Indian Digital Health Market Analysis

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  • Type: Service area
  • Published : April 2021
  • Region: Asia
  • Country: India
  • Report ID : 1252

  • Format: PPT, PDF

Indian Digital Health Market – Segmented by- Applications (Diabetes, Oncology, Neurology, Sleep Apnea), Technology (Telehealthcare, mHealth, Robot Assisted Surgery, Self- Monitoring, Healthcare Devices, Electronic Health Records (EHR), Healthcare Analytics, Digital Health Systems), Delivery mode (Premise, Cloud- based), End user (Healthcare Providers, Healthcare Players, Pharmaceutical companies), component (Hardware, Software, Services) and Forecast (2019-2028)

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Report Overview-

The Indian Digital Health market size is expected at INR 116.61 Billion in 2018, and is estimated to reach XX Billion by 2028, expanding at a compound annual growth rate (CAGR) of XX% during the 2019-2028 period.

India has become one of the fastest-growing digital economies in past few years, specified by a XX% growth for digital adoption index, from 2014 to 2017. India has been growing rapidly in healthcare sector with digital transformation in regards to improve quality and accessibility. The digital healthcare market in India has been valued at INR 116.61 Billion in 2018, and is estimated to reach INR XX Billion by 2028, expanding at a compound annual growth rate (CAGR) of ~XX% during the 2019-2028 period.

Digital health focuses on making a technology-enabled healthcare ecosystem as the backbone will benefit India in solving many existing challenges. With increasing number of patients turn to digital health technologies, companies are expanding their capabilities to deal with the sudden increase in patient volume. This will increase the product demand and propel the market expansion.

Market Drivers

Increasing cases of obesity, high prevalence of chronic diseases such as Diabetes, Cardiovascular, growing need for remote patient monitoring services and increasing patient engagement and connectivity owing to high adoption of digital health technology are the major factors promoting market growth.

The digitization has various initiatives running by the Indian government, including the digital biometric identification program (Aadhaar Card), which is a favorable ecosystem for the digital healthcare market. Various e-Government initiatives like the National Health Portal, e-Hospital, and Integrated Health Information Program (IHIP) for the market growth. The inflow of FDI has stabilized the digital healthcare market by addressing the concerns of stakeholders. There is robust digital footprint in India, because of supportive government policies, has played an instrumental role in driving the growth of the digital healthcare market.

1. Indian Digital Health Market Report Overview ……………………………………
A. Market Size
2. Market Growth Drivers………………………………………………………………….
A. Awareness and Advancement of Technologies
B. Focused on Improving Healthcare Quality and Reduce Healthcare Costs
C. Government Initiatives
D. Rise in Healthcare Funding
E. Various Initiatives and Start-up’s in Digital Healthcare
3. Digital Health Market Segmentation………………………………………………
A. By Application
I. Diabetes
II. Oncology
III. Neurology
IV. Sleep Apnea
B. By Technology
I. Tele Healthcare
II. mHealth
III. Robot Assisted Surgery
IV. Self-monitoring Healthcare Devices
V. Electronic Health Records (EHR)
VI. Healthcare Analytics
VII. Digital Health Systems
C. By Delivery Mode
I. On-Premise
II. Cloud-Based
D. By End User
I. Healthcare Providers
II. Healthcare Payers
III. Pharmaceutical companies
E. By Components
I. Hardware
II. Software
III. Services
4. Digital Health Major Products Market Share………………………………
A. Market Analysis, Insights and Forecast – By Revenue
5. Competitive Landscape…………………………………………………………………
A. Major Players
B. Products in Pipeline
6. Key Company Profiles…………………………………………………………………..
A. Cure.fit Company overview, Product & Services, Strategies & Financials
B. Docs App Company overview, Product & Services, Strategies & Financials
C. Forus Health Company overview, Product & Services, Strategies & Financials
D. Health Plix Company overview, Product & Services, Strategies & Financials
E. Innovoccur Company overview, Product & Services, Strategies & Financials
7. Healthcare Policies and Regulatory Landscape……………………………….
A. Policy changes and Reimbursement scenario
8. Digital Healthcare Fundings and Startups initiatives…………………….
9. Factors Driving Future Growth…………………………………….
10. Conclusion…………………………………….

Market Segmentation

By Application:

The digital healthcare market is most commonly used for diabetes, oncology, Neurology, Sleep Apnea. The diabetes user for telehealth consultation are XX% in India. In 2019, patients using telehealth for Sleep Apnea is increased by XX%.

By technology:

The digital healthcare market is segmented into various innovative technologies like telehealth, m-Health, electronic health records/electronic medical records (EHR/EMR), and others (remote diagnostics and healthcare analytics). Additionally, mhealth is emerging the digital Indian health market as it is growing by XX% in 2019 and improving accessibility, affordability and increasing productivity. India’s telemedicine market was valued at 100 million USD in 2011 and is expected to grow by XX% by the end of 2028.

By delivery Mode:

An on-premise edge on the hospital site could process data locally to maintain data privacy and compliance, compiling information from multiple sources within the hospital and extracting relevant information. The use of on-premises edge is increased by XX% in India. For example Google DeepMind/Google Health, CareAI, AWS Outposts.

By End-User:

The digital health is been used by various end- user like Healthcare providers, Healthcare Players, Pharmaceutical companies. 76% of healthcare professionals in India use digital health records. Glenmark Pharmaceuticals Ltd, Biocon, GlaxoSmithKlin Pharmaceuticals Ltd, Sun Pharmaceutical Industries Ltd, Abbott India, Dr. Reddy’s are the top pharmaceuticals using digital health platform.

By Component:

The various component of digital healthcare market in India are Hardware, software and services. By 2022, the health sector is expected to grow by XX billion Rupees, where digital health services will large part of it. These devices includes heart rate sensor, Exercise Tracker, Sweat Meter, Oximeter etc.

Top 5 Major Players-

Market is growing and number of start-ups are entering into the market. Enhanced accessibility and convenience will encourage patients to embrace Digital Health services and solutions which includes healthcare apps and wearable devices has increased accessibility and convenience for patients, which led to fuelled capital investment in Digital Healthcare start-ups.

The presence of numerous players leads to a fragmented market. The relatively untapped market offers high potential and thus attracts significant investment opportunities. The market comprises of various players including start-ups and established global companies, aiming to expand their footprint in India. The major top players for digital health in India are cure.Fit, DocsApp, Forus Health, HealthPlix, Innovaccer. The Pharmeasy is leading Healthcare startup with XX%.

Digital Health start-up and Funding in India-

In 2020, healthtech sector recorded 77 deals raising $455 Million in funding in contrast to $512 Million funding in 62 deals in 2019. To counter new challenges and focus on mass scale solutions, it is imperative that technology and automation be enabled and encouraged in the Indian healthcare sector. The healthcare market in India is expected to increase threefold to INR 8.6 trillion by 2022. DataLabs by Inc42, the healthtech sector recorded total funding of $XX Million in 2019, an increase of over XX% in the amount of funding from the previous year. In India the largest healthcare deliver platform is Pharmeasy which is contributing XX% in Health sector.

The various Digital Health Start-ups are as follows:-

    • Pharmeasy: Funding: $100M
    • CureFit: Funding: $ 58.9M
    • Mfine: Funding: $ 48.8M
    • ai: $16M
    • Strand life sciences: $13M
    • Pierian Dx: $9.3M
    • EyeNetra: $7M
    • Trieog Health: $500K

Research Methodology

Insights10 will provide you reports within 10 key parameters which are:

  1. Market overview
  2. Market growth drivers & restraints
  3. Epidemiology or disease type
  4. Market segmentation
  5. Market share
  6. Competitive landscape
  7. Key company profiles
  8. Healthcare policies & regulatory framework
  9. Reimbursement scenario
  10. Factors driving future growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision making for business stakeholders. Our focused approach to develop reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

Our analysis methodology involves three critical stages:

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers and researchers across countries through which we engage with local experts to gather key data points and assumptions around each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain the high level of accuracy and consistency. The market data is analysed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, market share as well as segment-level analysis of the specific market. Our report includes precise, to the point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

  • Statistical Databases
  • Company Websites/Annual Reports
  • Trade Publications
  • Online Databases
  • Published Research Reports
  • Whitepapers
  • Press Releases of Key Market Players

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameter and micro indicators. The macro parameters includes changes in government policies, demand and supply of the market, government intervention programs and major market share. The micro indicators GDP growth, market size, market volume etc. We also understand nuances specific to each country like US, Canada, India, Germany, etc. and have worked across 60+ countries and hence no only understand global trends, but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. start with large overall market and segment different areas and bottom-up approach i.e. start with population and epidemiology and roll up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach mainly used for new product forecasting and bottom-up approach is used for demand estimation of any product for different countries summed up to form total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as North America, Europe, Asia-Pacific, and Africa for the period of 2020 to 2028. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape and policy and regulatory scenario and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases and the company level averages etc.

We make sure to finalize the numbers in alignment to the market research. Firstly, our internal experts ensure thorough validation and checking to ensure the accurate and precise analysis and then validation is also done using multiple data analysis model.  Two level validation is done and entails finalization of report scope and to way of representation pattern.

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analysed and synthesized. A second series of interviews are done if necessary to check and validate. The future opportunities are analysed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results are then, interpreted by considering following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue / volume
  • Analyzing current needs and determining penetration to estimate market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and its impact to the different segments within the market.
Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumptions.
The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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