Indian health industry seen act $372bn in 2022
Tier-2 and tier-3 locations, beyond metropolitan cities, offer attractive investment opportunities for expansion of private hospitals, according to a NITI Aayog report which sees India’s health care industry at US$372 billion in 2022.
India can also boosted domestic pharmaceutical manufacturing, supported by the recent Government schemes with performance-linked incentives, said the ‘Investment Opportunities in India’s Healthcare Sector’ report released on 30 Mar 2021.
In the medical devices and equipment segment, expansion of diagnostic and pathology centres as well as miniaturized diagnostics have high potential for growth.
Further, medical value travel, especially wellness tourism, has bright prospects, given India’s inherent strengths in alternative systems of medicine.
Technology advancements such as Artificial Intelligence (AI), wearables and other mobile technologies, along with Internet of Things, also offer numerous avenues for investment, said the report, adding that the healthcare industry has been growing at a Compound Annual Growth Rate of around 22% since 2016.
“Several factors are driving the growth of the Indian healthcare sector, including an aging population, a growing middle class, the rising proportion of lifestyle diseases, an increased emphasis on public-private partnerships as well as accelerated adoption of digital technologies, wrote NITI Aayog CEO Amitabh Kant in the report foreword.
“The Covid-19 pandemic has not only presented challenges but also several opportunities for India to grow. All these factors, together make India’s healthcare industry ripe for investment,” he wrote. #health #investment #manufacturing #projects /fiinews.com
