India Healthcare: World without humans? A growing infertility crisis, an aging world, Biopharma‘s growth engine

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India Healthcare: World without humans? A growing infertility crisis, an aging world, Biopharma‘s growth engine

13 July 2026

India Healthcare

India Healthcare: World without humans? A growing infertility

crisis, an aging world, Biopharma's growth engine

In a world obsessed with AI, every investor worries about AI replacing humans. We believe Nandan Kulkarni

+91 22 6842 1436 that Humanity's biggest challenge may be human intelligence—specifically, not

nandan.kulkarni@bernsteinsg.com creating enough of it. World Population Day of 2026 (observed annually on 11th July)

highlights a historic demographic shift: the world's two most populous countries - India

Shirsh Sawarna

+91 226 842 1492 and China - are now below the replacement fertility threshold of 2.1 births per woman.

shirsh.sawarna@bernsteinsg.com As infertility rises and birth rates fall, we believe global and Indian Biopharma’s next

opportunity is solving this silent crisis-Female and Male Infertility. We estimate the global

infertility market in assisted reproduction technology at about $45-50Bn while India’s

Infertility opportunity at about two to three Billion dollars. We believe that over the next

decade, ~11-13% of incremental healthcare spend will be on the infertility value

chain and thus represents a deep market opportunity for Indian biopharma.

We believe three drivers of the infertility deficit are a) Social norms reshaping pregnancy

notions; average conception age going up b) Lifestyle fueling chronic diseases during the

fertile years c) Environmental burden impacting biology both for male and female infertility.

We believe the growth play for Indian Biopharma as well as Indian hospital sectors is in

diagnostics, hormones, and assisted reproductive technology solutions. We estimate