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. India’s 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 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.
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.
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 pandemic’s 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.