Indian Healthcare Sector Continues Unwavering Growth, Expanding Employment Opportunities

MUMBAI, INDIA: The Indian healthcare industry has registered its 13th consecutive year of growth in 2023, reaching a staggering value of US$ 372 billion driven by both the private and public sectors.

As per recent data, as of 2024, the Indian healthcare sector employs a massive 7.5 million people, making it one of India's largest employers. The industry's employment figures are expected to further grow with the creation of 2.7-3.5 million new tech jobs in the fields of telemedicine, virtual assistants, and data analytics.

The government's expenditure on healthcare has been steadily increasing, touching 1.9 percentage points of GDP in FY24 as per the Economic Survey 2023-24, up from 1.6 percent in FY23. The public expenditure stood at 2.1 percentage points of GDP in FY23 and 2.2% in FY22.

The Indian hospital market is expected to witness considerable growth, valued at US$ 98.98 billion in 2023, with a projected Compound Annual Growth Rate (CAGR) of 8.0% from 2024 to 2032, reaching an estimated value of US$ 193.59 billion by 2032.

The telemedicine market is also anticipated to soar, reaching US$ 5.4 billion by 2025. The government's initiatives and advancements in technology are driving the growing demand for remote healthcare solutions worldwide.

In a significant push towards expansion, the Indian government has established 60 new medical colleges in 2024, increasing MBBS seats by 6.3% to 1,15,812, up from 387 medical colleges in 2013-14. This surge has taken the total number of medical colleges to 766 and postgraduate seats have also grown by 5.92%, reaching 73,111.

This sustained growth and expansion are expected to propel India's healthcare sector into an even more promising phase in the coming years.