Health-tech Market in India 2022

Health-tech Market in India 2022

Health-tech refers to any technology or offering within the healthcare system that has been transformed by modern computing and engineering. The health-tech market has grown exponentially, owing to the increased use of online consultations, e-pharmacies, and telemedicine, as well as improved awareness about fitness and wellness.

Market insights:

The global health-tech market was valued at INR 12,917.32 Bn in 2021. It is expected to reach INR 33,302.4 Bn by 2027, expanding at a CAGR of 17.52% during the 2022 – 2027 period. The health-tech market in India was valued at INR 252.92 Bn in FY 2021. It is anticipated to reach INR 882.79 Bn by FY 2027, expanding at a CAGR of 21.36% during the FY 2022 – FY 2027 period. The rapid penetration of smartphones and the internet, coupled with supportive government policies, has propelled the growth of the market.

Impact of COVID-19:

The nationwide lockdown and restriction on movement made digital healthcare solutions the primary means to access medical services. The COVID-19 pandemic disrupted the nationwide healthcare system and impacted the health-tech market. Digital and e-services platforms such as e-pharmacy and online consultation platforms expanded further amid the pandemic. The development of an omnichannel healthcare delivery model will be the most significant contribution that health-tech will make to the post-covid healthcare ecosystem.

Market Influencers:

Market drivers:

Mobile health apps (MHAs) and medical apps (MAs) gained traction as digital interventions in a wide range of health-related applications across the healthcare sector. Machine learning (ML) is particularly useful in the healthcare business for the development of novel drugs and testing the efficiency of diagnosis processes. Improved awareness among patients, demand for access to information, and focus on transparency of treatment and diagnosis procedures have led to the adoption of digital healthcare solutions.

Main deterrents to the growth of the market:

Digital healthcare generates huge amounts of private and sensitive information that may be at risk of cyberattacks. Although numerous pilot projects were successfully executed through public-private partnerships, the industry lags in terms of scaling up ventures to meet industry requirements. Even though the country has been witnessing rapid penetration of the internet since 2015, rural India lags in terms of digital infrastructure.