E-health segment is predicted to hold an 18.75% market share
The digital healthcare market in India is set for a CAGR of 28.5% between 2022-27, reaching Rs.2,528.69 billion as the Indians have been pushed to embrace digital transformation and reconsider current healthcare trends because of the COVID-19 pandemic.
It was valued at Rs.524.97 billion in 2021, according to the “Digital Healthcare Market in India” by ResearchAndMarkets.
Almost 60% of patients and 65% of physicians now favor digital platforms over in-person consultations. The rapid penetration of smartphones and the Internet, coupled with supportive government policies, has propelled the growth of the market, the report said on 5 May 2023.
Digital fitness & well-being and e-health are the two segments that make up the market. In 2021, the digital fitness and well-being category generated 81.69% of the total revenue. An Indian millennial on average spends Rs.4,000 per month on health and fitness.
By 2027, the E-health segment, which contributed 18.31% of the total revenue in 2021, is predicted to hold an 18.75% market share. When it comes to the adoption of mobile health, India is the second-most advanced developing country.
The market has expanded recently because of patients adopting digital healthcare solutions due to increased patient awareness, increased demand for information access, and an emphasis on the openness of treatment and diagnosis processes.
Value-based healthcare services are being promoted in India to provide patients with the greatest results at the lowest possible cost.
The FDI policies of the Indian government are promoting international collaboration, noted the report.
A consistent rise in FDI in the healthcare sector has led to a global focus on investments, product innovation, medical tourism, and local cooperation in the nation’s healthcare industry.
India’s healthcare environment has undergone a paradigm shift because of the pandemic. The COVID-19 pandemic pushed the digital transformation of the Indian healthcare system even more.
Digital healthcare solutions have become the main way to receive healthcare services due to the state-wide lockdown and movement restrictions.
Because of concerns that in-person consultations may raise people’s chances of contracting the virus, people’s preferences have switched toward online consultations. The government’s support for telemedicine has greatly increased the need for digital healthcare solutions.
Competitive landscape: Dr. Lal PathLabs Ltd, DocEngage Informatics Pvt Ltd, Gem3s Technologies Pvt Ltd, Lybrate India Pvt Ltd, NovoCura Tech Health Services Pvt Ltd, Philips India Limited, Practo Technologies Pvt Ltd, Cerner Healthcare Solutions Pvt Ltd, Siemens Healthcare Pvt Ltd And Wipro GE Healthcare Pvt Ltd. fiinews.com
