The Telemedicine market size was valued at USD 830 Million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of XX% from 2019 to 2028.
The increasing incidence of chronic diseases, coupled with the need for better primary and postoperative care, has driven the market growth within the nation. In 2019, the telemedicine market size in India was 830 million U.S. dollars. In the previous year, the market size stood at 647 million U.S. dollars. Since 2010, the market telemedicine market size in India has been increasing and is expected to grow at a compound annual growth rate (CAGR) of XX% from 2020 to 2028. During the coronavirus (COVID-19) pandemic, the adoption of virtual care was accelerated around the nation. Teleconsultation’s market size in India is expected to grow from US$100m to US$XX Million in next five years at a CAGR of 48% as per the EY-IPA report.
The Ministry of Health in the Government of India has initiated some projects like Integrated Disease Surveillance Project, National Cancer Network (ONCONET), National Rural Telemedicine Network, National Medical College Network, and the Digital Medical Library Network. In 2005, Health Ministry has set-up a National Telemedicine Task Force with standard guidelines for it. ISRO (Indian Space Research Organization) in India with has launched a Pilot Project in 2001, linking Chennai’s Apollo Hospital and Apollo Rural Hospitals. Due to COVID-19 Pandemic, to avoid the increasing number cases to telemedicine has suddenly taken front seat.
Type of Services
The Telemedicine market is further segmented by type of service into the Real-Time Telemedicine, remote Patient Monitoring, store-and-Forward Practice, consultation between Specialists & Primary Caregivers, medical Imaging, telemedicine Networks. Telemedicine is most significantly used as it saves time and allow medical practitioners to serve the public. Its use is increased by XX% in 2019. Due to shortage of hospital beds in India there was huge growth in Real-time Telemedicine, where consultation between specialist & Primary Caregivers has increased by XX%.