No. 1 Preventive Healthcare To Shape India’s Healthtech Landscape In Post-Covid World
- India’s health tech market is estimated to reach $21 Bn in 2025 on the back of telemedicine and preventive healthcare growth
- The much-awaited telemedicine guidelines have made life easier for startups and as a result a number of new telemedicine platforms have come up in recent months
- Preventive healthcare in India is expected to reach a market size of $170 Bn by 2025, primarily driven by fitness and wellness apps and diagnostics solutions
A global health emergency like the coronavirus always shines a big spotlight on the healthcare industry, with every stakeholder fighting from the frontline. The pandemic has been called a structural shift for digital healthcare in many countries, including in India. Many have said that this is the time for India to reboot healthcare and support health tech startups in closing the gaps in the traditional healthcare system.
With the telemedicine guidelines now in place and mandatory health insurance for workers, technology is well-placed to redefine healthcare infrastructure in India. Within two months, India transformed from importing PPE kits to the second-largest producer in the world.
In the new normal, India is poised to witness more such significant advancements in the traditional healthcare system. The development in Indian healthcare infrastructure will be led by homegrown health tech startups, with telemedicine and online pharmacies leading the current wave of startups. Together, the Indian health tech market will contribute $21 Bn by 2025, which is still only 3.3% of the total addressable healthcare market which is pegged to reach $638 Bn in 2025. This indicates that the room for growth is pretty high and health tech has a massive opportunity here.
Covid-19 Ushers In New Opportunities For Indian Healthtech Startups
Indian health startups received a total of $ 2.3 billion between January 2014 and March 2020, spread across 459 deals. Lack of regulatory guidelines and technological health infrastructure are some of the main drivers of under-funding in the healthcare industry. The government’s decision to issue telemedicine guidelines at the start of the blockade at least helped provide the clarity the segment so badly needed. The same is expected for online starter pharmacies. This is expected to attract more investors to invest in the sector. Regulatory guidelines for health data and analytics will also help create more startups and innovations to improve quality and access to healthcare.
Leading telemedicine startups, including myUpchar, Practo, Tattva, Lybrate, and mFine, experienced leaps and bounds with new users about three times after the blockade. Practo, which claims to be India’s largest digital health platform, has increased its medical base by 50% in recent months. Alexander Curuvila, Director General of Health Strategy at Practo, previously told Inc42 that every GP on their platform now consults about 100 patients, which is four times their usual volume.
The clarity of regulations encourages companies to set different priorities. For Practo, the largest increase in consultations occurred due to pediatric examinations, which increased by about 350% and then to gynecology consultations, which increased by 250%. DocsApp which took over MediBuddy during the blockade stated that consultations in various departments increased by an average of 60%.
Increased awareness among consumers, healthcare providers and governments will drive macro technology health trends in the coming quarters. Like Curefit, Practo, 1 mg, PharmEasy, Netmeds and others, they are at the forefront of the healthcare ecosystem when it comes to funding. Bengaluru’s healthcare ecosystem has helped it become a major hub in terms of funding and number of transactions.
Preventive Healthcare Is The Need Of The Hour
The modern way of life in cities has led to an increase in the incidence of life-threatening diseases such as cardiovascular disease, high blood pressure, cancer, and diabetes. According to NIZ data, the number of cases increased from 2017 to 2018 in diabetes (3.18%), cardiovascular disease (47.94%), high blood pressure (10.51%), stroke (46.24%), and general cancer. (324.18%).
This is mainly due to irregular and unhealthy diets, high levels of alcohol consumption, smoking, substance abuse, and sedentary lifestyles of urban residents. However, the coronavirus pandemic has given rise to a new focus on healthy eating habits and patterns that hopefully inspire preventative health decisions.
The Indian health care market is projected to reach $ 170 billion by 2025, primarily from fitness and wellness applications and sub-segments for diagnosis and treatment. The trend to join fitness centers and eat healthily is increasing in urban areas, as is the introduction of fitness and yoga apps.
The increasing cost of medical care makes consumers tempted to buy health insurance. The government’s announcement of compulsory health insurance for workers will result in a sudden spike in the health insurance market. The positive response from Indian SMEs and SMEs will accelerate the introduction of compulsory health insurance in India.
The Covid-19 has shown us the holes in the conventional medical care framework in India. The blunder of the customary medical care framework will build the interest for an innovation-based answer for increment the productivity of the medical care framework. The Covid-19 flare-up is the reminder for the Indian medical care framework and it will go about as a sure force for health tech new businesses to foster inventive items to facilitate the weight of giving medical care administrations to India’s immense populace.
In the most recent reports, we have covered:
- The condition of the Indian medical services framework
- Examination of the Indian medical services environment with different nations
- Healthtech market size, scene, and openings
- Effect of web and cell phone entrance on Indian health tech area
- Condition of preventive medical care in India and how new companies are contributing
- Indian health-tech financing patterns and the Covid-19 effect
- Shopper conduct investigation
- The arising patterns in the medical services industry