Healthcare has become one of India’s largest sectors - both in terms of revenue and employment. Healthcare comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment. The Indian healthcare sector is growing at a brisk pace due to its strengthening coverage, services and increasing expenditure by public as well private players.
Ayurveda is rapidly gaining recognition all over the world. India is the world's 2nd largest exporter of Ayurvedic & alternative medicine. The wellness sector includes segments such as alternative therapies, beauty, fitness and nutrition, among others. Of these, rejuvenation services such as spas, alternative therapies, Ayurveda treatments and beauty services are expected to grow at around 30%, while the fitness sector which includes gyms and slimming centres is expected to grow by more than 25%.
The National Rural Health Mission has a declared policy of promoting ‘Pluralistic Healthcare’ by involving, alongside the allopathic system, the AYUSH systems, including local health traditions in its operational mission.
The healthcare market can increase three-fold to Rs 8.6 trillion (US$ 133.44 billion) by 2022.
100% FDI in healthcare sector in India is allowed under the automatic route for green-field projects.
100% FDI in medical devices for investments in brown-field projects is permitted under the government route.
‘NHP Scheme’ – World’s largest government-funded healthcare programme
India plans to create 1 million skilled healthcare providers by 2022
Healthcare and wellness are counted amongst India’s largest sectors both in terms of revenue and employment
India's competitive advantage lies in its large pool of well-trained medical professionals. India is also cost competitive compared to its peers in Asia and Western countries
The industry is expected to reach $ 372 bn by 2022.
Indian medical tourism market is growing at the rate of 18 per cent year on year and is expected to reach US$ 9 billion by 2020. The Government of India is planning to increase public health spending to 2.5 per cent of the country's GDP by 2025.
Health insurance is gaining momentum in India. Gross direct premium income underwritten by health insurance grew 18.2 per cent y-o-y to Rs 24,864.01 crore (US$ 3.56 billion) in FY20 (up to September 2019).
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