India’s healthcare market may see threefold rise as its size in value terms is likely to reach $372 bn (bn) by 2022, thereby clocking a compounded annual growth rate (CAGR) of 22 per cent, according to an ASSOCHAM-RNCOS joint paper.
The study stated that factors like growing geriatric population, uptick in medical tourism and gradual decline in cost of medical services will drive medical devices market in India which was valued at $4 bn as of 2016 and is likely to cross $11 bn mark by 2022 thereby registering a CAGR of 15%.
Generic drugs account for about 70% of India’s $20 bn worth pharmaceutical market. Of these, anti-infectives occupy the largest share of 16 per cent followed by cardiovascular (13 per cent), gastro-intestinal (11 per cent), respiratory (nine per cent), vitamins/minerals (eight per cent) analgesic (seven per cent), anti diabetic (seven per cent) and others (29 per cent).
Indian pharmaceutical market is third largest globally in terms of volume and 13th largest in terms of value.