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Anand Rathi Report
A cornerstone of India's healthcare system, hospitals have seen considerable advancements and deep-rooted challenges. Serving over a billion people, Indian hospitals have evolved into complex institutions with a broad range of services.
From primary care at local clinics to advanced treatment through world-class facilities, the sector mirrors the country's economic and demographic diversity. Its structural demand-drivers are favorable demographic shifts coupled with a rise in non-communicable diseases and the greater ability of patients to pay.
Further, the government's limited fiscal headroom and inadequate healthcare infrastructure would lead to private hospitals dominating the space.
Ahead, we reckon the number of larger hospital chains would increase led by-
their ability to invest and attract clinical talent,
the rising need for complex procedures and
a disproportionate share of insured and medical-tourism patients.
More cash generated by the growing share of mature hospitals augurs well as leading companies enter the next bed-capacity expansion phase.
A high proportion of brownfield expansion plans provides margin/RoCE comfort and should help valuations endure.
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