Digital Healthcare Market in India (2022-2030)

Latest publication on 'Digital Healthcare Market in India' is added in HTF MI research repository provides in-depth analysis, Competitive scenario, and future market trends and strategies. The market Study is segmented by key a region that is accelerating the marketization. The study is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources. This section also provides the scope of different segments and applications that can potentially influence the market in the future. The detailed information is based on current trends and historic milestones.

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Summary
Market insights
The rapid penetration of smartphones and the internet, coupled with supportive government policies, has propelled the growth of the digital healthcare market in India. In terms of revenue, the digital healthcare market in India was valued at INR 252.92 Bn in FY 2021. It is expected to reach INR 882.79 Bn by FY 2027, expanding at a CAGR of 21.36% during the FY 2022 - FY 2027 period. Digital healthcare lowers the number of admission and re-admission in hospitals, ensures compliance with the treatment regimen, and facilitates the early detection of ailments, leading to reduced costs for fund providers. Patient-centric care, better patient engagement, improved patient awareness, and access to data in healthcare apps have motivated patients to adopt digital healthcare.

Segment insights:
Based on type, the market is segmented into telehealth, mHealth, electronic health records/electronic medical records (EHR/EMR), and others (remote diagnostics and healthcare analytics). The mHealth segment is estimated to dominate the market, with a revenue share of ~38.28% in FY 2027, followed by the telehealth segment.
The demand for health condition management apps is estimated to expand at a rapid pace during the forecast period because of an increase in the adoption rate of disease-specific apps, online consultation apps, women's health and pregnancy apps, and medication reminder apps. Also, sensor technologies can be used to make mobile devices important components of diagnostic tools to address several real-life challenges.

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 aided in transforming the digital healthcare market. Along with augmented patient care, ML has reached a phase where it can be used to predict an epidemic. It will be an indicator for digital healthcare companies to increase their production rates in advance. Blockchain has immense potential to improve operations related to payment security, prescription authentication, permits exchange and authentication of patient's health records, and product tracking. It can aid digital healthcare apps to manage inventory levels and meet surges in demand. Big data analytics can help to reduce the cost of data processing and fast-track clinical trials by examining and determining data points.

Impact of COVID-19:
The industry witnessed radical changes in terms of consumer behaviour. Some of these are adoption of connected devices, focus on disease prevention, and enhanced patient engagement. Digital and e-services such as e-pharmacy and online consultation platforms developed during the pandemic. COVID-19 has led to the increased acceptance of digital healthcare solutions. Healthcare apps and digital healthcare devices can create a safe interface (advanced note validator for smart safe and deposit applications) between patients and healthcare providers.
The pandemic has promoted the adoption and deployment of digital healthcare devices and apps to establish a safe and connected healthcare ecosystem. Another trend that has become prevalent in recent times is intervention of patients in treatment procedures. People are actively using apps to track health conditions and to have access to information that enables better decision-making. Also, patient engagement has increased in various aspects, including maintaining a healthy lifestyle and boosting immunity

Competitive insights:
Emerging start-ups are participating in the highly competitive Indian digital healthcare market. With high demand, public and private players are aiming at increasing their offering and improving the quality of services, to increase their market share.

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