Healthcare Industry

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India has a history of alternative and natural medicines dating back to centuries ago. The healthcare sector in India today is diversified with doctors, hospitals, medical devices producers, medical equipment, health insurance, medical infrastructure and the growing industries of telemedicine and medical tourism. It has become one of India’s largest sectors both in terms of revenue and employment. Besides, increasing disease burden and growing healthcare awareness has led to the rise in the demand for medical products and services in the last years. Moreover, economic prosperity also drives the affordability of generic drugs in India. Further, Budget 2020 has increased allocation for the healthcare sector to Rs. 69,000 crores. The health outlay for this year saw an increase of around 19% over last year. Moreover, the Indian government has allowed 100% FDI under the automatic route for hospitals, and up to 100% FDI in the medical devices sector. This gives large opportunities for foreign companies. With a large pool of well-trained medical professionals, the industry is expected to employ about 7.4 million people by 2022.
Covid Impact
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. Due to this outbreak, the healthcare sector was one of the worst affected. Also, it needed the most investment and had to respond quickly and effectively to manage this crisis. The industry has been witnessing the loss of business and this trend is expected to continue for the foreseeable future (at least 3-6 months), and the fact that the sector’s costs are predominantly (around 80 percent) fixed, it is expected that there will be losses and severe impact on cash flows. The Indian Government had acted rapidly to allocate funds, resources, and manpower. It announced relief packages for the marginalized communities and covered costs. Specific research centers in the country need to work to quickly mitigate any further damage. As of March 31, 2021, >6.30 crore (6,30,54,353) vaccine doses have been administered through 10,46,757 sessions across the country. Despite the Covid impact the hospital industry in India is forecast to increase to Rs. 8.6 trillion (US$ 132.84 billion) by FY22 from Rs. 4 trillion (US$ 61.79 billion) in FY17 at a CAGR of 16–17%.

Key Players in India


  • Apollo Hospitals Enterprise Limited
  • Thyrocare Technologies Limited
  • Fortis Healthcare Limited
  • Dr Lal PathLabs
  • Medanta
  • Max Hospitals
  • Kauvery Hospital
  • Metropolis Healthcare


  • Medtronic
  • UnitedHealth Group
  • CVS Health
  • McKesson Corporation
  • Cardinal Health
  • Johnson & Johnson
  • Baxter International
  • Philips
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