Persistent Under-investment
India's healthcare expenditure as a percentage of GDP rose to 1.84% in FY22 from 1.28% in FY19, according to National Health Accounts. The FY26 budget allocated ₹98,311 crore for healthcare, a significant jump from ₹52,800 crore in FY19. Despite this growth, the country's hospital bed density remains alarmingly low at approximately 16 beds per 10,000 people, significantly under the World Health Organization's recommended 30 beds. Care Ratings points to this under-investment as the direct cause of lower bed densities.
Private Sector Expansion and Urban Bias
Recognizing the opportunity, the private sector is actively expanding. Listed and large private hospitals are projected to add between 30,000 and 35,000 beds over the next five years, according to Jefferies India. However, this expansion faces a significant hurdle: an uneven distribution. An estimated 65-70% of existing hospital beds are concentrated in urban centers, leaving non-metro areas underserved. Analysts at Care Ratings note that new investments still favor metros due to stronger patient affordability and access to specialized talent.
The Road Ahead
Analysts estimate India needs to add a staggering 2.4 million beds to align with global averages. While private players are making inroads into Tier-2 and Tier-3 cities, capacity additions lag behind the escalating demand in these regions. Experts suggest a concerted effort is required, with the government consulting states to encourage new healthcare investments in non-metro cities. With an aging population, rising income levels, and increased insurance coverage, the demand for healthcare services is set to surge. Ramping up delivery capacities across both public and private sectors is crucial to bridge the structural deficit.