The Indian Healthcare industry continued its healthy growth in 2023 and
reached a value of US$ 372 billion driven by both the private sector and
the government. As of 2024, the Indian healthcare sector is one of India’s
largest employers as it employs a total of 7.5 million people. Progress in
telemedicine, virtual assistants, and data analytics is expected to create
2.7-3.5 million new tech jobs.
India’s public expenditure on healthcare touched 2.1 % of GDP in FY23
and 2.2% in FY22, against 1.6% in FY21, as per the Economic Survey
2022-23.
India’s public expenditure on healthcare touched 1.9 % of GDP in FY24,
against 1.6% in FY23, as per the Economic Survey 2023-24.
India's hospital market was valued at US$ 98.98 billion in 2023, projected
to grow at a CAGR of 8.0% from 2024 to 2032, reaching an estimated
value of US$ 193.59 billion by 2032.
The telemedicine market is expected to reach US$ 5.4 billion by 2025,
driven by increased demand for remote healthcare solutions and
advancements in technology.
In 2024, the Indian government established 60 new medical colleges,
increasing MBBS seats by 6.3% to 1,15,812. This expansion has raised the
total number of medical colleges to 766, up from 387 in 2013-14.
Postgraduate seats also grew by 5.92% to 73,111.
In FY24 (Till February 2024), premiums underwritten by health insurance
companies grew to Rs. 2,63,082 crore (US$ 31.84 billion). The health
segment has a 33.33% share in the total gross written premiums earned
in the country.
The health-tech sector is set for significant expansion, with hiring
projected to rise by 15-20% in 2024, reflecting the increasing demand for
innovative healthcare solutions and the integration of technology in
medical services.
Indian medical tourism market was valued at US$ 7.69 billion in 2024 and
is expected to reach US$ 14.31 billion by 2029. According to India Tourism
Statistics, around 634,561 foreign tourists came for medical treatment in
India in 2023, which was nearly 6.87% of the total international tourists
who visited the nation. With US$ 5-6 billion size of Medical Value Travel
(MVT) and 500000 International patients annually, India is among the
global leader destinations for international patients seeking advanced
treatment.
The e-health market size is estimated to reach US$ 10.6 billion by 2025.
As per information provided to the Lok Sabha by the Minister of Health &
Family Welfare, Dr. Bharati Pravin Pawar, the doctor population ratio in the
country is 1:854, assuming 80% availability of 12.68 lakh registered
allopathic doctors and 5.65 lakh AYUSH doctors.
In 2024, DNA Wellness announced a Rs. 200 crore (US$ 23.98
million) investment to establish over 100 cervical cancer screening
labs across India by 2027. They have exclusive rights to the Cervi
Sure DNA Ploidy Test, a quick and non-invasive cancer detection
method. The first lab opened in Ahmedabad, with more planned in
Vadodara, Rajkot, and Surat by October 2024. This initiative aims to
improve access to cervical cancer screening, addressing the
significant health burden of approximately 130,000 new cases and
80,000 deaths annually in India.
Apollo 24|7 has merged with Kei med in a Rs. 2,475 crore (US$ 296
million) deal, with Advent International acquiring a 12.1% stake in
the new entity valued at Rs. 22,481 crore (US$ 2.69 billion). Apollo
Hospitals will maintain a majority stake of at least 59.2%.
DocPlix, a health-tech startup, raises Rs. 1.2 crore (US$ 0.14 million)
in a bridge round led by Inflection Point Ventures (IPV), aiming to
digitize health records for India's 1.4 billion population and enhance
healthcare accessibility.
IIT Bombay partners with Blockchain for Impact (BFI) to receive a
US$ 900,000 investment aimed at developing affordable healthcare
technologies, as part of a broader US$ 15 million BFI-Biome initiative
to address urgent health challenges and advance biomedical
innovation.
In May 2023, Temasek, a Singaporean investment company,
invested US$ 2 billion in Manipal Health Enterprises, a leading
healthcare provider in India, highlighting the growing interest in the
Asian healthcare market.
In September 2023, Nirma a diversified Indian conglomerate,
acquired a 75% stake in Glenmark Life Sciences, a pharmaceutical
company, for US$ 689 million. This transaction marked one of the
biggest Indian healthcare M&A deals of the year.
As of August 1, 2023, a total of 24.33 crore Ayushman cards have
been created. To prevent, detect, and deter healthcare fraud and to
ensure that eligible beneficiaries receive adequate treatment, the
Government of India is using Artificial Intelligence (AI) and Machine
Learning (ML). As of October 2023, a total of 26 crore Ayushman
cards have been created.
As of February 20, 2023, more than 220.63 crore COVID-19 vaccine
doses have been administered across the country. While as of May
11, 2023, more than 2.20 billion COVID-19 vaccine doses have been
administered across the country.
As of July 15, 2023, India has exported 30.12 crore vaccine doses.
Multinational healthcare company Abbott has committed to
converting 75 Primary Health Centres (PHCs) to Health and Wellness
Centres (HWCs) in nine Indian States, in collaboration with
Americares India Foundation, a nonprofit organisation dedicated to
relief and development in the field of health. This will benefit over
2.5 million people from under-resourced communities every year.
In November 2022, diabetes management app Beato raised US$ 33
million in its Series B funding round led by impact investor Light rock
India.
In August 2022, Edelweiss General Insurance partnered with the
Ministry of Health, Government of India, to help Indians generate
their Ayushman Bharat Health Account (ABHA) number.
The healthcare and pharmaceutical sector in India had M&A activity
worth US$ 4.32 billion in the first half of 2022.
As of 2023, the number medical colleges in India stood at 706.
In July 2022, the Indian Council of Medical Research (ICMR) released
standard treatment guidelines for 51 common illnesses across 11
specialities to assist doctors, particularly in rural regions, in
diagnosing, treating, or referring patients in time for improved
treatment outcomes.
In July 2022, the National Pharmaceutical Pricing Authority (NPPA)
fixed the retail prices for 84 drug formulations, including those used
for the treatment of diabetes, headache, and high blood pressure.
In March 2022, Hyderabad-based pharmaceutical company
Biological E applied for Emergency Use Authorisation (EUA) for its
Covid-19 vaccine Corbevax for the 5-12 years age group.
In January 2022, Phase 3 trials commenced of India's first intranasal
vaccine against COVID-19 which is being developed by Bharat
Biotech, in conjunction with the Washington University School of
Medicine in St Louis, the US.
Startup HealthifyMe, with a total user base of 30 million people, is
adding half a million new users every month and crossed US$ 40
million ARR in January 2022.
The number of policies issued to women in FY21 stood at 93 lakhs,
with one out of every three life insurance policies in FY21 sold to a
woman.
In December 2021, Eka Care became the first CoWIN-approved
organization in India, through which users could book their
vaccination slot, download their certificate, and even create their
Health IDs.
As of November 18, 2021, 80,136 Ayushman Bharat Health and
Wellness Centres (AB-HWCs) are operational in India.
As of November 18, 2021, 638 e-Hospitals are established across
India as part of the central government's ‘Digital India’ initiative.
In November 2021, Aster DM Healthcare announced that it is
planning Rs. 900 crore (US$ 120.97 million) capital expenditure over
the next three years to expand its presence in India, as it looks at
increasing the share of revenue from the country to 40% of the total
revenue by 2025.
In September 2021, a Russian-made COVID-19 vaccine, Sputnik
Light received permission for Phase 3 trials in India.
In September 2021, Biocon Biologics Limited, a subsidiary of Biocon,
announced a strategic alliance with Serum Institute Life Sciences, a
subsidiary of Serum Institute of India (SII). The alliance is expected
to strengthen India's position as a global vaccine and biologics
manufacturing powerhouse.
