THE POST-PANDEMIC financial year of 2022 has seen normalcy return to the shores of healthcare institutions, the big and small hospitals chains alike witnessed an upsurge of patients tapping the doors with health issues which were overshadowed by the Covid-19 pandemic in the previous financial year of 2021, leading to a flat line growth trajectory in FY21. The healthcare industry pundits opine that the sector grew by 25 to 26 per cent in the year 2022 over the base year 2021 powered by the return of the pre-pandemic footfalls and post-pandemic attitudes. The organised players in the healthcare sector saw dramatic growth owing to several factors like the comeback of elective surgeries, a change in consumer behaviour leading to better health insurance coverage, rising burden of diseases and consumers choosing premium and branded healthcare institutions and services over nursing homes and smaller healthcare setups.
The sector experts put it this way that the "buyer is already aware", meaning the healthcare consumers are making an informed choice and selecting facilities not by price but by value, understanding that the latter brings better outcomes. The market maestros believe that increasing penetration of health insurance and consumers buying policies with bigger premiums coupled with the pandemic's lesson that health comes before wealth is driving this informed change in behaviour among the people.
This story is from the December 31, 2022 edition of Businessworld India.
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This story is from the December 31, 2022 edition of Businessworld India.
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