A hospital is a health care institution providing patient treatment with specialized medical and nursing staff and medical equipment. The best-known type of hospital is the Multispeciality hospital, which typically has an emergency department to treat urgent health problems ranging from fire and accident victims to a sudden illness. Specialized hospitals include trauma centers, rehabilitation hospitals, children's hospitals, seniors' (geriatric) hospitals, and hospitals for dealing with specific medical needs such as psychiatric treatment and certain disease categories. Specialized hospitals can help reduce health care costs compared to general hospitals. Hospitals are classified as general, specialty, or government depending on the sources of income received.
A Multi-speciality hospital as a health care organization has been defined in varied terms as an institution involved in preventive, curative/ameliorative, palliative or rehabilitative services. It is meant to treat patients suffering from various ailments. A private hospital is a place where one may get treatment from ordinary fever to a major surgery operation. As a matter of fact, no limitation has been made for the facilities available in a hospital. However, generally all private hospitals are provided with latest facilities and ultra modern machines. In a hospital, surgeons, physicians, E.N.T., specialists, children specialist, Eye-surgeon, psychologists and sex-specialist are essential.
The structure of the hospital industry is complex in nature, as the industry can be looked from different angles. Each hospital has distinct characteristics as it differs in structure, functions, performance and the community it serves. A specialty hospital is dedicated to specific sub-specialty care (Urology, General Surgery, Cosmetic surgery, Bariatric surgery, Clinic Pathology, Padeatrics & Neonatology). Patients will often be referred from smaller hospitals to a speciality hospital for major operations, consultations with sub-specialists and when sophisticated intensive care facilities are required. These hospitals have highly trained specialists, high-end technology and provide round the clock services. These hospitals are able to do specialized tests, undertake dialysis for acute renal failure, provide ventilation to patients with respiratory failure and render intensive care to critically ill patients. These hospitals undertake research and have adequate library facilities.
Global Hospital Market stood at USD4207.46 billion in 2020 and is expected to grow at a CAGR of 6.70% during the upcoming period. This can be attributed to the growing geriatric population suffering from various chronic diseases including cancer, diabetes, cardiovascular diseases, renal disorders, among others. This in turn has increased the patient pool requiring treatment. Additionally, increasing healthcare expenditures by different governments across the globe coupled with the penetration of large hospital chains is expected to foster the market growth over the next few years. Furthermore, increasing awareness and advancements pertaining to diagnostic technologies are expected to create lucrative opportunities for the market growth through 2026.
Healthcare industry in India comprises of hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance, and medical equipment. The healthcare sector is growing at a tremendous pace owing to its strengthening coverage, services, and increasing expenditure by public as well private players. The hospital industry in India, accounting for 80% of the total healthcare market, is witnessing a huge investor demand from both global as well as domestic investors. The hospital industry is expected to reach $132 bn by 2023 from $61.8 bn in 2017; growing at a CAGR of 16-17%.
