25 Profitable Healthcare Business Ideas In Medical Industry
Healthcare industry is very promising in India. The industry includes medium and large-scale manufacturing operation, retail and various service sectors. Furthermore, any individual can start a healthcare business regardless he is in rural areas, suburban or metro city.
However, availability of the raw material and local market demand are the most important parameters. And you must consider these things in deciding which healthcare business you must initiate. Here in this article, we have provided a list of 25 profitable healthcare business ideas for your ready reference. Furthermore, you will find a detail healthcare industry trend and market potential in this post.
Healthcare Industry Market Potential
First of all, in India, the healthcare industry is growing at a tremendous pace. This is due to the rise of incomes, easier access to high-quality healthcare facilities and greater awareness of personal health and hygiene.
The total industry size is expected to touch US$ 160 billion by 2017 and US$ 280 billion by 2020. We expect to register a compound annual growth rate (CAGR) of 22.9% during 2015-20 to US$ 280 billion. The private sector has emerged as a vibrant force in India s healthcare industry, lending it both national and international repute.
In addition, it accounts for almost 74% of the country’s total healthcare expenditure. Investment in healthcare infrastructure is set to rise, benefiting both hard (hospitals) and soft (R D, education) infrastructure. Therefore, we can say healthcare businesses have immense potential for new entrepreneurs.
Healthcare Business Ideas In Manufacturing
Aloe vera is an important ingredient for drinks, cosmetics, personal care and medical products worldwide. You can start this business as small scale basis with small capital investment. Read More
Body oil is a skin care product. It is useful in treatment or prevention of extremely dry skin. In addition, you can start different types of body oil manufacturing business with a small investment.
Coconut oil is an important cooking medium in Southern parts of the country. Besides, the oil has varied industrial applications. It is an important ingredient in the manufacturing of different healthcare related products. Such as hair tonics, hair oil, massage oil, body oil, baby oil etc. Read More
The diaper is a very useful baby care product. The demand for this product is increasing rapidly. This is a very promising business to start as medium or large scale operation.
#5. Disposable Injection Syringe
The disposable syringe is an essential item in the medical and diagnostic industry. The gross margin of this product is very lucrative. Also, the demand is increasing in the country.
This is a B2B product. Empty gelatin capsule has high demand in the pharmaceutical industry as raw material. The product has also very good export potential. Therefore, this is one of the best healthcare business in the manufacturing sector. Read More
Handwash is a consumer durable personal care product. The product has immense growth potential. However, you can start manufacturing as small scale basis.
Overall malted food drinks consumption is increasing day-by-day. A small and medium scale operation is profitable. However, you must obtain proper license and registrations for the production of health drink
Health Care Business Opportunities
#9. Hospital Rubber Goods Consumable
Hospital or diagnostic rubber consumable item manufacturing project is very profitable. And you can initiate as small scale basis considering the availability of raw materials. It is important to select the right product. Several different pipes, bags, blood bags, and many other rubbers make consumable hugely used in the hospital industry.
Different types of rubber gloves are very useful in medical industry. Rubber gloves manufacturing process is not complex and the main raw material is rubber latex. Read More
This is an essential item in women health. Due to the increasing awareness of hygiene, the demand for this product is growing rapidly. In addition, you can start medium and small-scale production operation. Read More
Surgical bandage manufacturing is a profitable business. You can start as small scale basis, even from your home. Also, you can consider wholesale and retail selling in the local market.
This is a B2B business opportunity. You can start as micro and small scale basis. Even you can start from home. In addition, this is a profitable opportunity for women entrepreneurs also.
Toothpaste manufacturing is a profitable health care business idea. In addition, you can start as small and medium-scale operation. However, you must procure the machinery for the production of toothpaste.
Digital weighing scale is an essential item in the healthcare industry. You can start this business as the small-scale basis. Furthermore, the production operation doesn t demand much spaces. You can start with a 700 Sq Ft covered area. Read More
Healthcare Business In Retail
A small-scale diagnostic center is a very profitable business in rural and small towns. However, location is an important factor in this business. Location nearby a hospital or high-density residential area is suitable for this project.
The eye is an important body part. It requires special care and treatment. In addition, the rapidly aging population, more exposure to digital screens, pollution, lifestyle diseases are the driving factors for the growth. Hence, an eye clinic with quality service will fetch optimum profit for the entrepreneur.
The fertility clinic is an emerging business in India. This is a specialty clinic that provides medical consultation and solution regarding infertility problems.
#19. Medical Equipment Store
This is another lucrative health care business in the retail industry. Health care equipment market has shown a tremendous growth. In addition, the invention of new technology and equipment are adding fuel to it. However, you must have a moderate to high investment capacity to start this business.
Medical shop or drug store is an evergreen business. Medicine consumption with other value-added products is increasing rapidly. Furthermore, you can an online pharmacy also with comparatively small capital investment.
Healthcare Business Opportunities
First of all, the profitability and success of a nursing home depend on the quality service with competitive price. Furthermore, you must concentration on location. It is a big project. Therefore, you must enter with careful planning and strategy.
The major beneficial aspect is online pharmacy business allow you distance selling. Brick mortar retail store don’t allow distance selling. Another benefit of setting online store is you don’t need to pay any rent for retail space. Read More
A polyclinic is a place where a wide range of health care services (including diagnostics) are available without an overnight stay. This is a proven healthcare business in India. Read More
Beauty and grooming industry is growing in India. And skin clinic plays an important role in this industry. The market is also promising and set to grow in multiple in future. Due to the increasing consumer spending power, the skin care industry is rapidly growing in India.
The yoga studio is definitely a cost and management intensive business. It is important to have a detailed business plan with objective before getting into the startup. Read More
Healthcare is a promising industry in India. We will update this list of 25 healthcare business ideas, as our team will receive more information about the industry opportunity.