According to a survey by Mirae Asset Sharekhan, India’s hospital industry is expected to develop significantly over the long run, reaching US$364.6 billion by 2034.
According to the report, the hospital market is expected to increase from US$75.3 billion in FY2018 to US$193.4 billion in FY2025 due to factors like growing health insurance coverage, rising earnings, an aging population, and an increase in chronic disease cases.
Following years of balance-sheet strengthening, it observed a change in the industry from profitability-led development to volume-driven expansion as large hospital chains speed capacity extensions. With improved insurance penetration and growing income per occupied bed, private hospitals are predicted to expand at a CAGR of 10.6%.
The lack of medical facilities in India continues to be a major growth factor. There are currently just 1.3 hospital beds per 1,000 people in the nation, which is significantly less than the 2.9 global average. Occupancy levels of 60% are already being reported by top hospital operators.
Government initiatives like Ayushman Bharat PM-JAY are also improving patient access in smaller cities, while teleconsultation, medical tourism, and AI-based diagnostics are anticipated to open up new growth prospects for the industry.
Source – Zee Business
