Are you looking for small business ideas opportunities in healthcare in India? Healthcare is now recognized as one of India’s largest sectors – both in respect of revenue and employment. The healthcare industry in India circles around hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance, and medical equipment.
The strength of the healthcare industry in India lies in its large pool of well-trained medical professionals. Also, India’s cost advantage compared to other countries is significant – the cost of surgery in India is one-tenth of that in the US or Western Europe.
Healthcare Franchise Opportunities in India are bound to grow in the coming days. Healthcare delivery, which includes hospitals, nursing homes, diagnostics centers, and pharmaceuticals constitutes 65 percent of the overall market.
India requires 600,000 to 700,000 additional beds over the next five to six years, which potentially throws an opportunity of more than US$ 25-30 billion. While the existing hospitals would look at expanding their capabilities, a lot of new properties would also come up.
List of12 Healthcare Business Ideas in India
1. Diagnostic Center
There is a huge demand for diagnostic centers in India. Considering the high population in the country, there is much shortage of proper diagnostic centers in this part of the world. However, starting a diagnostic center of your own requires a good amount of research and planning. You can also consider franchise opportunities from reputed companies like Thyrocare, SRL Diagnostics, and Suraksha.
2. Ayurvedic, Herbal & Organic Products
The demand for Ayurvedic, herbal, and organic products is growing and industry experts project good growth potential in this sector. If you have a formal education in this industry, you can consider starting this business. You can also consider franchise opportunities from brands like Shahnaz Husain, Patanjali, etc.
Polyclinics or specialty clinics are growing fast in India. These clinics are in demand almost everywhere. If you have experience in this field and investment, starting a polyclinic with proper planning will surely make good returns. You can also consider franchise opportunities from companies like Apollo Clinic,
4. Pathological Labs
Pathological labs are another business that is in good demand in almost all areas of India. If you have experience in this field and have a passion for starting a business venture, you can go ahead with the idea. You can also think of buying franchise opportunities like Dr. Lal PathLabs, and Dr. Reddy’s Path Labs.
5. Pharmacies/ Medical Shop
A pharmacy or Medical Shop is an inflation-free business. If you have a good retail space with good footfall, consider starting this business seriously. You can also consider franchise opportunities like MedPlus, MedZone, etc.
6. Gyms and Fitness Centres
People, especially in metro cities and towns, are increasingly becoming fitness conscious in India. Starting, therefore, a gym or fitness center is a good business proposition. You can also try franchise opportunities provided by brands like Gold’s Gym, Anytime Fitness, Vivafit, Talwalkars Gym, etc.
7. Nursing Homes/ Hospitals
If you have money to invest and a passion for the healthcare business, think seriously about starting a nursing home or hospital. This is one business that will always give you good margins if planned properly. You can also check Max Healthcare for a franchise partnership.
8. Eye Clinic
If you want to start your own eye clinic business, the first decision you need to make is whether you should buy into an established business or start your own from scratch. If you are an ophthalmology practitioner, starting your own clinic can be a good choice. Else, you can think of buying a franchise of a reputed brand.
9. Yoga Studio
Do you want to turn your passion for yoga into a business venture? Starting a Yoga studio business can be a profitable proposition. You can also consider partnering with established yoga studios.
10. Medical Equipment Store
All professionals attached to the medical industry, need specific supplies to carry out their services. You can start a medical equipment store if you have the necessary expertise. You can also tie up as a franchise with companies like Microsidd.
11. Transcription Services
This healthcare-related service is a highly-paid job nowadays. The job of a medical transcriptionist is all about converting audio recordings of doctors and physicians into text format. The scope for this business is getting wide as more and more customers are exploring online for their medical needs.
12. Diabetes Clinic
In India, diabetes is growing like never before. There is a huge growth in customers that are looking for diabetes care in the country. As a result, it is observed the number of diabetes management centers is increasing in huge numbers. In fact, a diabetes clinic is one of the most profitable and popular medical business ideas that have a bright future in India.
Rupak is the founder of MUVSI. He is a small business consultant by profession. His mission is to make people know how to make money and understand personal finance for a better living.