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Healthcare Market in India Size Future Scope, Demands, and Projected Industry Growths to 2031 

Kenneth Research recently added a report on Healthcare Market in India which provides a detailed insight into the market scenario on the basis of the market size, market volume and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Healthcare Market in India Products.

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According to the U.S. Centers for Medicare & Medicaid Services, the national health spending is estimated to grow at an annual rate of 5.5% during 2018-2027 in the United States. Moreover, the total spending in the healthcare industry in the country is anticipated to reach around USD 6 trillion by the end of 2027. On the back of such factors, the market is predicted to observe a significant growth in the next few years.

In terms of revenue and employment generation, healthcare has been one of the biggest industries in India. Kerala is one of the states in India that offers outstanding healthcare facilities.

Market insights:
The healthcare market in India was valued at INR 14.32 Tn in 2019 and is expected to expand at a compound annual growth rate (CAGR) of ~34.04% during the 2020-2025 period, to reach INR 65.51 Tn by 2025. The growth of the market can be attributed to the surge in demand for home healthcare devices, digital healthcare solutions and pharmaceutical products. Rise in the prevalence of chronic diseases, growing investments from public and private investors, and the emergence of advanced technologies like telehealth and telemedicine solutions are some of the major factors propelling the growth of the Indian healthcare market. Relaxation of FDI and increased government expenditure are some of the key factors to drive the healthcare market during the 2016-2020 period. However, inadequate healthcare infrastructure in India and low penetration of health insurance are impeding market growth.

Segment Insights:
The healthcare market in India is segmented into outpatient care centers, hospitals, pharmaceuticals, medical equipment and supplies, diagnostic services, digital healthcare, research and development, medical insurance and medical tourism. As of 2019, the healthcare market was dominated by the hospitals segment, which accounted for about 38.50% of the total market revenue. By 2025, the market share of the hospitals segment is expected to decline by ~10.55% to hold around 27.95% of the overall healthcare market revenue. During the 2020-2025 period, the digital healthcare segment is anticipated to become the fastest growing segment in the market as a result of the self-isolation norms imposed to restrain the spread of COVID-19 and the cost-benefit obtained from using digital healthcare solutions. Other segments of the market which are expected to witness high growth rate during the forecast period are the pharmaceuticals, and medical equipment and supplies segments.

COVID-19 impact analysis:
The outbreak of the contagion, followed by a long-term nationwide lockdown has had a severe impact on the overall healthcare market in India. The market segments that are likely to be positively impacted during the pandemic and the period thereafter are the digital healthcare segment, pharmaceuticals, medical equipment and supplies segment. The medical research and development (R&D) segment and the medical insurance segments are expected to experience a relatively short-term benefit during this crisis period. The medical R&D segment and the insurance segment are some of the least prioritized segments of the Indian healthcare industry and hence, the impact of COVID-19 on these segments are expected plunge with the diminishing effect of the pandemic. Other healthcare segments such as hospitals, medical tourism, and outpatient care centers are witnessing severe downfall in their markets due to the risk of virus transmission from social gatherings and the imposition of the social distancing norms.

Companies covered
• Apollo Hospitals Enterprise Limited
• Aster DM Healthcare Limited
• Cipla Limited
• Dr. Lal PathLabs Limited
• Fortis Healthcare Limited
• Healthcare Global Enterprises Limited
• Narayana Hrudayalaya Limited
• Sun Pharmaceuticals Industries Limited
• Columbia Asia Hospitals Private Limited
• Max Healthcare Private Limited

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The Market report answers the following questions:

What is the aim of the report?

  • The market report presents the estimated market size of Healthcare Market in India by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
  • Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
  • An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
  • The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
  • The various parameters accelerating the growth of Market are incorporated in the research report.
  • The report analyzes growth rate, market size and valuation of the Market during the forecast period.

What aspects regarding the regional analysis Market are included in this report?

  • Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
  • The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
  • The growth rate of the market in every region, including their countries over the forecast period is included in the market report.

Based on what factors are the key market players assessed in this report?

  • The report offers detailed analysis of leading companies in the market across the globe.
  • It provides details of the major vendors involved in the Market including Key Players
  • A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
  • The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
  • The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

What is the key information extracted from the report?

  • Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
  • The report offers the present scenario and future growth prospects Market in various geographical regions.
  • The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
  • The SWOT analysis is conducted along with Porter’s Five Force analysis.
  • The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.

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About Kenneth Research:

Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.

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