India's telemedicine market was valued at $1.10 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 21.2% from 2022 to 2030 and will reach $5.15 Bn in 2030. One of the main reasons propelling the growth of this market is the advent of advanced technologies and rising cases of chronic and lifestyle-related diseases. The market is segmented by end-user, product type, and Delivery mode. Some key players in this market are Apollo Telehealth Services, Practo Technologies, 1mg Technologies, and Clove Dental.
India's telemedicine market was valued at $1.10 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 21.2% from 2022 to 2030 and will reach $5.15 Bn in 2030. India's economy has undergone a change from a mixed planned economy to a mixed middle-income emerging social market economy with significant state intervention in key industries. By nominal GDP, it is the fifth-largest economy in the world, and by Purchasing Power Parity (PPP), it is the third-largest. India has the fifth-largest GDP in the world, with a $3.47 Tn economy, according to the recently published study GDP Growth by Country 2022. Despite this, India continues to outperform the USA, China, Japan, and Germany.
Together with rising digitization in India, the country's healthcare IT infrastructure is being improved by the telemedicine business there. Additionally, the abrupt COVID-19 breakout and state wise lockdown enacted to contain the virus have created new chances for the expansion of the telemedicine sector in India. Patients and their families preferred consulting remotely via telemedicine services rather than going to hospitals and doctor's offices due to a worry of virus spread and contracting an infection. In addition, outpatient services were also suspended as hospitals and medical professionals concentrated on providing care and support exclusively for COVID-19 patients.
Through FY2027, the tele-hospitals segment is anticipated to rule the market. This is a result of doctors increasingly using telemedicine services in hospital settings to consult with different specialists. The hospital and the patient both saved money as a result of this. The tele-homes market will also expand in the upcoming years as a result of rising digitization and widespread internet use in the nation. Additionally, over the coming years, profitable chances for segmental expansion are anticipated as a result of a growing health-conscious population, supportive government initiatives, and favorable economic conditions.
Market Growth Drivers
Significant technological advancements and the integration of chatbots and robots on online portals and smartphone applications for acquiring personal- and health-related information are acting as another growth-inducing factor.
The Government of India (GoI) is launching a number of measures to strengthen the healthcare information technology (HCIT) industry, including the provision of telemedicine services to remotely monitor, diagnose, and consult with patients. Because outpatient patients prefer to use telemedicine services to access medical care, it is especially helpful during the coronavirus disease (COVID-19) epidemic and the subsequent deployment of obligatory lockdowns.
The increasing prevalence of various chronic and cardiovascular diseases (CVDs), especially amongst the geriatric population has prompted an rise in the need for effective home monitoring systems, wearables, smartwatches, and smartphone applications for checking various health parameters, including blood pressure sugar, and sleeping patterns.
Despite the market being driven by various factors, there is a huge lack of data management and security which does hamper the market growth of the Indian telemedicine market. Apart from this, there is a lack of awareness and low infrastructure in rural regions.
In October 2020, the Insurance Regulatory and Development Authority of India (IRDAI) asked the insurance companies to allow claim settlement for telemedicine consultation wherever normal consultation with a medical practitioner is allowed in the terms and conditions of the policy contract. This in turn is expected to boost the market growth over the next few years. Additionally, supportive government policies & schemes such as the Government of India’s eSanjeevani initiative have gained a lot of popularity among doctors, telemedicine companies, and patients as well.
Based on the component, the Indian telemedicine market is segmented into hardware and software services. The software segment tends to grow at a CAGR of 15.4% during the forecasted period of 2022-2030.
Based on the application, the Indian telemedicine market is segmented into tele-psychiatry, tele-radiology, telepathology, general consultation, and others ▪ Tele-psychiatry focuses on giving consultations regarding psychiatry over the telemedicine platform and providing care.
Based on the deployment model, the Indian telemedicine market is segmented into cloud and on-premises ▪ The cloud segment is expected to dominate the market in FY2021 with an overall market share of around 71.68%. This can be attributed to the benefits such as the provision of remote accessibility of data and overall reduced operational costs associated with the cloud segment.
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