Healthcare has become one of India’s largest sectors, based on both revenue and employment. By 2020, the Indian healthcare market is expected to increase by a CAGR of 16% to $280 billion. India may be known for its tech-savvy youth, but the share of its population aged 60 and older is projected to climb to 19% by 2050, up 8% from 2019. There has been increased spending on public and private hospitals to improve services for India’s aging population.
Improvement in income levels has enabled urban and rural families to increase their spending on healthcare services. Increases in healthcare spending is most prominent among urban middle class households. India has also seen an increase in health insurance penetration levels, which has helped in expanding the base of patients who can afford healthcare services.
This report examines a variety of subsectors within the healthcare market, including hospital services, pharmaceuticals, medical devices, and diagnostics centers. The report also identifies factors impacting the growth of the healthcare market, challenges, and government initiatives.