The concept of franchising has proved to be quite beneficial for healthcare professionals and has given the industry an instant boom. Read on...
India’s healthcare industry is becoming one of the fastest-growing industries across the globe. It is forecasted to increase to Rs. 8.6 trillion (US$ 132.84 billion) by FY22 from Rs. 4 trillion (US$ 61.79 billion) in FY17 at a CAGR of 16–17%. The Indian government is planning to increase public health spending to 2.5% of the country's GDP by 2025. Healthcare has become one of India’s largest sectors, both in terms of revenue and employment.
It plays a significant role in the increasing growth of the healthcare industry is franchising. The franchising concept has proved to be quite beneficial for healthcare professionals and has given the industry an instant hike through the heavy demand for specific health care products and services in current times. Entrepreneurs are constantly looking up to buy healthcare franchisees of big brands existing in the sector to avoid the high risks involved in starting an independent business from scratch.
Here we have discussed the top five healthcare franchise opportunities that are mentioned below:
1. Generic Medicines Franchise Business Opportunity-
An effective distribution and retailing is the key to increasing accessibility and stability in this franchise business. With an eye to improving the healthcare conditions in India, generic pharmacy franchises can bring changes in the Indian healthcare scenario and can be a lucrative business venture all at once. These sort of franchises are helping people even in this pandemic and providing essential medicines and services.
2. Home Care Service Franchise Business Opportunity-
Home care services businesses are leading towards a greater growth path and success by helping lots of elderly people and people with various disabilities. Home care services have also become one of the most growing segments is because of the low-costs services that they provide to the customers and it’s quite a low-cost opportunity too. It offers great scope for expansion, home care services continue to represent the best opportunities for the franchise industry. This could be one of the best business opportunities for healthcare professionals who wish to enter into entrepreneurship.
3. Healthcare Equipment Franchise Opportunity-
Healthcare accessories and equipment can never go out of demand as they will always be required by the populace at some point time of time in their lives. Equipment such as safety accessories, incontinent supplies, adaptive clothing and foot-ware, bed rails, alarm clocks, etc are always in demand either by the hospitals or the patients themselves. Therefore, franchises that manufacture all these equipment are growing very fast.
4. Pathological labs Franchise Opportunity-
India currently has around 1,00,000 diagnostic centers out of which pathology labs register a total of about 70,000 (approximately). As the range of diseases and their complexity is rising in India, it could be the right moment for franchisors to invest in the pathological franchise business.
Thus, if you are on a path of establishing your own pathology business, consider the following points for being successful. The business should be customer-driven oriented, you should know your community-based physician and customers, innovation is the factor that will make you unique from others, etc.
5. Ayurveda Centre Franchise Opportunity-
With the increased consumption of medications across the world day by day, people are looking towards alternative techniques that could get them rid of the lifestyle of sticking to allopathic pills which sometimes have adverse effects. This is the reason that has driven the demand for traditional Indian healthcare practices.