Photo by Nwato
India is a prominent choice among its growing middle class.
Private equity (PE) firms in the Asia-Pacific healthcare sector are expanding investments from China to other regional markets such as India, Japan and South Korea, Bain & Company said.
While the region has seen a compound annual growth rate of approximately 21% in deal value since 2016, deal volumes have declined by 49% since 2023 due to lower transaction volumes in China.
“India is emerging as a compelling alternative to Chinese deals, given its growing middle class driving healthcare demand and strong economic growth,” the report said.
At the same time, driven by a wave of large-ticket transactions, global healthcare PE is expected to rise to US$115 billion in 2024. This includes five deals exceeding $5 billion, up from two in 2023 and one in 2022.
The biopharmaceutical industry continues to lead in global deal value, while healthcare IT deals rebounded last year.
Despite global growth, Asia-Pacific accounts for only 12% of total transactions, compared with 65% for North America and 22% for Europe.
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