India Telemedicine Market 2023 | Estimate CAGR Analysis, Technological Development Overview, Growth Trends and Competitive Research till 2028

The India Telemedicine Market 2023 Report makes available the current and forthcoming technical and financial details of the industry. It is one of the most comprehensive and important additions to the Prudent Markets archive of market research studies. It offers detailed research and analysis of key aspects of the global India Telemedicine market. This report explores all the key factors affecting the growth of the global India Telemedicine market, including demand-supply scenario, pricing structure, profit margins, production, and value chain analysis.

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Report Description of the India Telemedicine Market Analysis

Research Scope and Assumption

The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)

The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis

We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses

All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis

Inflation has not been accounted for in order to estimate and forecast the market

Numbers may not add up due to rounding off

Reason to buy the report:

Facilitate decision-making based on strong current and forecast data for India Telemedicine Market Analysis
Develop strategies based on the latest regulatory framework
Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the India Telemedicine Market Analysis
Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
To strategically profile key players and comprehensively analyze their market shares and core competencies
We have technically sound team which do a deep dive research and also provide strategy based consulting analysis

India Telemedicine Market Analysis Executive Summary

Telemedicine services are used in several medical areas, such as pathology, cardiology, radiology, genetics, diabetes control, psychiatry, and primary healthcare. Indias foray into telemedicine started around two decades ago with a pilot project by the Indian Space Research Organisation (ISRO) and the country has subsequently seen the gradual entry of commercial healthcare applications in the last decade.

Market Size and Key Findings

The India Telemedicine Market Analysis size stood at around USD 1.314% billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of 22.31% during the forecast period.

The India telemedicine market is flourishing and projected to grow at a CAGR of 22.31% during the forecast period (2021-2028).

Market Dynamics

Market Growth Drivers Analysis

The increasing prevalence of chronic diseases and out-of-pocket expenditure has led to a significant rise in healthcare cost. The adoption of digital technologies and teleconsultations can be a useful tool for addressing this issue. Teleconsultations offer cheaper services and also reduce the work burden on healthcare professionals. With the advent of advanced technologies such as machine learning, artificial intelligence, the Internet of Things (IoT), virtual hospitals, and telehealth apps, the adoption of telemedicine increasing rapidly. Apps developed based on machine learning algorithms can help in the diagnosis of diseases such as cancer, COVID-19, rare diseases, and others.

Market Restraints

Technological and infrastructure barriers in middle and low-income countries might hinder the adoption of the service. The deployment of digital health technologies requires the latest telecommunication devices, high-speed internet with high bandwidth, and storage capacity for the integration and transmission of medical data, which is still a challenge in many developing countries. Moreover, the high cost of installation and the lack of skilled healthcare professionals are some of the other major factors restricting the growth of the market.

Covid-19 Market Impact Analysis

The sudden outbreak and spread of COVID-19 across the country and imposition of strict nationwide lockdown to curtail the virus spread new opportunities for the growth of telemedicine market across India. Due to the fear of virus spread and catching infection, the patients and their families avoided visiting hospitals and physicians clinics and preferred consulting remotely through telemedicine services. In addition, the hospitals and doctors focused on providing treatment and assistance specifically to COVID-19 patients and the outpatient services were also shut.

Competitive Landscape

Key Players

The major players operating in the Indian Telemedicine Market include Apollo Telehealth Services Private Limited, Practo Technologies Private Limited, 1MG Technologies Private Limited, DocOnline Health India Private Limited, Lybrate India Private Limited, Netdox Health Private Limited, Allscripts Healthcare Technologies (India) Private Limited, Dhanush Digital Health Private Limited, Novocura Tech Health Services Private Limited, Zoylo Digihealth Pvt Ltd, Vidmed Health Technologies Private Limited, TeleVital India Pvt Ltd, Neurosynaptic Communications Private Limited, Netmeds Marketplace Limited, Netdox Health Private Limited, among others. The companies operating in the market are following organic strategies such as new service launches, providing add-on facilities and services to their clients, improvising their telemedicine services, among others, to stay competitive in the market and have an edge over the other players.

Products in Pipeline

Apollo TeleHealth sees Covid boost to telemedicine; gets new BSI approval

Health Ministry's eSanjeevani records 14 million consultations

Operating in two modes -- eSanjeevaniAB-HWC and eSanjeevaniOPD -- this initiative of the Centre has over the time gained immense popularity in being able to deliver healthcare services through digital platforms.

Notable Recent Deals

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.

1mg had the highest number of downloads (184.2K) among telemedicine startups during Jan 1-Feb 10, 2021, as per AppTweak data

Inc42 partnered with Apptweak to analyse the performances of key apps in the telemedicine sector during the post-Covid era. The performance analysis is based on various metrics such as similar views, app power, category ranking and download estimates.

Healthcare Policies and Regulatory Landscape

Policy changes and Reimbursement scenario

The Make in India initiative was launched by the government in 2014 and received an excellent response from the developed nations. The government has also created special areas dedicated to export, called export-processing zones (EPZs) or special economic zones (SEZs), to encourage foreign investment. The strong financial sector and dynamic banking along with huge infrastructure development opportunities have made it one of the largest markets for manufactured goods and services. Due to its huge market and population, it has become one of the most competitive markets in the world. Conducting business in India has been difficult because of corruption, lack of infrastructure, and inadequate security.

National Digital Health Authority of India (NDHAI)/National e-health authority (NeHA) is being set up to achieve high-quality health services for all Indians through cost-effective and secure use of ICT in health and health-related areas. With the government releasing Telemedicine Practice Guidelines in March 2020, virtual consultation became the preferred channel for seeking quality healthcare just days after a strict lockdown was enforced to contain the pandemics spread. The guideline also brought some much-needed clarity around telemedicine and digital healthcare, resulting in a spurt of telemedicine platforms with startups leading the way.

Telemedicine was already in the limelight during the Covid-19 outbreak for all practical purposes. Moreover, with the new guidelines in place, there is adequate policy clarity, and the sector is all set for optimal growth. The implementation of NDHM also means that the government is likely to monitor the security, privacy and quality standards of the solutions offered by startups in the telemedicine and online pharmacy sectors. Other initiatives such as the State Telemedicine Network (STN) are also on the cards, enabling telemedicine players to grow substantially in Tier 2 and Tier 3 locations and remote areas. The big challenge in this space is that consumers from far-flung places are not always tech-savvy. Hence, consumer awareness must be developed without delay for remote healthcare to succeed in India.

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India Telemedicine Market Analysis Segmentation

By Component:

The India telemedicine market is segmented by component, deployment mode, type, technology, application, end user, regional distribution, and competitive landscape. Based on component, the market is further fragmented into services, software, and hardware. Services are anticipated to hold the largest revenue shares of the market and dominate the market segment on the account of surging demand for the telemedicine services.

By Deployment mode:

In terms of deployment model, the market can be split 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.

By Type:

In terms of type, the market can be segmented into tele-hospitals, mHealth and tele-homes. The tele-hospitals segment is expected to dominate the market through FY2027. This can be attributed to the increasing adoption and usage of telemedicine services in hospital setting to consult various specialists by doctors. This not only resulted in cost savings for the hospital but also for the patient. While tele-homes segment will also witness growth in the coming years on account of the increasing digitization and increasing internet proliferation across the country.

By Technology:

By technology it is based on Store & Forward, Real Time and Others

By Delivery Mode:

By Delivery mode, it is based on Audio-Visual, Only Audio, Written

By Application:

By application it is segmented into services like telepathology, telecardiology, teleradiology, tele-dermatology, telepsychiatry, and other services have gained popularity and demand from the population and thus driving the growth of the India telemedicine market in the next five years.

By End-User:

Based on end-user, it is segmented into payer, patients and Provider.

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The report covers the competitive analysis of the market. As the demand is driven by a buyer's paying capacity and the rate of item development, the report shows the important regions that will direct growth. This section exclusively shares insight into the budget reports of big-league members of the market helping key players and new entrants understand the potential of investments in the Global India Telemedicine Market. It can be better employed by both traditional and new players in the industry for complete know-how of the market.

Strategic Points Covered in Table of Content of Global India Telemedicine Market:

Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the India Telemedicine market
Chapter 2: Exclusive Summary - the basic information of the India Telemedicine Market.
Chapter 3: Displaying the Market Dynamics- Drivers, Trends and Challenges & Opportunities of the India Telemedicine
Chapter 4: Presenting the India Telemedicine Market Factor Analysis, Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis.
Chapter 5: Displaying the by Type, End User and Region/Country
Chapter 6: Evaluating the leading manufacturers of the India Telemedicine market which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company Profile
Chapter 7: To evaluate the market by segments, by countries and by Manufacturers/Company with revenue share and sales by key countries in these various regions
Chapter 8 & 9: Displaying the Appendix, Methodology and Data Source

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