India's innovation landscape is experiencing a seismic shift, with the healthcare sector gearing up for substantial growth. According to the 'Healthcare Innovation in India' report by Bain & Company and HealthQuad, the healthcare market is expected to double to approximately $60 billion by FY2028.
Pharma services and healthtech are predicted to spearhead about 80% of this growth, solidifying their positions as the leading segments in the market.
In an interview with CNBC-TV18, Ajay Mahipal, MD of HealthQuad, emphasised the significant strides made by the healthtech sector, attributing its impetus to the impact of COVID-19, higher income growth, and increased digital adoption. Telemedicine, e-pharmacy services, and e-diagnostic services are contributing to the quantum leap in the healthtech market's growth.
Mahipal notes a consistent flow of funding from both private equity and venture capital players, ranging from $1.5-$2 billion annually in the healthcare innovation space.
The momentum in initial public offerings (IPOs) within the healthcare space, with almost 22 IPOs hitting the market, augurs well for private investors and sparks heightened interest across pharma services, biotech, and medtech, Mahipal added.
In a separate development, India's artificial intelligence market is set to reach $17 billion by 2027, growing at an annualised rate of 25% to 35%. This robust growth is attributed to increased enterprise tech spending, the expansion of the AI talent pool, and rising AI investments. CNBC-TV18’s Aishwarya Anand gets a report from TiECon Delhi 2024, the flagship startup event by TiE Delhi-NCR, which showcased the burgeoning significance of artificial intelligence, attracting over 2000 delegates, 100+ speakers, and 50+ investors eager to explore its transformative potential.
Moreover, Nazara Technologies' wholly owned subsidiary, Nodwin Gaming, has acquired Comic Con, a premier pop culture convention that gained momentum in India over the last few years. Originating in the US, Comic Con was brought to India in 2011 by comic enthusiasts Jatin Varma and Karan Kalra. The acquisition, valued at Rs 55 crore, signifies the growing interest and potential within the pop culture and gaming industry. CNBC-TV18’s Arundathi Ramanan provides an in-depth report on the acquisition and its anticipated growth prospects.
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(Edited by : Ajay Vaishnav)
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