Healthcare firms focuse on scalability and improved economic efficiency
The digital healthcare market in India is projected to achieve Rs.1.16 trillion by 2028, with a CAGR of 15.76% during 2023-2028, according to a ResearchAndMarkets.com report. In 2022, the market recorded a revenue of Rs.440.49 billion.
The market’s robust growth is attributed to widespread smartphone and Internet adoption, complemented by favourable government policies http://who.int .
Healthtech firms are strategically expanding their influence horizontally and vertically throughout the healthcare value chain, focusing on scalability and improved economic efficiency https://www.nseindia.com/ .
Digital healthcare encompasses fitness and wellness tracking, disease surveillance, treatment support, epidemic or disease outbreak monitoring, and chronic disease management, said the report https://www.bseindia.com/ .
There is significant potential in the country to utilize digital healthcare as an alternative delivery channel. The range of digital healthcare includes devices like smartwatches, smart bands, blood glucose monitors, blood pressure monitors, blood-O2 saturation meters (pulse oximeters), neurological monitors, and sleep apnea monitors https://sbi.com.in/ .
The accelerated uptake of smartphones and a substantial rise in internet subscriptions have propelled the expansion of the digital healthcare market. Increased patient awareness, a desire for information access, and an emphasis on transparent treatment and diagnostic procedures have driven the adoption of digital healthcare solutions https://www.ibef.org/ .
Collaborations between the government and private sectors, facilitated by the public-private partnership (PPP) platform, have further strengthened the landscape https://www.mohfw.gov.in/ .
But there are market challenges, according to the report.
Users, including healthcare professionals and patients, depend on digital health tools for accurate information, and any inconsistencies in performance can instill doubt. This uncertainty also raises apprehensions about data security and privacy, potentially hindering adoption due to fears of breaches.
Issues such as interoperability hurdles and the integration of diverse systems can complicate the seamless operation of digital healthcare solutions, potentially impeding the efficient exchange of information between different platforms and healthcare providers, thereby limiting the overall effectiveness of digital health initiatives https://www.digitalasiahub.org/ .
Leading players in the market are: Cipla Limited http://cipla.com , Dr Lal PathLabs Limited http://lalpathlabs.com , DocEngage Informatics Private Limited https://www.docengage.in/ , Gem3s Technologies Private Limited https://gem3s.com/, Lybrate India Private Limited https://www.lybrate.com/ , NovoCura Tech Health Services Private Limited (mfine), Philips India Limited http://philips.com, Practo Technologies Private Limited https://www.practo.com/ , Siemens Healthcare Private Limited http://siemens-healthineers.com and Wipro GE Healthcare Private Limited https://www.gehealthcare.in/ . Fiinews.com
