India hospital market size to hit USD 154.8 billion by 2031

The India hospital market size was valued at USD 93.6 billion in 2022, driven by the rise in the prevalence of chronic and infectious diseases across India. The market size is anticipated to grow at a CAGR of 5.75% during the forecast period of 2023-2031 to achieve a value of USD 154.8 billion by 2031.

Introduction
Hospitals are healthcare institutions which provide treatments and health facilities like diagnosis, medical testing and sampling, and patient admissions in conditions where the patient is required to be put under observation for more than a day. Hospitals has different facilities and dedicated trauma departments, emergency departments, intensive care units and multiple others to take care of maximum patients at a time. The larger the hospital, maximum the staff members to provide the healthcare services. These staff members are doctors, nurses, ward members, assistants, healthcare specialists and receptionists, janitors to take care of the sanitation of hospitals.

India hospital market analysis
The major trends influencing the market growth include the increasing demand for healthcare services. Due to these factors the healthcare expenditure in India has been growing. The growing preference of getting treated at a private health institution is further expected to fuel the India hospital market expansion. The increased adoption of artificial intelligence and machine learning in Indian hospitals is surging and contributing to the market growth. These technologies can help the manage multiple tasks such keeping patient records, creating personalized healthcare treatments, keep track of bill payments among other benefits.

The surge of telemedicine has also supported the India hospital market growth. The increased use of wearable devices which are used to continuously monitor patients’ critical health related data. Wearables may include embedding medical devices into patients’ body along with other devices that are put on a person’s body. These devices provide real-time information on patient’s health data even when they stay at home.

India hospital market overview
The major factors driving the market growth include the increasing prevalence of chronic and infectious diseases, due to which the number of patients who require treatment has also increased. The increased prevalence of disease is directly proportional to the number of patients, and the increased demand of hospitals in the country is also due to the increasing patient population in the nation. This has also increased the number of people who are choosing to buy health insurance to make good use of their incomes and take care of their health. This factor in turn has indirectly contributed to the India hospital market development.

Due to the fact that people are now more aware of the importance of health insurance than ever the health insurance companies are also emerging. The government of India increasing the FDI limits and declaring funds in the benefit of healthcare market of India has also improved the overall status of these health insurance companies to contribute to the growth of the India hospital market.

India hospital market: Competitor landscape
The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Apollo Hospitals Enterprise Limited
• Max Healthcare Institute Limited
• Fortis Healthcare Limited
• Narayana Health
• Aster DM Healthcare Limited
• Shalby Limited
• Medanta The Medicity Global Health Pvt Ltd
• Tata Memorial Center (TMC)
• All India Institute of Medical Science (AIIMS)
• Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute
• Sir Ganga Ram Hospital
• Lilavati Hospital & Research Centre

Expert Market Research