Mobile Healthcare Market in India
Market insights
The increased adoption of digital strategy has disrupted the Indian healthcare industry. The rising demand for online appointment scheduling and remote consultation has fueled the growth of the mobile healthcare market in the country. In terms of revenue, the India mobile healthcare market was valued at INR 39.83 Bn in 2018 and is estimated to reach INR 197.14 Bn by 2024, expanding at a CAGR of 31.07% during the 2019-2024 period. Reduced cost burden, improved patient interaction, and data accuracy have encouraged the acceptance of mobile healthcare in the country. The market is fragmented with the presence of emerging start-ups and various global players, strengthening their footprint in India. Various mobile healthcare companies, including Practo, mfine, and CureFit received sizeable investments over the recent past owing to impressive growth opportunities in the market.
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Market segmentation based on type:
Based on type, the mobile healthcare market is segmented into mobile healthcare devices and services. Mobile healthcare services, which mainly consists of healthcare apps, is estimated to be the leading segment, accounting for ~68.00% of revenue share in 2024. Improved clinical outcome, coupled with quick access, is projected to drive the demand for healthcare apps.
The mobile healthcare devices segment comprises wearable and monitoring devices for checking various health parameters such as blood pressure, blood glucose, oxygen saturation, and respiration. The increasing demand for monitoring devices to manage chronic disease conditions has attributed to the growth of the segment. However, consumer preference is expected to shift from the healthcare devices to the healthcare services segment, owing to high costs, interoperability issues, and availability of similar functions on mobile applications. The healthcare services segment is estimated to expand at a CAGR of ~31.81% during the 2019-2024 period.
Market influencers:
The rise of digital technologies, coupled with supportive governmental policies, has augmented the growth of the mobile healthcare market in India. The number of mobile subscribers grew at a rate of ~7.1% during the 2014-2018 period, whereas the number of Internet subscribers grew at ~18.4% during the same period. The Indian government, is a key stakeholder, have formulated effective policies and projects to boost the market.
The emergence of corporate wellness programs is likely to play an essential role in driving market growth. Users’ health data is monitored using wearable devices and healthcare apps, which allow employers to take preventive actions to reduce insurance costs. Various advantages, including patient-centric care, proactive response, improved access, and reduced cost, have bolstered the adoption of mobile healthcare to fulfill the gaps of the traditional healthcare ecosystem.
Market Restraints
However, challenges regarding poor technology infrastructure, uncertainty in performance, and data security have been impeding the market growth. New entrants are struggling to establish their footprint in the market due to a lack of adequate knowledge and attention of policymakers, and an unstable revenue model. Moreover, owing to India’s linguistic diversity, the absence of language localization becomes a challenge. As a result, the lack of multilingual communication is slowing down adoption among consumers in the country.
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Technology insights
Mobile healthcare in India is projected to witness the implementation of disrupting technologies like Internet of Things IoT, Internet of Medical Things IoMT, artificial intelligence AI, and machine learning. IoMT is anticipated to find extensive application in remote monitoring, ICU vitals monitoring, ambulance vitals monitoring, indoor navigation, and data interoperability from conventional devices.
Companies covered
Table of Content Covers the Topics mentioned below
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