New Delhi: India’s healthcare market may see threefold rise as its size in value terms is likely to reach $372 billion (bn) by 2022 from the level of $110 bn as of 2016 thereby clocking a compounded annual growth rate (CAGR) of 22 percent, according to an ASSOCHAM-RNCOS joint paper.
“Growing incidence of lifestyle diseases, rising demand for affordable healthcare delivery systems due to increasing healthcare costs, technological advancements, emergence of telemedicine, rapid health insurance penetration, mergers and acquisitions helping to reach untapped markets and government initiatives like e-health together with tax benefits, incentives and a host of upcoming regulatory policies are driving healthcare market in India,” noted a paper on ‘Indian Healthcare Sector-An overview,’ jointly prepared by ASSOCHAM and research firm RNCOS.
Indian pharma market is third largest globally in terms of volume and 13th largest in terms of value.