India will require additional 1.3 bn sq ft healthcare space by 2030: CBRE

India will require an additional 1.3 billion square feet of healthcare space by 2030 to reach the global hospital beds-to-population average, according to CBRE.

In its report 'The Evolving Indian Healthcare Ecosystem: What It Means for the Real Estate Sector', CBRE mentioned that the total number of beds available in India was 1.9 million in 2019, while the total area of healthcare space was 0.9 billion square feet.

The consultant has projected that 2.9 million beds will be required by 2030 to reach the global average.

The total additional area required to reach the global bed-to-population average would be 1.3 billion square feet by 2030.

"India has one of the lowest bed-to-population ratios in the world, which is indicative of the infrastructure gap as well as the vast growth potential of this segment," CBRE South Asia said in a statement.

The demand for quality healthcare has accelerated in tier II and III cities, it noted.

Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, said: "Healthcare in India is being driven by rising income levels, growing health awareness, better access to medical insurance amidst increasing government spending on healthcare, an ageing population and the changing nature of epidemiology."

The COVID-19 pandemic underlined the importance of this segment, thereby amplifying investor interest, he added.

"Moreover, the pandemic has ensured that in addition to health facilities, other functions too have entered the mainstream to forge a new ecosystem," Magazine said.

These include telehealth/ healthtech, deeper penetration of medical insurance, rise of quality home healthcare services, focus on patient experience and hospital environment, and transition from disease cure to prevention and wellness, he added.