India’s healthcare sector expected to reach $372 billion by 2022; estimates NITI Aayog

In its report on Tuesday, NITI Aayog highlighted the realistic investment possibilities in India’s healthcare belt and chalked out an array of investment opportunities in divisions like hospitals and infirmaries, medical instruments and apparatus, clinical trials, telemedicine, health insurance, and medical tourism. It was said that these divisions are predicted to flourish and expand more due to the ever-increasing preventive healthcare adopted by the growing middle class with an aging citizenry.  

Thus owing to its calculations, NITI Aayog told about the rise of India’s healthcare sector to strike $372 billion in 2022, displaying a compounded annual growth rate (CAGR) of about 22% since 2016. It said that this astounding growth rate of CAGR is mainly due to the pandemic which stepped up the health care sector’s opportunities widely. 

According to the report, India’s easy accessibility of adept workforce and comparative cost-effectiveness are beating other countries as an increasingly preferred terminus for medical value transmission. NITI Aayog said that the hospitals offer eye-catching investment opportunities for private contenders in 2 and 3 tier cities and India can effectively amplify its local mass production vis-à-vis pharmaceuticals when assisted by current government strategies with performance-linked sops. 

It informed in the report how rapidly increasing cases of lifestyle diseases, such as high cholesterol, obesity, high blood pressure, poor diet habits, and alcohol and tobacco consumption in urban areas are heightening a call for specialized care inputs and services. 

Adding to these statistic and epidemiological trends, it said that Covid-19 in all probability will instill long-term variation in behavior concerning personal hygiene, health insurance, fitness, and nutrition, as well as health monitoring and regular medical check-ups. The pandemic has also paved the way for the utilization of digital technologies, for example, telemedicine. Moreover, there is a growing prominence on the unfolding of government-private coalition models in India’s healthcare sector. 

NITI Aayog also said that manufacturing of medical instruments and apparatus, expansion of pathology and diagnostic centers, and miniaturized therapeutics have peak growth potential. Additionally, medical value transmission has shown bright aspects, given India’s innate strengths in alternative medicinal systems. Technical developments in departments like Artificial Intelligence, wearables, and other mobile tech, along with the Internet of Things, also offer uncountable paths for investment.