India’s healthcare sector has experienced a remarkable transformation, driven by significant investments in infrastructure development. The Union Health Ministry’s allocation of approximately $12.3 billion in the interim Budget for 2024-2025 marks a 12.59 per cent increase, highlighting the government’s emphasis on healthcare expenditure.
As World Health Day approaches, India celebrates key advancements in its healthcare domain, focusing on infrastructure enhancement, access to quality care, and the implementation of transformative initiatives.
Since 2016, India’s healthcare industry has demonstrated impressive growth, boasting a compound annual growth rate (CAGR) of approximately 22 per cent.
The hospital market in India, valued at around $13.3 billion in 2023, is poised for further expansion, with a projected CAGR of 8.0 per cent from 2024 to 2032. By 2032, it is estimated to reach $26.1 billion.
Apart from the hospital sector, various segments of India’s healthcare industry are experiencing rapid growth. The telemedicine market is anticipated to reach $720 million by 2025, with a remarkable CAGR of 31 per cent. Similarly, AI applications in healthcare are expected to grow by 45 per cent annually by 2024, indicating a significant shift towards technology-driven healthcare solutions.
The healthtech industry also expects significant expansion, with an estimated employment surge of 15-20 percent in 2024.
Through visionary investments and progressive policies, India reaffirms its commitment to ensuring health and well-being for all its citizens.
Prime Minister Narendra Modi inaugurated five new All India Institute of Medical Sciences (AIIMS) on February 25, along with 202 healthcare infrastructure projects worth over $1.6 billion across 23 states and union territories.
Ayushman Bharat, PM Modi’s flagship scheme, aims to provide accessible and affordable healthcare to all citizens. Launched in 2018, the scheme covers nearly 550 million individuals from vulnerable families, offering a health cover of up to $67,000 per family per year.
With over 160,000 health and wellness centres established nationwide, India is expanding access to comprehensive healthcare services, particularly in rural and underserved areas.
The Ayushman Bharat Digital Mission and the Pradhan Mantri-Ayushman Bharat Health Infrastructure Mission (PM-ABHIM) further reinforce India’s commitment to digital health integration and enhancing healthcare infrastructure, respectively.
India’s healthcare sector is experiencing rapid growth, with forecasts suggesting continued expansion in the coming years. As India celebrates World Health Day, it stands as a global leader in healthcare transformation, driven by visionary leadership, strategic investments, and unwavering dedication to the well-being of its citizens.
