In 2023, household expenditure on health in India stood at an actual value of approximately 442.5 thousand crores. From 2024 to 2028, the forecast shows a consistent increase in household spending on health, with value projections reaching 513.35 thousand crores by 2028. Year-on-year growth remains steady, around 3%-4% annually. Over this five-year period, the Compound Annual Growth Rate (CAGR) is approximately 3.7%, indicating a steady incline in health expenditures.
Future trends to watch for:
- Impact of government healthcare schemes on household spending.
- Changes in health insurance penetration influencing out-of-pocket expenses.
- Economic factors affecting disposable income and healthcare affordability.