India Leads Asia-Pacific in Healthcare Private Equity Buyouts in 2024: Bain & Co Report

India’s healthcare industry is expected to maintain its growth trajectory, with projected healthcare spending reaching $320 billion by 2028.

India has emerged as the largest private equity (PE) buyout market in the healthcare sector across the Asia-Pacific region in 2024, accounting for 26% of total deal volume, according to a recent report by global investment firm Bain & Company.

Despite a sharp 49% decline in overall healthcare buyout activity across the Asia-Pacific region, India’s deal volume fell by only 18% year-on-year, demonstrating greater market resilience compared to its regional peers.

Strong Economic Fundamentals & Successful Exits Drive Momentum

The report attributes India’s strength in healthcare private equity to several factors, including robust economic fundamentals, growing investor confidence, and buoyant capital markets.

A key contributor to this optimism has been the success of high-value PE exits, such as Advent International’s $1.6 billion sale of BSV Group to Mankind Pharma.

“Successful PE exits with strong returns have validated India’s buyout market, making it more attractive for future investment,” Bain’s analysts noted.

Healthcare Sector Set for Continued Expansion

India’s healthcare industry is expected to maintain its growth trajectory, with projected healthcare spending reaching $320 billion by 2028.

Over the past two years, most PE investments in India have been directed toward the provider and related services sector, particularly hospitals, clinics, and healthcare support services.

Biopharma and related services have also drawn investor attention, though provider-focused deals continue to dominate the landscape.

India has consistently delivered favorable returns to PE firms, enabling multiple successful exits through IPOs, strategic acquisitions, and sponsor-to-sponsor deals. Notable among these is KKR’s $839 million acquisition of Healthium Medtech from Apax Funds.

The report concludes that India’s proven track record, diverse healthcare ecosystem, and favorable macroeconomic environment position it as a leading destination for private equity investment in the Asia-Pacific healthcare market.

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