Year-ender 2023: Healthcare industry to see 6-8% growth in patient footfall in the coming year:Manipal Health CEO  

We saw around 7-8 per cent growth in patient footfall this year, primarily due to the increased awareness among the masses and the growth in access and affordability. Moreover, 6-8 per cent growth in patient footfall is estimated in the coming year as well. Even the investment cycle picked up with CAPEX influx activities within the sector. Speaking about Manipal, we are currently investing in building four greenfield projects. We see the creation of capacities beginning with investing in long-term capital. In addition, there was a lot of merger and acquisition activity this year across the country, indicating the start of consolidation in the sector. This trend is expected to continue in the next couple of years.  

We see the three trends continuing in the coming year as well. We should also be watchful of the new variant of Covid.

Key challenges observed this year and which the sector will continue to struggle with include soaring medical inflation, which touched 14 per cent this year and the shortage of people. Now, medical inflation is not only affecting consumables and the cost of drugs but also the cost of people. There has been an increase in demand for Indian nurses. Meanwhile, each bed typically needs six people—nurses, technicians and managers—all put together. However, the sector continues to struggle with finding professional human resources. While there are no immediate solutions, however, more investment in technology, particularly in the upgrading of medical technology across the sector, will surely be helpful.  

If the patient volume remains sustained, which is in the range of 7-8 per cent, we should see a 15 per cent increase in revenue without assuming any significant price increase.