Virtual Healthcare Market in India 2022

Virtual Healthcare Market in India 2022

The rapid penetration of smartphones and the internet, coupled with supportive government policies, has resulted in the growth of this market. In FY 2021, it was valued at INR 78.05 Bn. It is expected to reach INR 183.95 Bn by FY 2027, expanding at a CAGR of 13.28% during the FY 2022 – FY 2027 period. The third wave of the COVID-19 pandemic further fueled the adoption of virtual healthcare because it aided comprehensive strategic planning for disease management. This propelled the growth of the virtual healthcare market. It is expected that telehealth will continue to lead the virtual healthcare scenario during the forecast period because of the increase in the use of healthcare apps.

Technology insights:

Emerging technologies such as artificial intelligence (AI), machine learning (ML), blockchain, internet of things (IoT), and big data analytics have transformed the virtual 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 virtual 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, and product tracking. It can help telehealth apps in managing 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 behavior. Some of these are adoption of connected devices, focus on disease prevention, and enhanced patient engagement. E-services platforms such as e-pharmacy and online consultation platforms developed further during the pandemic. COVID-19 has encouraged the acceptance of virtual healthcare solutions. Healthcare apps and telemedicine can create a safe interface between patients and healthcare providers.
The release of Telemedicine Practice Guidelines by the government in March 2020 further boosted the adoption of healthcare apps. The guidelines allow doctors to provide consultation over digital platforms, including healthcare apps. The telemedicine recommendations encouraged the adoption of healthcare apps among doctors and patients

Competitive insights:

With high demand, the public and private players aim to increase their offers and improve the quality of service, to leverage their market presence. They are focused on scaling up their businesses and portfolios to address the high potential of the virtual healthcare market.