Five Best Franchise Opportunities in the Healthcare Sector
In India, the healthcare industry is becoming one of the fastest growing, which is expected to reach US$ 372 billion by 2022. Healthcare has become one of India’s largest sectors, both in terms of revenue and employment.
An important factor that has actively given its share in the increasing growth of the healthcare industry is franchising. The concept of franchising has proved to be quite beneficial for healthcare professionals and has given the industry an instant boom. Healthcare entrepreneurs are constantly looking up to buy franchisees of big players existing in the industry to avoid high risks involved in starting an independent business.
The five topmost franchise opportunities in the healthcare industry are here:
#1 Home Care Services Franchise
With an increase in the number of elderly people and others with disabilities, home care services businesses are leading towards a greater growth path. Home care services have also become one of the most popular and fast growing segments because of the low-costs services that they provide to the customers. With a great scope for expansion, home care services continue to present the best opportunities in the franchise industry and it could be one of the best business opportunities for healthcare professionals who wish to enter into entrepreneurship.
#2 Administrative and Support Services
Administrative and support services such as medical billing, medical transcription, medical hiring, etc, are all administrative and support related services thatare much in demand by the consumers. There are several medical billing franchises in operation and they are doing very well in the market, hence giving the healthcare franchising industry a good growth graph.
#3 Augmented Reality and Virtual Reality based Accessories
Providing accessibility of services and medicines, Augmented Reality (AR) and Virtual Reality (VR) are increasing the efficiency of the overall healthcare system. While AR solutions can help in improving patient experience, VR has proved to be significant in giving psychological relief and treatment to people. This is why AR and VR based accessories are in great demand in the healthcare market. AR and VR based franchises are one of the biggest players in technology and are driving the healthcare franchising industry.
#4 Other Healthcare Accessories and Equipment
Healthcare accessories and equipment can never go out of demand as they will always be required by people of all ages at some point time of time in their lives. Equipment such as safety accessories, incontinent supplies, adaptive clothing and footwear, bed rails, alarm clocks etc are always in demand either by the hospitals or by patients themselves. Therefore, franchises that manufacture all these equipment are growing very fast.
#5 Wellness Programs such as Mediclaim, Medicare and Insurance
With healthcare issues and their treatments come increasing financial burden on the patients. To carry out the treatments, financial aid becomes an important aspect of patients’ lives. This is why wellness programs such as mediclaim, medicare and insurances are doing a bigger chunk of the job. Wellness program franchises are gaining popularity among the millennial and are bringing efficiency to the whole healthcare industry.