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India’s healthtech sector demonstrates resilience; hiring jumps 9% in 2023

Even as the healthtech sector in the country has been facing an investment downturn, hiring in the segment is expected to grow by 15-20 per cent, a report said on Monday.

The healthtech sector in India demonstrates resilience with a 9 per cent increase in employment in 2023, over the previous year despite a ‘funding winter’ impacting the flow of investments and hiring sentiments, according to HR services company CIEL HR’s ‘Health Tech Sector Employment Trends’ report.

The healthtech sector is bound to grow rapidly due to the socio-economic changes in India and the competitive advantages we offer for the world in patient care as well as in manufacturing and research and development (R&D), and there has been an upswing in hiring in the recent times on a consistent basis, CIEL HR CEO Aditya Narayan Mishra said.

“Despite the ‘funding winter’, the hiring numbers have grown and the outlook for the year ahead (2024) is significantly stronger,” he added. Hiring outlook for 2024 remains robust and is projected to increase by 15-20 per cent, with a surge in demand for skilled professionals across various domains.

“Companies must fine-tune their strategies for talent attraction and retention to make the most out of the opportunity available for us,” he added.

The CIEL HR’s ‘Health Tech Sector Employment Trends’ report is based on the data and analysis of 42,166 employees working in 38 leading healthtech organisations operating in India and job postings on portals.

It further revealed that despite the cost-cutting and a slowdown in hiring, companies continued to fill the roles in sales and business development followed by the critical roles in technology and product development all through 2023. As a result the hiring in the sector beat the market trends and continued to grow by 9 per cent.

Currently, organisations are actively seeking professionals across various domains including software development, data analytics, and quality assurance, the report stated. PTI

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