Do you want to start a health-related business? Here in this article, we have provided a list of best profitable healthcare business ideas for your ready reference.
The Healthcare industry is very promising in India. The industry includes medium and large-scale manufacturing operations, retail, and various service sectors. Furthermore, any individual can start a healthcare business regardless he is in rural areas, suburban or metro cities.
Is Healthcare Business Profitable?
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.
Best 25 Healthcare Business Ideas & Opportunities
#1. Aloe Vera Gel Production
Aloe vera is an important ingredient for drinks, cosmetics, personal care, and medical products worldwide. You can start this aloe vera gel business on a small scale basis with a small capital investment.
#2. Body Oil Production
Body oil is a skincare product. It is useful in the treatment or prevention of extremely dry skin. In addition, you can start different types of body oil manufacturing business with a small investment.
#3. Coconut Oil Manufacturing
Coconut oil is an important cooking medium in the Southern parts of the country. Besides, 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.
#4. Diaper Making
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 a 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, demand is increasing in the country.
#6. Empty Gelatin Capsule
The empty gelatin capsule is a B2B product. The empty gelatin capsule has high demand in the pharmaceutical industry as raw material. The product has also a very good export potential. Therefore, this is one of the best healthcare businesses in the manufacturing sector.
#7. Handwash Making
Handwash is a consumer durable personal care product. The product has immense growth potential. However, you can start manufacturing on a small scale basis.
#8. Health Drink Production
Overall malted food drink consumption is increasing day-by-day. A small and medium scale operation is profitable. However, you must obtain the proper licenses and registrations for the production of health drink
#9. Hospital Rubber Goods
A hospital or diagnostic rubber consumable item manufacturing project is very profitable. And you can initiate on a 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.
#10. Medical Gloves
Different types of rubber gloves are very useful in the medical industry. The medical rubber gloves manufacturing process is not complex and the main raw material is rubber latex.
#11. Sanitary Napkin
This is an essential item in women’s health. Due to the increasing awareness of hygiene, the demand for this product is growing rapidly. In addition, you can start sanitary napkin making on a medium and small-scale.
#12. Surgical Bandage
Surgical bandage manufacturing is a profitable business. You can start on a small scale basis, even from your home. Also, you can consider wholesale and retail selling in the local market.
#13. Surgical Dresses
This is a B2B business opportunity. You can start on a micro and small-scale basis. Even you can start at 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 on a small and medium-scale operation. However, you must procure the machinery for the production of toothpaste.
#15. Weighing Scale
The digital weighing scale is an essential item in the healthcare industry. You can start this business on a small-scale basis. Furthermore, the production operation doesn’t demand many spaces. You can start with a 700 Sq Ft covered area.
Retail Healthcare Business Ideas
#16. Diagnostic Center
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.
#17. Eye Clinic
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 growth. Hence, an eye clinic with quality service will fetch optimum profit for the entrepreneur.
#18. Fertility Clinic
The fertility clinic is an emerging business in India. This is a specialty clinic that provides medical consultation and solutions regarding infertility problems.
#19. Medical Equipment Store
This is another lucrative health care business in the retail industry. The health care equipment market has shown tremendous growth. In addition, the invention of new technology and equipment is adding fuel to it. However, you must have a moderate to high investment capacity to start this business.
#20. Medical Shop
A 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.
#21. Nursing Home
First of all, the profitability and success of a nursing home depend on quality service at competitive prices. Furthermore, you must concentration on location. It is a big project. Therefore, you must enter with careful planning and strategy.
#22. Online Pharmacy
The major beneficial aspect is online pharmacy businesses allows you distance selling. Brick & mortar retail stores don’t allow distance selling. Another benefit of setting an online pharmacy store is you don’t need to pay any rent for retail space.
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.
#24. Skin Clinic
The 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 the future. Due to the increasing consumer spending power, the skincare industry is rapidly growing in India.
#25. Yoga Studio
The yoga studio is definitely a cost and management intensive business. It is important to have a detailed business plan with the objective before getting into the startup.
Editorial Staff at NextWhatBusiness is a team of Business Consultants having years of experience in small and medium scale businesses.