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.
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.
Market Growth Drivers
The India-connected healthcare market is expected to be driven by factors such as:
Market Restraints
The following factors are expected to limit the growth of the connected healthcare market in India:
Key Players
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.
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.
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
By Type (Revenue, USD Billion):
Based on the Type the market is segmented into mHealth services, mHealth Devices, and E- Prescription
By FunctionType (Revenue, USD Billion):
By Application Type (Revenue, USD Billion):
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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.
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