India Hospital Market to Grow at a Steady Rate of 8.32% During the Forecast Period

Growing disease prevalence is expected to drive the growth of India hospital market through the forecast period.

According to TechSci Research report, “India Hospital Market By Ownership (Public, Private, PPP), By Type (General, Multi- Speciality Hospitals, Specialty), By Bed Capacity (Up to 100 beds, 101-300beds, 301-700 Beds, Above 700 Beds), By Regionality (Regional/District, Rural, Others), By Type of Services (In-patient Services v/s Out-patient Services), By Region, Forecast & Opportunities, FY2027”, the India hospital market stood at USD66.77 billion in FY2021 and is expected to grow at a steady CAGR of 8.32% during the forecast period. this can be attributed to the increasing burden of aging population and is expected to spur the growth of the India hospital market through FY2027. The aging population is susceptible to diseases and injuries thereby increasing the rate of hospitalization. Furthermore, growing medical tourism is another factor driving the growth of the India hospital market. People suffering from different ailments travel from different countries to India in order to avail the best possible treatment from best doctors. Also, the overall treatment cost is less in India for any disease or ailment. This in turn is expected to positively influence the growth of India hospital market over the next few years. India stood at 10th position among the top 40 medical tourism destinations across the globe, with an overall medical tourism index of 69.80. However, high cost of constructing and maintaining a hospital can hamper the market growth through FY2027. Additionally, higher attrition rate of staff in hospitals lead to difficulty in allocation and planning of human resources. Healthcare professionals are finding lucrative and rewarding opportunities abroad, prompting them to leave their organization in India. The attrition rate is almost around 40-42% for doctors and nurses which is highest in the hospital industry. This in turn is expected to slow down the growth of the India hospital market over the next few years.

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The India hospital market is segmented based on ownership, type, bed capacity, regionality, type of services, region and company. Based on bed capacity, the market can be segmented into Up to 100 beds, 101-300 beds, 301-700 beds and above 700 beds. The Up to 100 beds segment dominated the market in FY2020 and will continue maintaining its dominance in the hospital market during the forecast period since most of the hospitals in India are equipped with bed capacity of up to 100 especially in the rural areas and sub-urban areas. In the urban areas, most of the hospitals are equipped with a capacity of up to 100 beds. The 101-300 beds and 301-700 beds segment is expected to witness significant growth during the next few years since the pandemic crisis in the country and shortage of hospital beds has created a huge demand for hospitals with large bed capacity so that they can accommodate patients in any kind of pandemic or epidemics experienced in the future. Based on type of services, the market can be bifurcated into in-patient services and out-patient services. The in-patient services segment dominated the market in FY2021 with a share of around 55.29% owing to the consumer inclination towards availing the in-patient services in case of hospitals. The patients prefer getting admitted and then take the services offered by the hospitals. While the outpatient services segment are expected to witness significant growth through FY2027 owing to the penetration of multi-specialty hospital chains wherein different services are available under the same roof. Also, longer hospital stay is an additional cost for hospitals, as it reduces a hospital’s capacity to admit new patients, thereby supporting the growth of out-patient services.

Apollo Hospitals Enterprise Limited, Max Healthcare Institute Limited, Fortis Healthcare Limited, Narayana Health, Aster DM Healthcare Limited, Shalby Limited, Medanta The Medicity Global Health Pvt Ltd, Tata Memorial Center (TMC), All India Institute of Medical Science (AIIMS), Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute, Sir Ganga Ram Hospital, Lilavati Hospital & Research Centre, and others are some of the leading players operating in India hospital market.

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“West region is expected to register the highest growth in the India hospital market during the forecast period. This can be attributed to the growing disease burden and mortality across various states in the Western parts of the country including Maharashtra, Gujarat, Madhya Pradesh, among others. This in turn has significantly increased the demand for new hospitals, increasing the bed capacity and improving the infrastructure of the existing hospitals in these parts of the country. Additionally, the pandemic crisis has exposed the true colors of the healthcare industry and hospitals in the country. With states like Maharashtra and Rajasthan being significantly hit by the pandemic crisis and beds shortage, the forecast period is likely to witness a lot of new developments in the hospital infrastructure in these regions.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based India management consulting firm.

“India Hospital Market By Ownership (Public, Private, PPP), By Type (General, Multi- Speciality Hospitals, Specialty), By Bed Capacity (Up to 100 Beds, 101-300 Beds, 301-700 Beds, Above 700 Beds), By Regionality (Regional/District, Rural, Others), By Type of Services (In-patient Services v/s Out-patient Services), By Region, Forecast & Opportunities, FY2027”, has evaluated the future growth potential of India hospital market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India hospital market.

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