Top 10 Biggest Healthcare Companies In India

You will be surprised to know that the healthcare sector in India is expected to triple, growing at a rate of 22% from the year 2016 to 2022, reaching $372 billion in 2022 compared to $110 billion in 2016. In this fiscal year 2022, the healthcare infrastructure in India is anticipated to be worth $349.1 billion. The speculations are that the healthcare scene of the nation will continue to rise like this for another decade or so. This simply means, there is a lot of potential and opportunities for everyone, especially for big pharma names.

That’s because those are the big healthcare companies that are essentially contributing to all this growth in the country. And if you are here just to know a little more about these companies then you are at the right spot. Here we will be taking a good look at the top 10 largest healthcare companies in India today. So yeah, let’s get going with the list.


1. Sun Pharmaceutical Industries Limited

  • Revenue: 44,520 crores INR
  • Market Cap: 2.87 trillion INR
  • Number Of Employees: 37,000+

Can you believe it, Sun Pharmaceutical Industries Limited is at the top in India? Started back in 1983 by Dilip Shanghvi in Gujarat, it began small, with just five psychiatry products. Now, it’s a big name in heart, stomach, diabetes, skin, and urinary medicines. They’re not just big in India, but also abroad, with over 72% of sales from outside, especially the U.S. With locations in the US, Asia, Africa, Australia, and Europe, they focus mainly on generic drugs.

And get this, their products in the U.S. are still waiting for more FDA nods, so they’re not slowing down. Listed in 1994 on the stock market, they got a huge response! The founding family still holds a big stake, keeping it close to its roots. Lately, Sun Pharma is making moves into animal healthcare and tech, showing they’re not just about medicines.

2. Cipla

  • Revenue: 22,753 crores INR
  • Market Cap: 1.01 trillion INR
  • Number Of Employees: 25,000+

Here’s Cipla, another big name. Since 1935, they’ve made huge strides in the pharma world. Founded by Khwaja Abdul Hamied in Mumbai, it got a fresh direction in 1972 under his son, Yusuf. They brought the world’s first oral iron chelator in 1995 and played a key role in making AIDS drugs affordable.

In 2019, they even jumped into digital health, partnering with tech firms in India and South Africa. They’re doing well financially, but had some hiccups, like recalling an asthma drug. Still, they’re holding strong in the market.

3. Divi’s Laboratories

  • Revenue: 9,073 crores INR
  • Market Cap: 954.76 billion INR
  • Number Of Employees: 17,000

So, next on our list is Divi’s Laboratories. Can you believe it, they started as just a research center in 1990? Now, they’re a big deal in the API world. It all began in Telangana, and look at them now! They hit the stock market with their IPO in 2003, and boom, a new research center popped up in 2010.

Now, they’re globally known for their APIs, you know, the stuff in antidepressants and blood pressure meds. They don’t just stop at meds; they’re into vitamins and things for foods and drinks too. With two massive manufacturing sites and another one in the pipeline, they’re climbing up the ladder to be one of the top API producers.

4. Dr. Reddy’s Laboratories

  • Revenue: 25,725 crores INR
  • Market Cap: 933.89 billion INR
  • Number Of Employees: 21,650

Dr. Reddy’s Laboratories has been around since 1984, a brainchild of Kallam Anji Reddy in Hyderabad, India. Initially, they were all about helping Indian drug manufacturers. But then, they hit the big leagues, exporting to countries with, let’s say, more relaxed rules. As of now, they are known for making over 190 meds, 60 drug ingredients, and stuff for tests, critical care, and biotech.

1986 was a big year for them. That’s when they started whipping up their own branded meds like Norilet and Omez. And Omez? It was a total game-changer, a stomach medicine that cost half as much as others! That move shifted their focus from just supplying to actually creating meds.

5. Apollo Hospitals

  • Revenue: 16,612 crores INR
  • Market Cap: 786.99 billion INR
  • Number Of Employees: 10,001 to 50,000

And then, there’s Apollo Hospitals, started in 1983 by Dr. Prathap C. Reddy. This was the start of big-time healthcare in India. The first branch opened in Chennai, with the President of India, Zail Singh, cutting the ribbon. Apollo was always ahead, like starting telemedicine in 2000 in a small village. They’ve grown a lot since then. In 2006, they left their hospital in Colombo. In 2007, they jumped into health insurance, and by 2009, they had Apollo Munich Health Insurance.

They even bought a pharmacy chain in 2014. But the big moment was in 2019 when they opened the first proton therapy center in Chennai. In 2020, they sold big stakes in their insurance and Dhaka Hospital.

6. Fortis Healthcare Limited

  • Revenue: 1,202.50 Cr INR
  • Market Cap: 268.20 billion INR
  • Number Of Employees: 23,000+

With a massive network of 28 healthcare facilities, over 4,500 beds ready to help patients, and more than 400 diagnostics centers, Fortis is all over the place! Listed on the Bombay Stock Exchange and National Stock Exchange of India, Fortis is drawing on the global expertise of IHH. They’ve got a huge team of around 23,000 people, including those from Agilus Diagnostics Limited.

You see, from clinics to top-notch care facilities, they do it all. Fortis isn’t just about size; they’re growing financially too. CRISIL Ratings gave them a thumbs up, upgrading their ratings. In fiscal 2023, their revenue jumped by 10%. But, it’s not all roses; their diagnostics business took a hit, mostly because of fewer Covid tests.

7. Aster DM Healthcare

  • Revenue: 11,933 crores INR
  • Market Cap: 173.63 billion INR
  • Number Of Employees: 22,400+

Next up, Aster DM Healthcare, starting way back in 1987. This company has been on a journey, starting with a small clinic in Bur Dubai, now known as Aster Jubilee Medical Complex. They’ve been expanding like crazy, opening clinics, hospitals, and even pharmacies. They’ve got a hospital in Kerala, and it’s a big deal! Aster Pharmacy? That’s them too.

And yeah, they believe in doing good for others and that shows to like them setting up Dr. Moopen’s Foundation and schools for special needs kids. In the fiscal year ending March 31, 2023, they reported some impressive numbers like a 16% revenue increase. They run 32 hospitals, 127 clinics, and 521 pharmacies.

8. Mankind Pharma

  • Revenue: 8,749 crores INR
  • Market Cap: 768.27 billion INR
  • Number Of Employees: 10,001 to 50,000

Then there is Mankind Pharma. Started in 1995 by the Juneja brothers with just 50 lakh rupees, they’ve come a long way. They began with just 20 employees, focusing on affordable drugs for rural folks. Their big move was in 2007, stepping into the over-the-counter market, focusing on sexual healthcare. They’ve been buying up brands, and entering new markets like diagnostics, high-risk pregnancy treatments, and even skincare for babies.

In 2022, they made some big moves like buying brands, stepping into agritech and pet care, and even going public with a massive IPO.

9. Zydus Lifesciences

  • Revenue: 17,273 crores INR
  • Market Cap: 644.22 billion INR
  • Number Of Employees: 23,000+

Did you know Zydus Lifesciences, which used to be known as Cadila Healthcare Ltd. and the Zydus Group, has been around for over 70 years? That’s right, they’ve been making a mark in healthcare for like, ages actually.

Just recently, Zydus Lifesciences announced something huge, their quarterly profit soared by a whopping 53.3% for the quarter that ended on September 30. This big jump was mainly because they sold a lot in India and the US. Their total sales went up by 9.1% to 43.69 billion rupees. Especially in the US, where they make about 44% of their money, they saw a 9.2% rise in sales.

10. Max Healthcare

  • Revenue: 5,902 crores INR
  • Market Cap: 592.81 billion INR
  • Number Of Employees: 3,783+

Now, let’s talk about Max Healthcare. Their journey started back in 2000 with a medical center in South Delhi’s Panchsheel Park. It was the start of something big in healthcare. By 2002, they were already growing, opening centers in Pitampura, North West Delhi, and Noida in eastern Delhi. In 2004, they made a big move by opening the East Block of their main hospital in Saket, South Delhi.

Fast forward to 2007, and they opened another hospital in Gurgaon, making their mark even bigger. Today, Max Healthcare is a big deal with 16 hospitals and over 4800 doctors. They’re leading the way in robotic surgery with the latest Versius robot, which is super flexible and precise.


Alright, that’ll do it. With the brief information about all of these big healthcare companies, you are better off forming your own conclusion in whatever way you want. And if you are an investor looking forward to investing in this sector or industry, then you better do it now than later because there is so much potential right here in India.

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