Sector Snapshot · Healthcare Services

India's Healthcare Sector Scales Past Half a Trillion Dollars

A fast-read primer on India's healthcare services sector — the backdrop against which we benchmark every company's cost structure in this category.

US$638 bn

Healthcare sector size by 2025

17.5-22.5%

Sector CAGR

US$135.3 bn

Hospital market size, FY26

7.5 mn

People employed in healthcare, FY24

Rs 1,06,530 cr

Health Ministry budget, FY27

Sector Size Has Grown Nearly 6x in a Decade

Healthcare's overall size and the hospital segment specifically are both expanding fast.

Healthcare Sector Size (US$ billion)

2016 → 2023 → 2025

$110bn

2016

$372bn

2023

$638bn

2025

Hospital Market Size (US$ billion)

FY26 → 2030 forecast

$135.3bn

FY26

$202.5bn

2030F

What's Pushing the Sector Forward

Rapid growth, strong fundamentals, and a favourable investment climate define the sector.

Impressive Growth

Sector growing at a 17.5-22.5% CAGR

Strong Fundamentals

Rising income and an ageing population are boosting demand
India is a hub for medical tourism and low-cost clinical R&D

Favourable Investment

Conducive FDI policies and rising public healthcare allocations
Sustained PE/VC interest in hospitals and diagnostics

Recent Developments

A sample of the industry-wide and policy moves shaping the sector through early 2026.

→ The pharma, hospital and biotech sector recorded 72 deals worth US$3.5 billion in Q3 2025, up 166%.
→ The healthcare innovation opportunity is projected to reach ~US$60 billion by FY2028.
→ Private hospitals are expected to add 4,000+ beds in FY26, backed by Rs11,500 crore in investment.
→ India's healthcare workforce exceeded 6 million as of CY24, with 6.3 million more jobs expected by CY30.
→ Union Budget 2026-27 allocated Rs1,06,530.42 crore to the Ministry of Health, up ~10%.
→ Healthcare spending is expected to rise from 3.34% to 5% of GDP by 2030.

Companies We Benchmark in This Sector

Listed Indian Healthcare Services companies in tDoBe's cost-benchmarking coverage.

Apollo Hospitals

Max Healthcare

Fortis Healthcare

Aster DM Healthcare

Narayana Hrudayalaya

Global Health

Krishna Institute of Medical Sciences

Dr Lal PathLabs

Syngene International

Dr Agarwal's Healthcare

Rainbow Children's

Vijaya Diagnostic

Indegene

Park Medi World

Metropolis Healthcare

Jupiter Life Line

Health.Global (Manipal)

Thyrocare Technologies

See How These Companies Compare on Cost

The numbers above set the stage. Our Report translates it into a company-by-company cost benchmark — down to the category — so you can see exactly where a business sits against its peers.

Explore the Healthcare Services Report

Compiled from public government and industry sources, February 2026 update · Figures rounded · tDoBe sector snapshot, for informational purposes