India Connected Healthcare Market Analysis

India Connected Healthcare Market Analysis


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India-connected healthcare market is projected to grow from $1.21 Bn in 2022 to $10.73 Bn by 2030, registering a CAGR of 31.4% during the forecast period of 2022-30. The main factors driving the growth would be increasing healthcare needs, growing smartphone penetration, increasing healthcare spending, and government initiatives. The market is segmented by type, function, and application. Some of the major players include Practo, HeyDoc, Omron Healthcare, TATA 1mg, Philips Healthcare, GE Healthcare, Cisco Systems, and IBM.

ID: IN10INHS004 CATEGORY: Healthcare Services GEOGRAPHY: India AUTHOR: Neha Davda

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India Connected Healthcare Market Executive Summary

India-connected healthcare market is projected to grow from $1.21 Bn in 2022 to $10.73 Bn by 2030, registering a CAGR of 31.4% during the forecast period of 2022-30. Over the past ten years, India has gradually increased its health spending to support its growing population. From 2.95% of GDP in 2018, health spending grew to 3.01% in 2019. India still spends less on healthcare than the majority of wealthy countries, notwithstanding recent gains. The government is working to improve the healthcare system by increasing public funding and passing reform laws, but there are still a lot of problems that need to be resolved.

In India, a variety of digital healthcare technologies, including telemedicine, remote patient monitoring, electronic health records, and health information sharing, are part of the fast-expanding connected healthcare market. Many businesses provide virtual consultations and online doctor appointments, making telemedicine one of the most important categories in the Indian connected healthcare market. Wearables are being used to collect patient data and monitor health parameters, and remote patient monitoring is becoming more and more popular, particularly for the management of chronic diseases.

India Connected Healthcare Market

Market Dynamics

Market Growth Drivers

The India-connected healthcare market is expected to be driven by factors such as:

  1. Increasing healthcare needs- The healthcare demands of India's sizable population are varied. Healthcare services are in greater demand as a result of increased earnings and an ageing population. The market for connected healthcare can assist meet this demand by offering services for remote consultations, monitoring, and diagnosis
  2. Growing smartphone penetration- One of the largest smartphone user bases worldwide is found in India. Patients can now get healthcare services on their mobile devices due to rising smartphone adoption. As a result, telemedicine and other online healthcare services are on the rise
  3. Increasing healthcare spending- For the coming ten years, India's healthcare spending is anticipated to rise dramatically. By providing affordable healthcare services and enhancing healthcare outcomes, the connected healthcare sector can profit from this expansion
  4. Government initiatives- The Indian government has started a number of initiatives to encourage the use of digital healthcare tools. Ayushman Bharat, the National Digital Health Mission, and the National Health Stack are a few of the initiatives that seek to expand access to healthcare, digitize medical records, and advance telemedicine

Market Restraints

The following factors are expected to limit the growth of the connected healthcare market in India:

  1. Poor internet connectivity- Despite the increased use of cell phones, there are still significant problems with internet connectivity in India, particularly in rural regions. The adoption of digital healthcare solutions that rely on connectivity through the internet may be constrained by a lack of dependable, fast internet
  2. Low healthcare literacy- In India, the general level of healthcare literacy is low, particularly among rural residents. Because patients might not be aware of the advantages or how to use them, this can hinder the adoption of digital healthcare solutions
  3. Limited Infrastructure- In India, a lot of healthcare institutions lack the infrastructure required to support connected healthcare solutions. This includes problems with the power supply, a staff shortage, and subpar medical supplies

Competitive Landscape

Key Players

  • Practo (IND)- Practo is a top digital healthcare platform that offers a variety of services such as online medical consultations, telemedicine, and health information management. Also, the business sells a variety of connected medical devices, such as glucose metres and blood pressure monitors
  • HeyDoc Healthcare (IND)- HeyDoc is a smartphone application that seeks to transform the dynamics of the healthcare sector by giving users access to a virtual doctor and medical knowledge on their cellphones
  • TATA 1mg (IND)- Tata 1mg, formerly known as 1mg, offers e-pharmacy, diagnostics, e-consultation, and health-related information as services
  • Philips Healthcare- Providing a variety of connected healthcare solutions, including remote monitoring, telemedicine, and health analytics, Philips Healthcare is a leading global provider of healthcare technology. The business has a significant presence in India and is aiming to provide cutting-edge solutions that enhance healthcare results there
  • Omron Healthcare- a multinational healthcare company that sells a variety of connected healthcare products, such as body composition and pulse oximeters and blood pressure monitors. Healthcare professionals and customers in India and other countries use the company's products
  • GE Healthcare- Global healthcare technology leader GE Healthcare provides a variety of connected healthcare solutions, such as telemedicine, remote patient monitoring, and health analytics
  • Cisco Systems- Global technology corporation Cisco Systems offers a variety of networking and connection options for the healthcare sector. In order to create connected healthcare solutions that increase access to care and lower costs, the company has worked with a number of Indian healthcare providers
  • IBM- The multinational technology company IBM provides a range of population health management tools, medical imaging platforms, electronic health record systems, and other healthcare IT solutions. Additionally, the company offers Watson Health, a platform driven by AI that provides insights into medical data

Notable Deals

February 2023: Krayen, an Indian and American health tech business, has been acquired by Tata 1mg-backed digital diagnostic platform 5C Network. By acquiring Krayen, 5C Network will be able to increase the range of digital diagnostics services it provides.

Healthcare Policies and Regulatory Landscape

The National Health Stack (NHS), a collection of standardised APIs and protocols for healthcare data exchange, is one of the primary strategies that has been put into place to encourage connected healthcare in India. The NHS is created to support the creation of cutting-edge digital healthcare solutions and interoperability between various healthcare systems. The Indian government has also started a number of programs to encourage the use of telemedicine and other electronic medical technologies. Healthcare providers can get advice from the Telemedicine Practice Guidelines, which were published in 2020, on how to deliver telemedicine services in a secure and efficient manner.

Yet, certain regulatory constraints must be overcome in order to fully realise the promise of the Indian-connected healthcare sector. For instance, the Personal Data Protection Bill, which the Indian Parliament is presently debating, will have a big impact on data security and privacy in the healthcare industry.

Reimbursement Scenario

Although reimbursement regulations for the connected healthcare sector in India are still being developed, a number of initiatives are currently in progress to support compensation for digital healthcare services. The Telemedicine Practice Guidelines, which were published in 2020, are one of the major regulations that have been put in place to encourage reimbursement for digital healthcare services. These regulations include clauses that cover payment for telemedicine services, such as consultations and follow-up appointments.

Ayushman Bharat scheme, another initiative, is a government-funded health insurance program that seeks to cover more than 500 Mn Indians. The plan has options for paying for digital healthcare services, which could give India's connected healthcare business a big boost.

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Connected Healthcare Market Segmentation

By Type (Revenue, USD Billion):

Based on the Type the market is segmented into mHealth services, mHealth Devices, and E- Prescription

  • MHealth services
  • mHealth Devices
  • E- Prescription

By FunctionType (Revenue, USD Billion):

  • Remote patient monitoring
  • Clinical monitoring
  • Telemedicine
  • Others (Assisted Living)

By Application Type (Revenue, USD Billion):

  • Diagnosis and Treatment
  • Monitoring Application
  • Wellness and Prevention
  • Healthcare management
  • Others

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

 

 

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

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Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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The India-connected healthcare market is projected to grow from $1.21 Bn in 2022 to $10.73 Bn by 2030, registering a CAGR of 31.4% during the forecast period of 2022 - 2030.

The India-connected healthcare market is segmented by type (m-health services, m-health devices and e-prescription), by function (remote patient monitoring, clinical monitoring, telemedicine and others), and by application type (diagnosis and treatment, monitoring application, wellness and prevention, healthcare management and others).

Some of the major players in India's connected healthcare market are Practo, HeyDoc, Omron Healthcare, TATA 1mg, Philips Healthcare, GE Healthcare, Cisco Systems and IBM.


This report addresses

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  • Qualitative, acute and result oriented market analysis
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  • Opportunities for expansion and in-depth market analysis
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  • Analysis of the market share and competitive landscape
  • Strategic Recommendations to chart future course of action
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Last updated on: 11 December 2023
Updated by: Keta Vora

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