India's Healthcare Industry Likely To Grow $37 Billion By 2030: Report

New Delhi, Nov 3 (KNN) The India's healthcare industry has the potential to accelerate tenfold, from USD 2.7 billion in 2022 to approximately USD 37 billion by 2030, according to a report by Boston Consulting Group (BCG) and B Capital.

As per report, the growth of the industry will be driven by rapid digitisation, the proliferation of innovative healthtech platforms, partnerships between start-ups and established companies, and favourable funding environments for viable business models, supported by government initiatives.

A significant indicator of economic development is the upward trajectory of healthcare spending as a percentage of gross domestic product (GDP). In India, this trend has been gaining momentum, albeit still trailing behind other major economies, the report said.  

Additionally, the expansion of insurance coverage and outpatient department (OPD) services is driving the adoption of OPD services, making healthcare more accessible to a broader population.  

The Boston Consulting Group (BCG) and B Capital pointed out that the healthcare landscape in India is witnessing significant disruptions, particularly in the inpatient departments (IPD) and OPD, largely attributed to the rapid advancements made by healthtech companies.

Priyanka Aggarwal, Managing Director & Senior Partner (New Delhi) of Boston Consulting Group said, “Indian healthcare is undergoing a transformative phase, catalyzed by the COVID-19 pandemic. The crisis has highlighted the paramount importance of healthcare for both the government and citizens. This extraordinary period has brought about an irreversible change in healthcare consumption, with patients and doctors increasingly embracing technology for healthcare interactions. Concurrently, a thriving ecosystem of innovation is taking root.”

“The government's dedication to leveraging technology to reshape India's healthcare system is evident through initiatives like the Ayushman Bharat Digital Mission. These collective developments signal a profound shift in the trajectory of digital health development. They present a remarkable opportunity to tackle longstanding challenges related to healthcare accessibility and affordability,” she said.  

Enhanced collaboration between established healthcare providers and digital-native start-ups is another aspect of the evolving healthcare landscape in India.

(KNN Bureau)