The Indian Healthcare industry is seeing a robust growth trajectory and is expected to grow vigorously at a CAGR of 16 per cent from $73.92 billion in 2011 to $280 billion in 2020, says FICCI-KPMG report titled - "Healthcare: The neglected GDP driver."
The report was today released by Dr Jitendra Singh, Minister of State for Development of NE Region and Minister of State for Prime Minister Office, GoI at the two-day FICCI Annual flagship Healthcare Conference - FICCI HEAL 2015, this year on the theme - "India's Healthcare: Time for Paradigm Shift". Many other eminent dignitaries were also present during the report launch.
The FICCI-KPMG report highlights how a robust healthcare system drives GDP growth in the presence of adequate investments and an encouraging environment by not only acting as a productivity and employment generator, but also as a magnet to attract foreign exchange earnings and provide opportunities for innovation and entrepreneurship.
With Indian healthcare workforce expected to double to 7.4 million in 2022 from 3.6 million in 2013 and the sector's revenue expected to grow by a robust 16 percent CAGR to $280 billion in 2020 from $73.92 billion in 2011, Indian healthcare sector has already established itself to be an important contributor to nation's GDP.
Another important finding of the report is that increasing investments, growing innovation and entrepreneurship are expected to enhance the size of the healthcare market, thereby increasing the contribution of the healthcare sector to India's GDP.