INDIAN HEALTH INDUSTRY AT A GLANCE IN 2021 - 2022
The Indian hospital industry accounts for 80% of the total healthcare market and is expected to touch US$ 132 billion by 2023. The Indian healthcare sector is expected to record a three-fold rise, growing at a CAGR of 22% . The Indian healthcare infrastructure is expected to reach US$ 349.1 billion.
In 2021, the Indian healthcare sector is one of India’s largest employers next only to the Indian Railways as it employs a total of 4.7 million people. The sector has generated 2.7 million additional jobs in India between 2017-22 over 500,000 new jobs per year, a major reason being the pandemic outbreak.
In FY21, gross direct premium income by health insurance companies grew 13.3% YoY to Rs. 58,572.46 crore (US$ 7.9 billion). The health segment has a 29.5% share in the total gross written premiums. Indian Medical Tourism
The Indian medical tourism market was valued at US$ 2.89 billion in 2020 and is expected to reach US$ 13.42 billion by 2026. According to India Tourism Statistics report, around 697,300 foreign tourists came for medical treatment in India last year. India has been ranked 10th in the Medical Tourism Index (MTI) for 2020-21 out of 46 destinations by the Medical Tourism Association.
The e-health market size is estimated to reach US$ 10.6 billion by 2025.
As of January 2022, the number of medical colleges in India stood at 595.
And the doctor population ratio in the country is 1:854, with about 12.68 lakh registered allopathic doctors and 5.65 lakh AYUSH doctors.
Between April 2000-December 2021, FDI inflows for drugs and pharmaceuticals sector stood at US$ 19.19 billion, according to the data released by Department for Promotion of Industry and Internal Trade (DPIIT). FDI inflows in sectors such as hospitals and diagnostic centres and medical and surgical appliances stood at US$ 7.73 billion and US$ 2.35 billion, respectively.
Industry ForecastThe hospital industry in India is forecast 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 Government of India is planning to increase public health spending to 2.5% of the country's GDP by 2025.
