India Digital Health Market Analysis

India Digital Health Market Analysis


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India's digital health market is projected to grow from $3.83 Bn in 2022 to $18.34 Bn by 2030, registering a CAGR of 21.6% during the forecast period of 2022-30. A combination of a large potential market and supportive government policies is expected to drive strong growth in the India digital health market in the coming years. The market is segmented by solution, by deployment, by end-use. Some of the major players include Practo Technologies Pvt. Ltd, Philips Healthcare & Siemens Healthcare Pvt.

ID: IN10INDH005 CATEGORY: Digital Health GEOGRAPHY: India

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India Digital Health Market Executive Summary

India's digital health market is projected to grow from $3.83 Bn in 2022 to $18.34 Bn by 2030, registering a CAGR of 21.6% during the forecast period of 2022-30. According to World Health Organization (WHO) Global Health Expenditure database, health expenditure (% of GDP) of India has grown from 2.95% in 2018 to 3.01% in 2019. The majority of healthcare costs in India is borne by individuals rather than the government or insurance companies. According to the National Health Accounts, the figure has improved over time, falling to 48.21 % in 2018-2019 from 69.4 % in 2004-2005. Though it has declined over time, it remains higher than the global average of 18.1%. Attempts have been made to boost government expenditure on healthcare and extend health insurance coverage.

Digital healthcare entails the use of digital tools and communication platforms to offer healthcare services and information remotely. Video consultations with physicians, remote monitoring of patient's health status, and the use of mobile applications to track symptoms and manage chronic diseases are examples of this. They have been widely impactful in providing convenience and accessibility to patients and potentially lowering healthcare costs. The digital health market in India is quickly expanding, with the potential to enhance healthcare access and boost healthcare system efficiency. Telemedicine, Electronic Health Records (EHRs) & medical devices are some areas where digital health is growing in India. To secure Indian citizens' digital health data, the Government of India adopted the draught Digital Information Security in Healthcare Act 2018 (the "DISHA Bill"). The DISHA Bill defines "digital health data" as an electronic record of an individual's health-related information and aims to standardize and regulate the procedures associated with the collecting, storage, transmission, and use of digital health data, as well as to assure the dependability, data privacy, confidentiality, and security of such data.

India Digital Health Market Analysis

Market Dynamics

Market Growth Drivers

In 2020, The Government of India started the National Digital Health Mission (NDHM) 2020 to accomplish the aim of universal health coverage and to make government services more widely available online. This along with other factors such as an increase in demand for healthcare services due to COVID – 19 pandemic and a shortage of healthcare professionals due to the massive population led to more reliability on digital channels as opposed to physical visits. Increasing the adoption of smartphones and internet access to digital healthcare services can provide a more cost-effective alternative for India. Continuous technological innovation and investment by the private sector will encourage market expansion in the future.

Market Restraints

Many people in India lack the digital literacy skills necessary to effectively digitalize healthcare services, limiting their use and expansion. A lack of trained professionals leads to a lack of standardization and regulation for digital healthcare services in India, which can make it difficult for patients to trust and use these services. Internet and smartphone penetration in India is low, particularly in rural regions, making it challenging for digital healthcare services to reach a big segment of the population.

Moreover, digital healthcare in India is further hampered by a lack of digital infrastructure and data safety concerns, which may restrict sensitive data from being utilized for marketing gain. Many physicians and patients in India are unfamiliar with the notion of digital healthcare and may be hesitant to modify their current methods and practices.

Competitive Landscape

Key Players

  • DocEngage Informatics (IND)
  • Gems3s Technologies Pvt. Ltd. (IND)
  • Lybrate India Pvt. Ltd. (IND)
  • Practo Technologies Pvt. Ltd (IND)
  • Philips Healthcare (NLD)
  • Siemens Healthcare Pvt (IND)

Notable Recent Deals

December 2022: Tata Digital Limited, a 100% subsidiary of Tata Sons Private Limited, to acquire a majority stake in 1mg.

March 2022: Wipro GE Healthcare invested ₹100 crores in the new manufacturing facility.

2018, Siemens Healthineers announced a collaboration with the Indian government to establish a Center of Excellence for Artificial Intelligence (AI) in Healthcare in India.

Healthcare Policies and Regulatory Landscape

Telemedicine practice guidelines by the Medical Council of India in partnership with NITI Aayog, have provided the framework for the regulation of telemedicine practice in India and help to ensure the quality and safety of telemedicine services.

Various government entities, including the Ministry of Health and Family Welfare (MHFW), the Central Drugs Standard Control Organization (CDSCO), and the National Medical Commission (NMC), execute policies that regulate the healthcare sector.

“Ayushman Bharat” is a government-funded health insurance scheme that aims to provide health coverage to over 100 million families in India.

Reimbursement Scenario

In India, the digital healthcare reimbursement landscape is continually expanding and evolving. There is presently no defined reimbursement scheme for digital healthcare services. Some private insurance firms, however, do cover telemedicine consultations, and the government's Ayushman Bharat plan does as well.

The government of India proposed the establishment of a National Digital Health Authority (NDHA) in 2019, which would be in charge of developing a national digital health ecosystem, including the construction of a national health ID, e-pharmacy, and e-diagnostics. However, the reimbursement scenario for digital healthcare services in India remains unclear, therefore policies and regulations are expected to be established and consistent in the near future.

1. Executive Summary
1.1 Digital Health Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Digital Health Policy 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 Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Digital Health Market Segmentation

The Digital Health Market is segmented as mentioned below:

By Solution (Revenue, USD Billion):

  • Software
  • Services

By Deployment (Revenue, USD Billion):

  • Cloud-based
  • On-premises

By End-use (Revenue, USD Billion):

  • Diagnostic Centres
  • Healthcare Payers
  • Healthcare Research Centres
  • Hospitals & Clinics
  • Nursing Care Centres
  • 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

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.

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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This report addresses

  • Intelligent insights to take informed business decisions
  • Qualitative, acute and result oriented market analysis
  • Market size and forecasts from 2022 to 2030
  • Opportunities for expansion and in-depth market analysis
  • Segmentation and regional revenue forecasts
  • Analysis of the market share and competitive landscape
  • Strategic Recommendations to chart future course of action
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Last updated on: 30 May 2023
Updated by: Shivam Zalke

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