In a recent report, the healthcare innovation market in India is anticipated to surge to $60 billion by 2028, propelled by advancements in pharma services and technology. The report, a collaborative effort by Bain & Company and HealthQuad, highlighted that in the fiscal year 2023, the broader Indian healthcare market reached a valuation of approximately $180 billion. Predictions suggest a robust compound annual growth rate (CAGR) of 10-12 percent, propelling the overall market to an estimated $320 billion by fiscal year 2028.

Of particular note, the healthcare innovation market currently represents 15 percent of the total, standing at $30 billion. The driving forces behind this expansion are expected to be pharma services, healthtech, vaccines, biotech, and medtech, collectively contributing to around 80 percent of the projected growth.

Key factors influencing this transformative phase in India's healthcare landscape include the consumerization of health, adjustments in the global healthcare value chain, the deepening of scientific and technological expertise within the country, and supportive regulatory measures. Aarthi Rao, a Partner at Bain & Company, emphasized the significant strides being made in India's healthcare innovation, attributing the sector's success to substantial investments, favorable government policies, a growing pool of scientific talent, and burgeoning potential in emerging fields like Biotech and MedTech.

Rao highlighted, "From cutting-edge pharma services to disruptive health tech and medtech advancements, India's healthcare innovation landscape is experiencing a remarkable transformation. With its focus on innovation, quality, and cost-effectiveness, India's healthcare innovation market is addressing domestic needs and making its mark on the global stage".