HBI will soon publish a market overview of Indian private healthcare.

If you’re an HBI Intelligence subscriber, you probably know our Market Reports, which we now call ‘Market Overviews’.

Back in July, we released a Special Report on Asian healthcare that included a section on India. The market overview gives a clear snapshot of Indian healthcare. It covers market size, the main for-profit hospitals, other sectors such as fertility, diagnostics, and eye care, the private health insurance landscape including the public-private split and top insurers, and key drivers, challenges, trends, and opportunities in the country’s private healthcare. 

HBI has been tracking most, if not all, of the recent healthcare deals in India. Some involve larger Indian providers acquiring smaller ones, others include global private equity firms like KKR, Blackstone, EQT, and Warburg Pincus taking majority stakes, and some look at large Indian healthcare providers investing in Europe or the US.

Private healthcare has grown significantly in India. Sources tell us that consumers now spend about eight times more on private hospitals than on public ones. Government health spending remains around 1.3 to 1.5% of GDP, one of the lowest levels in the world. Public hospitals often face inefficiencies and shortages, so private providers initially stepped in to fill the gaps. Over time, private hospitals have become the go-to choice for many, offering better quality, reliability, and efficiency. Even with government efforts to regulate growth, the private healthcare sector continues to attract strong investment.

The overview also highlights trends such as the growing dominance of India’s top five for-profit hospitals, a rise in healthcare IPOs, increasing private equity interest in single-specialty hospitals, and higher valuations in healthcare m&a deals.

We have curated this overview based on interviews with Indian healthcare providers, global private equity firms investing in the sector, and healthcare advisors who are directly involved in these deals.

You can explore HBI’s market overviews and special reports on our intelligence database. 

(The new HBI database beta is now live. If you are an intelligence member, log in now to explore the new beta and see what’s new. If you are a Deals + Insights member, HBI is inviting you to explore the new database beta, usually reserved for HBI Intelligence members. Simply book a short tour before the end of November to gain two weeks of complimentary access to the database beta. If you are a Headline News member, the first 10 qualifying organisations to book a demo will receive two weeks of free access to the beta.)