey, only 3.7 percent of the insured population are enrolled in insurance, compared to 12.9 percent in 2015.
This is due to a variety of factors, including a shortage of doctors, a shortage in hospitals, and the increasing cost of medicines, according Prof Prakash Gupta, vice president at McKinsey and the country expert on healthcare.
While it is difficult to predict what will happen in the future, the medical insurance market is not a simple one, he said.
As the country becomes more competitive, there is a growing fear that insurance companies will fall apart.