According to the IAMAI-Praxis report, healthcare workers in India will be using more technology, more custoers will be able to adopt healthtech, driving the Indian HealthTech industry to grow at 39 percent for the next few years.
‘HealthTech Predictions 2021’ provides forecasts and insights on aspects such as the large headroom for growth in the HealthTech sector, which currently comprises less than 1% of the healthcare market (~US$ 1.9B market in 2020, growing at 39 percent CAGR).
According to the IAMAI-Praxis report, the rapid growth in the HealthTech sector is driven by customers more readily adopting HealthTech, healthcare workers using more technology and government promoting telemedicine, and creating a digital health care backbone through the National Digital Health Mission (NDHM).
The report also indicated that the investors have become active in this sector and have invested over three billion USD between 2014 and 2019.
HealthTech is a fast-growing industry vertical within the broader healthcare sector, currently accounts for only 1% of the sector, it was at ~US$ 1.9B in 2020 growing at
39% CAGR and expected to reach ~US$ 5B by 2023.
It is majorly composed of all technology-enabled healthcare products and services that are delivered and/or consumed by the patients inside and outside of the hospital or physician’s office like E-pharmacy, E-diagnostics, teleconsultation, B2B HealthTech, B2B medical supplies, and other healthcare solutions like personal health management, online home
healthcare, etc.
Indian HealthTech market size (2020)
- E-pharmacy and B2B HealthTech are the two largest segments in the HealthTech sector and account for ~70% of the overall HealthTech market.
- E-diagnostic and teleconsultation are the fastest-growing subsegments in HealthTech; growing at 66% and 73% respectively.
HealthTech startups will help complement existing infrastructure and bridge jarring accessibility in the healthcare industry. Indian HealthTech sector has seen a surge in investment from 2015 and the sector has received ~US$ 3.4B funding since 2014.
According to data from Tracxn, late-stage companies got a lion’s share of the funds
($173 million or 43%) in India.