India’s healthcare innovation market may hit $60 bn by FY28
India’s healthcare innovation market may double to $60 billion by fiscal year 2028, according to a report by Bain & Company and HeathQuad.
This growth is likely to be driven by increased consumer demand, changes in the global healthcare value chain, advancements in Indian scientific and technological capabilities, and favorable regulatory conditions, said the report titled ‘Healthcare Innovation in India’.
In FY23, the overall Indian healthcare market was around $180 billion with healthcare innovation accounting for $30 billion, or 15% of the market. While the healthcare innovation market is largely dominated by pharma services and healthtech, biotech and medtech are also some of the emerging areas that show promise.
The Indian pharma services market, which was valued at about $16 billion in FY 2023, saw 85-90% of revenue driven by exports. Within this segment, CDMOs or contract development and manufacturing organizations received a big boost as it benefitted from a number of factors including global supply chains shifting away from China and improvement in capacity.