India's healthcare care innovation market to double to $60 billion by FY28, says new report
India's healthcare innovation market potential is expected to double to around $60 billion by FY28, pharma services and healthtech are anticipated to drive about 80% of this growth, according to a report by Bain & Company and HealthQuad.
The report titled ‘Healthcare Innovation in India’ says the growth will be driven by rising consumerization of health, reconfigurations to the global healthcare value chain, a deepening of Indian scientific and technological expertise, and regulatory tailwinds, the report title.
The report outlines the opportunity in healthcare innovation where companies increasingly leverage emerging technologies to add innovation vectors—including new business models, software-led solutions, and products—that extend beyond more longstanding value engineering considerations.
The overall Indian healthcare market, valued at about $180 billion in FY 2023, is projected to grow at approximately 10–12% compounded annual growth rate (CAGR) to reach $320 billion by FY 2028. Healthcare innovation is a rapidly growing segment currently valued at $30 billion and accounts for 15% of the overall market. It has almost doubled over the last three years, with 55% of the market size led by exports.
This segment is dominated by pharma services such as contract development and manufacturing organisation (CDMO), clinical research organisation (CRO), pharma IT; and healthtech with vaccines and biotech, and medtech emerging as green shoots.
“From cutting-edge pharma services to disruptive healthtech and medtech
