18 Sep 2019
The Indian healthcare industry Is projected to grow by a threefold throughout the period between 2016 and 2022, marking a CAGR growth of 22%, reaching U.S.$372 billion. This growth will, in return generate more employment in India, according to the Minister of Chemicals and Fertilizers.
In addition to the sector’s growth, the Indian medical devices market is estimated to grow to $50 billion by 2025. India’s medical devices market is the fourth largest in Asia, following Japan, China and South Korea. The Minister said, ‘The healthcare sector is expected to generate employment for millions of people by 2020. Health industry an important pillar for growth of the healthcare sector and millions of jobs to be created.’ He added, ‘The government is taking several initiatives such as 100% FDI for pharma sector, greenfield investment opportunity, flagship schemes such as Ayushman Bharat and Pradhan Mantri Jan Aushadhi Yojana and setting up of R&D centres to give a boost to the sector.’
The healthcare sector in India has provided a lot of employment opportunities over the years. In 2017, the industry employed 319, 780 people – making it the 4th largest employer. A 2019 report by India Brand Equity Foundation (IBEF) in January, showed how more than 100,000 jobs are likely to be created from the National Health Protection Scheme, Ayushman Bharat.
Senior vice president of the PHD Chamber of Commerce and Industry D.K. Aggarwal said, ‘There is a significant scope for enhancing healthcare services considering the major impetus of government on healthcare for all.’