INDIAN HEALTH INDUSTRY AT A GLANCE IN 2022 - 2023
The Indian health-tech market is expected to grow at a CAGR of 39% and touch US$ 50 billion by 2033. Healthcare market in India is expected to reach US$ 372 billion in the current financial year. The Indian healthcare sector is one of India’s largest employers, as it employs a total of 4.7 million people.
• Rising income levels
• Better health awareness
• Lifestyle diseases
• Increased access to insurance
India’s public expenditure on healthcare touched 2.1 % of GDP in FY23 and 2.2% in FY22, against 1.6% in FY21, as per the recent Economic Survey. In the Union Budget 2023-24, the government allocated Rs. 89,155 crore (US$ 10.76 billion) to the Ministry of Health and Family Welfare.
Health insurance SectorIn FY22, premiums underwritten by health insurance companies grew to Rs. 73,582.13 crore (US$ 9.21 billion). The health segment has a 33.33% share in the total gross written premiums earned in the country.
Medical TourismThe Indian medical tourism market was valued at US$ 2.89 billion in the last few years and is expected to reach US$ 13.42 billion by 2026. According to India Tourism Statistics about 697,300 foreign tourists came for medical treatment in India in the last few years. India has been ranked tenth in the Medical Tourism Index (MTI) out of 46 destinations by the Medical Tourism Association. To promote medical tourism in the country, the government of India is extending the e-medical visa facility to the citizens of 156 countries.
The e-health market size is estimated to reach US$ 10.6 billion by 2025.
The doctor population ratio in the country is 1:854, assuming 80% availability of 12.68 lakh registered allopathic doctors and 5.65 lakh AYUSH doctors.
Government initiativesUnder the Union Budget 2023-24, the Ministry of Health and Family Welfare has been allocated Rs. 89,155 crore (US$ 10.76 billion), an increase of 3.43% compared to Rs. 86,200.65 crore (US$ 10.4 billion) in 2021-22.
Industry FutureThe Healthcare industry in India is forecast to increase to Rs. 8.6 trillion (US$ 132.84 billion) in FY22 from Rs. 4 trillion (US$ 61.79 billion) in FY17 at a CAGR of 16–17%.
