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The Government of India (GoI) has promoted a favorable business environment and enhanced the overall ecosystem to position healthcare as one of the largest industries both in terms of revenue and employment. The industry is projected to reach US$ 372 billion by 2022. This growth is a result of the strengthening of healthcare coverage, related services, and increasing expenditure by public as well as private players. Surging disposable income, rising accessibility to better healthcare facilities, pre-eminent awareness of personal health and hygiene, along with overall economic prosperity are contributing to the growth in India’s per capita healthcare expenditure. By 2025, the Government of India plans to increase public health expenditure to 2.5% of the country's GDP. Various policies and initiatives have been implemented for this purpose. Infrastructural improvement has been noteworthy as well. This Frost & Sullivan study finds that the Indian market is primed and well-positioned for further growth. Growth of small to medium businesses driven by substantial investments, support activities, evolving technology, and an expanding domestic market can also make a good mark in this growing industry. Long-standing expertise, locational advantage, availability of resources, and skilled labor along with burgeoning income and increasing access to insurance make India a perfect market for the growth of the healthcare industry. The market now offers significant growth and employment opportunities.The entrepreneurial spirit of the country is being backed by government funding and campaigns like “Make In India” and “Digital India” that encourage the rise of quality start-ups and spread awareness about healthcare in the digital space. Key innovations in the Indian healthcare market that are likely to drive the healthcare market and technology growth are emerging. Increase in venture capital funding, ably supported by government activities, have led to impactful innovations in the Indian market.The research deliverable showcases the entire healthcare landscape in India and outlines the Frost & Sullivan perspective and recommendations for companies operating or willing to make a mark in this industry. Frost & Sullivan’s advisory and operational support has unique partnering benefits for companies looking to set up business, invest, or scale up in the healthcare market in India. Our industry thought leaders and support services provide crucial growth momentum to start-ups developing innovative and disruptive businesses that are reshaping industry fundamentals and creating robust and sustainable revenue streams. Frost & Sullivan works closely with a wide range of organizations, from Fortune 500 companies to early-stage companies, enabling them to grow faster in all operating environments.Author: Krishanu Banerjee
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