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Insights into the Digital Healthcare Market in India (2019 to 2024) – CAGR of 27.41% Expected – ResearchAndMarkets.com

February 21, 2020 By Business Wire

DUBLIN--(BUSINESS WIRE)--The "Digital Healthcare Market in India 2019" report has been added to ResearchAndMarkets.com's offering.


India has emerged as one of the fastest-growing digital economies over the past few years, characterized by a 90% growth in terms of digital adoption index, from 2014 to 2017. The healthcare sector in India has embraced digital transformation to improve quality and accessibility. In terms of revenue, the digital healthcare market in India was valued at INR 116.61 Bn in 2018, and is estimated to reach INR 485.43 Bn by 2024, expanding at a compound annual growth rate (CAGR) of ~27.41% during the 2019-2024 period.

Market Insights

The robust digital footprint of India, coupled with supportive government policies, has played an instrumental role in driving the growth of the digital healthcare market. The Digital India program, initiated in 2015, has strengthened the digital infrastructure required in the healthcare industry. The number of Internet subscribers increased from 251.59 Mn in 2014 to 493.96 Mn in 2018. On the other hand, the number of mobile phone users grew to 1,188.99 Mn in 2018 from 904.52 Mn in 2014.

The digitization initiatives undertaken by the Indian government, including the digital biometric identification program (Aadhaar), have created a favorable ecosystem for the digital healthcare market. Various e-Gov initiatives like the National Health Portal, e-Hospital, and Integrated Health Information Program (IHIP) have further fueled market growth. Moreover, steady inflow of FDI have stabilized the digital healthcare market by addressing the concerns of stakeholders.

Although the digital healthcare sector offers ample opportunities, significant barriers are slowing down the adoption of digitization in the Indian healthcare sector. The lack of digitized data regarding patients' info and prescription hampers the adoption. Factors like inferior technology infrastructure and lack of structured regulations pose as challenges to the digital healthcare market. Furthermore, the high cost of customer acquisition, along with a complex and multi-layered ecosystem leads to difficulties in value proposition.

Based on type, the digital healthcare market is segmented into telehealth, mHealth, electronic health records/electronic medical records (EHR/EMR), and others (remote diagnostics and healthcare analytics). The mHealth segment is estimated to dominate the market, with ~40.64% of revenue share in 2024, followed by the telehealth segment. Enhanced accessibility and convenience encourage patients to embrace mHealth services and solutions, including healthcare apps and wearable devices.

Emerging technologies such as artificial intelligence (AI), machine learning, Blockchain, Internet of Things (IoT), Internet of Medical Things (IoMT), and Big Data analytics have helped in shaping the digital healthcare market. The advanced algorithm based on AI and machine learning has the potential to analyze complex medical data and thus predict treatment and care plans for patients. IoT and IoMT have contributed to the growth of the digital healthcare market through the introduction of smart bands, smartwatches, smart glasses, connected medical devices for remote monitoring, and location-based trackers.

Players operating in the digital healthcare market experiences stiff competition from each other. The market comprises of various players including start-ups and established global companies, aiming to expand their footprint in India. The presence of numerous players leads to a fragmented market. The relatively untapped market offers high potential and thus attracts significant investment opportunities. Although the market has witnessed the execution of successful pilot projects, there are challenges in scaling up the pilots to meet industry requirements.

Key Topics Covered:

Chapter 1: Executive Summary

  • Executive summary

Chapter 2: Socio-Economic Indicators

  • Socio-economic indicators

Chapter 3: Introduction

  • Market definition and structure
  • Digital landscape in India
  • Emergence of digital healthcare in India

Chapter 4: Market Overview

  • Healthcare sector in India - overview
  • Healthcare industry market size
  • Digital healthcare market in India - overview
  • Historical market size
  • Forecast market size
  • Digital healthcare market in India - segmentation
  • Digital healthcare market share based on type
  • Telehealth market revenue
  • mhealth market revenue
  • EHR/EMR market revenue
  • Others' market revenue
  • Technology used in different segments of digital healthcare

Chapter 5: Market Influencers

  • Market drivers
  • Market challenges

Chapter 6: Government Initiatives and Regulations

  • Government initiatives
  • Government regulations

Chapter 7: Competitive Landscape

  • Dr. Lal PathLabs Ltd.
  • Company information
  • Business description
  • Products/services
  • Key people
  • DocEngage Informatics Pvt. Ltd.
  • Gem3s Technologies Pvt. Ltd.
  • Lybrate India Pvt. Ltd
  • NovoCura Tech Health Services Pvt. Ltd. (mfine)
  • Practo Technologies Pvt. Ltd.
  • Cerner Healthcare Solutions Pvt. Ltd.
  • Philips India Limited
  • Siemens Healthcare Pvt. Ltd.
  • Wipro GE Healthcare Pvt. Ltd.

Chapter 8: Recent Developments

  • Recent developments

Chapter 9: Appendix

For more information about this report visit https://www.researchandmarkets.com/r/fjlmwl


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ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
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