Reports

India Tops Asia-Pacific in Healthcare PE Investments in 2024: Bain & Company Report

While healthcare PE deal volumes across Asia-Pacific saw a steep 49% drop compared to the previous year, India proved more resilient with a relatively modest decline of 18%. This performance reflects India’s growing prominence as a stable and promising investment destination in the sector.

• By ANI
• New Delhi
• Apr 23, 2025

Reports

India has emerged as the most active private equity (PE) market in the healthcare sector across the Asia-Pacific region in 2024, according to a recent report by Bain & Company. Accounting for 26% of the region's total deal volume, India has taken the lead amid a broader regional downturn in buyout activity.

While healthcare PE deal volumes across Asia-Pacific saw a steep 49% drop compared to the previous year, India proved more resilient with a relatively modest decline of 18%. This performance reflects India’s growing prominence as a stable and promising investment destination in the sector.

Bain attributes this strength to a combination of robust economic fundamentals, active capital markets, and heightened investor confidence—factors further reinforced by high-profile, high-return exits. A notable example includes Advent International’s $1.6 billion sale of BSV Group to Mankind Pharma, which has served as a major validation of India’s maturing buyout landscape.

The report also projects continued growth for India’s healthcare sector, with total spending expected to climb to $320 billion by 2028. Investment momentum in recent years has largely concentrated in healthcare providers and related services, particularly hospitals, clinics, and support infrastructure. Biopharma has also attracted growing interest.

Additionally, India has consistently enabled strong returns for PE firms, thanks to multiple successful exit routes—ranging from IPOs (fueled by vibrant public markets) to strategic acquisitions and sponsor-to-sponsor transactions. Key among them is KKR’s $839 million acquisition of Healthium Medtech from Apax Partners.

With its diverse healthcare ecosystem, positive macroeconomic outlook, and proven track record of returns, India is expected to remain a key destination for healthcare-focused private equity investments in the years ahead.