Work

Mapping private equity investments in India’s health care sector: trends, ownership, and policy implications

Year: 2026

Type: article

Abstract: Introduction Private equity (PE) investment in India’s health care sector has surged over the past decade, driven by favorable policy reforms, macroeconomic conditions, and a rising demand for health care. This study offers the first systematic mapping of PE ownership in India’s health care sector and provides baseline evidence for policymakers, regulators, and researchers on the implications of PE investment for care delivery and quality in India. Methods This study identified PE-backed acquisitions in India’s health care sector using PitchBook, a proprietary financial database widely used in peer-reviewed studies on PE in health care. The dataset focused on leveraged buyout transactions involving companies operating in clinics and outpatient services, elder and disabled care, hospital and inpatient services, and laboratory services. All entries were manually verified using public sources, including news reports, press releases, and provider websites, to ensure completeness and accuracy. Descriptive statistics summarized deal volume over time, sectoral focus, investor origin (domestic vs. foreign), geographic clustering, and exit activity, including secondary sales and initial public offerings (IPOs). Results We identified 70 PE-backed acquisitions in India’s health care sector between January 2007 and May 2025, with most deals occurring after 2020. Hospitals, particularly multispecialty chains, accounted for nearly two-thirds of PE investments. Geographic clustering was evident in southern, urbanized states such as Karnataka, Maharashtra, and Telangana, while rural and underserved regions saw limited to no investment. Nearly 67% of all PE-acquisitions in our study sample were financed solely by foreign PE firms. Conclusions PE investment has expanded widely in India, focusing on multispecialty hospitals in southern states. While PE investments can provide critical capital to support growth, their larger effects on health care delivery and pricing remain unknown in India. Findings from this study establish the baseline for future research on the implications of PE investments for population health in India, and the need for policies that set regulatory safeguards, ensure ownership transparency, and monitor outcomes following PE acquisition.

Source: BMC Health Services Research

DOI: 10.1186/s12913-026-15723-4

Authors: Megha Reddy, Cyrus Engineer, Yashaswini Singh

Institutions: Department of Health Services, Department of Health Services, Johns Hopkins University

Language: English

Topic: Private Equity and Venture Capital

Subfield: Accounting

Field: Business, Management and Accounting

Domain: Social Sciences

SDG: Good health and well-being

Open Access status: gold

Estimated APC paid: $3,290