India's Digital Healthcare Market Report
India has emerged as one of the fastest-growing digital economies over the past few years, characterized by a 90% growth in terms of digital adoption index, from 2014 to 2017. The healthcare sector in India has embraced digital transformation to improve quality and accessibility. In terms of revenue, the digital healthcare market in India has valued at INR 116.61 Bn in 2018 and is estimated to reach INR 485.43 Bn by 2024, expanding at a compound annual growth rate CAGR of ~27.41% during the 2019-2024 period.
Market influencers:
The robust digital footprint of India, coupled with supportive government policies, has played an instrumental role in driving the growth of the digital healthcare market. The Digital India program, initiated in 2015, has strengthened the digital infrastructure required in the healthcare industry. The number of Internet subscribers increased from 251.59 Mn in 2014 to 493.96 Mn in 2018. On the other hand, the number of mobile phone users grew to 1,188.99 Mn in 2018 from 904.52 Mn in 2014.
The digitization initiatives are undertaken by the Indian government, including the digital biometric identification program Aadhaar, have created a favorable ecosystem for the digital healthcare market. Various e-Gov initiatives like the National Health Portal, e-Hospital, and Integrated Health Information Program IHIP have further fueled the market growth. Moreover, steady inflow of FDI has stabilized the digital healthcare market by addressing the concerns of stakeholders.
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Market Restraints
Although the digital healthcare sector offers ample opportunities, significant barriers are slowing down the adoption of digitization in the Indian healthcare sector. The lack of digitized data regarding patients’ info and prescription hampers the adoption. Factors like inferior technology infrastructure and lack of structured regulations pose challenges to the digital healthcare market. Furthermore, the high cost of customer acquisition, along with a complex and multi-layered ecosystem leads to difficulties in a value proposition.
Market Segmentation Based on Type:
Based on type, the digital healthcare market is segmented into
The mHealth segment is estimated to dominate the market, with ~40.64% of revenue share in 2024, followed by the telehealth segment. Enhanced accessibility and convenience encourage patients to embrace mHealth services and solutions, including healthcare apps and wearable devices.
A keen focus on patient-centric healthcare services bolstered the demand for various telehealth services, including telemedicine, telecare, and teleconsulting. The EHR/EMR segment accounted for ~18.7% revenue share in 2018. Indian hospitals such as AIIMS, Fortis Healthcare Limited, Manipal Hospitals, P D Hinduja Hospital, Ruby Hall Clinic, and Christian Medical College Vellore were the major adopters of EHR/EMR.
Technology insights:
Emerging technologies such as artificial intelligence AI, machine learning, Blockchain, Internet of Things IoT, Internet of Medical Things IoMT, and Big Data analytics have helped in shaping the digital healthcare market. The advanced algorithm based on AI and machine learning has the potential to analyze complex medical data and thus predict treatment and care plans for patients. IoT and IoMT have contributed to the growth of the digital healthcare market through the introduction of smart bands, smartwatches, smart glasses, connected medical devices for remote monitoring, and location-based trackers.
Competitive insights:
Players operating in the digital healthcare market experience stiff competition from each other. The market comprises of various players including start-ups and established global companies, aiming to expand their footprint in India. The presence of numerous players leads to a fragmented market. The relatively untapped market offers high potential and thus attracts significant investment opportunities. Although the market has witnessed the execution of successful pilot projects, there are challenges in scaling up the pilots to meet industry requirements.
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